Connected Car Market - Industry Size, Share, Growth & Forecast 2027 | UnivDatos
The connected car provides connectivity on wheels by combining comfort, convenience, performance, safety, and security with cutting-edge network technology. This allows the driver to connect to web channels, making real-time conversation possible. The rise in customer demand for connectivity solutions, the increased requirement for constant connectivity, more reliance on technology, and an increase in the tech-savvy population are all contributing to the worldwide connected car market's growth. Car manufacturers and service providers have created numerous connectivity solutions over time, such as the machine-to-machine (M2M) communication platform. This M2M technology in a car allows two connected cars to communicate with each other. The car is fitted with a number of sensors and computers that provide the driver with accurate and real-time information.
Technological developments, increased vehicle manufacturing, and increased demand for luxury and comfort in automobiles are all projected to contribute to the market's growth. Furthermore, the connected car market's growth is expected to be hampered by factors such as improved worldwide vehicle regulations and the high maintenance costs of modern suspension systems. However, an increase in demand for lightweight suspension systems and the development of innovative suspension systems are projected to boost the market growth. As the number of vehicle thefts rises, automobile purchasers are becoming more interested in surveillance systems that can track their vehicles and transmit real-time position updates. Once the phone is connected to the vehicle's entertainment system, it keeps track of the passenger's trip history, including where the passenger last traveled, how many halts were made in between, and so on, which might make travel dangerous. Car owners have begun to install gadgets such as TravelEyes2, ProScout, and LoJack in their vehicles to avoid data theft. These systems transmit an alert to the owners' phones, allowing them to lock the car with a single touch.
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According to UnivDatos Market Insights (UMI)’ research report “Connected Car Market”, the market is expected to witness a CAGR growth of around ~18% during the forecast period 2021-2027F. Global Connected Car Market is experiencing significant growth due to the rising demand for improved user comfort, safety, and convenience along with growing ADAS features in cars to ensure enhanced safety levels.
Based on technology, the market is segmented into 3G, 4G, and 5G. The 5G segment is projected to be the most lucrative segment, as several telecommunications firms are working on improved 5G networks to improve connectivity between connected automobiles and other devices. According to the 5G Automotive Association, a seamless 5G network can save more than 60% of traffic accidents. For example, South Korea and the EU have invested more than USD 1.5 billion to construct a 5G network for local initiatives. This should help to reduce the rising number of traffic accidents. Over the projected period, the satellite segment is expected to increase at the fastest rate. Only in regions where mobile towers are prevalent, such as urban areas, do cellular and Wi-Fi networks support connected automobiles. The network is entirely cut off once the vehicle departs the mobile tower's boundary, which could cause major problems for the occupants of the connected vehicles. To address this issue, a number of car OEMs, satellite operators, and mobile operators are working to construct hybrid satellite-terrestrial networks that would provide continuous connectivity. As a result, the connected automobile industry is likely to be propelled by rising demand for satellite and 5G networks.
Based on the connectivity solution, the market is segmented into Integrated, Embedded, and Tethered. The embedded segment is projected to be the largest segment during the forecasted period, as various disruptive causes, such as government regulations, cost optimization of service plans, and the expansion of cloud-based services, can be credited to the long-term growth of embedded connected solutions. Automakers are expected to use embedded solutions to meet regulatory requirements and as a foundation for providing vehicle-centric telematics services, according to the GSMA. However, widespread acceptance will be contingent on overcoming the current limits of embedded solutions. For example, in the European Union, EOBD (the European version of OBD) is required for all gasoline automobiles. In actuality, practically all automobiles sold in the United States, regardless of where they are sold, are designed and certified to fulfill California's OBD II criteria
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Based on the service, the market is segmented into Driver Assistance, Safety, Entertainment, Vehicle Management, and Mobility Management. The Driver Assistance segment is expected to dominate the market during the forecasted period, because adaptive cruise control, lane keep assisting, 360-degree camera, park assist, and other technologically advanced functions that increase the vehicle's safety are included in the advanced driver assistance system. Various countries throughout the world have established strict safety regulations on automakers. The Indian automobile industry, for example, adopted the BS-VI norm in April 2020, which incorporates reverse parking sensors in all car categories
Based on the sales channel, the market is segmented into OEMs and Aftermarket. The OEMs segment is expected to dominate the market during the forecasted period because increasing technological advancements such as uninterruptible connectivity, cybersecurity, and the development of driverless vehicles with highly secure software are expected to help OEMs maintain their dominance during the forecast period. Furthermore, expanding cooperation with important players to develop high-quality and cost-effective components is another factor driving the OEM segment's growth.
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Asia Pacific to Grab Lion’s Share
Because of the growing use of high-end and cost-effective connectivity solutions, the Asia Pacific region is likely to dominate the connected car industry. Consumer demand for in-vehicle integrated connectivity technologies, as well as the growing trend toward connected automobiles, have fueled the expansion of connected vehicles in this region. One of the important factors driving demand for advanced connected car features is the introduction of autonomous vehicle technology in the Asia Pacific connected car industry. Japan has one of the highest connected car adoption rates in the world, with China anticipated rising rapidly in the next years. In addition, the connected car services market will be driven in the coming years by the increased demand for aftermarket services as a result of the renewal of connected car service subscriptions.
According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Global Connected Car Market include Daimler AG, Visteon Corporation, Robert Bosch GmbH, Airbiquity Inc., Ford Motor Company, Continental AG, AT&T Inc., Harman International Industries, Audi AG, Intellias Ltd
· In Nov. 2021, Continental develops a groundbreaking technology solution for highly automated driving: an intelligent software that enables complex driving maneuvers autonomously. What's special about the solution: It is already close to series production and can be used as early as 2024. Continental is thus demonstrating that automated driving in particular is not a visionary dream of the future or reserved only for drivers of premium vehicles with special equipment
“Global Connected Car Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.
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Market Segmentation:
1. By Technology (3G, 4G, and 5G)
2. By Connectivity Solution (Integrated, Embedded, and Tethered)
3. By Service (Driver Assistance, Safety, Entertainment, Vehicle Management, and Mobility Management)
4. By Sales Channel (OEMs and Aftermarket)
5. By Region (North America (United States, Canada, Rest of North America), Europe (Germany, France, UK, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of APAC), and Rest of World)
6. By Company (Daimler AG, Visteon Corporation, Robert Bosch GmbH, Airbiquity Inc., Ford Motor Company, Continental AG, AT&T Inc., Harman International Industries, Audi AG, Intellias Ltd)
Key questions answered in the study:
1. What are the current and future trends of the Global Connected Car industry?
2. How the industry has been evolving in terms of end-user demand and product category?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Global Connected Car industry?
5. What is the customer orientation, purchase behavior, and expectations from the Global Connected Car suppliers across various countries?
Table of Content –
1 MARKET INTRODUCTION
2 RESEARCH METHODOLOGY OR ASSUMPTION
3 MARKET SYNOPSIS
4 EXECUTIVE SUMMARY
5 CONNECTED CAR MARKET COVID-19 IMPACT
6 CONNECTED CAR MARKET REVENUE, 2019-2027F
7 MARKET INSIGHTS BY TECHNOLOGY
8 MARKET INSIGHTS BY CONNECTIVITY SOLUTION
9 MARKET INSIGHTS BY SERVICE
10 MARKET INSIGHTS BY SALES CHANNEL
11 MARKET INSIGHTS BY REGION
12 CONNECTED CAR MARKET DYNAMICS
13 CONNECTED CAR MARKET OPPORTUNITIES
14 CONNECTED CAR MARKET TRENDS
15 LEGAL & REGULATORY FRAMEWORK
16 DEMAND AND SUPPLY SIDE ANALYSIS
17 VALUE CHAIN ANALYSIS
18 COMPETITIVE SCENARIO
19 COMPANY PROFILED
20 DISCLAIMER
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