The global connected car market size is expected to reach USD 180.30 billion by
2022, according to a new study by Grand View Research, Inc. Surging consumer
demand, constant need for connectivity, increased dependency on technology and
the growing number of tech-savvy people are some of the factors expected to
boost global connected car market growth.
Connected cars offer connectivity on wheels
providing comfort, performance along with safety and security. Such an advanced
technology enables the driver and passengers to connect with various online
platforms that facilitate real-time communication on the go.
The connected car market has the potential
to significantly boost revenues of automobile manufacturers over the next five
to seven years. Car manufacturers are expected to deliver the right mix of
application and product packages for the right customers, and must
systematically invest in R&D if they are willing to maintain their
technological leadership.
Increasing regulations by governments and
transportation authorities for the installation of advanced safety and vehicle
to vehicle communications systems are expected to positively impact industry
growth.
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Further key findings from the study suggest:
· Safety applications dominated the global
connected car industry, accounting for over 34% of the share in 2014. The
inclusion of safety technologies such as danger warning systems, automatic
emergency calling, blind spot alerts, anti-collision systems that prevent
accidents in automobiles has made modern cars safer and accident-proof. This is
expected to result in an overall reduction in road mishaps and accidents thus
reducing the overall on road fatalities.
· Growing at a CAGR of over 31% from 2015 to
2022, driver assistance systems are expected to gain prominence over the
forecast period. Recent advancements in driver assistances systems such as
Volkswagen’s Emergency Assist, that automatically applies the brakes and stops
a car in case of an emergency and BMW’s autonomous parking valet, that
automatically parks a car even after the passenger’s exit have set benchmarks
for driver assistance systems in the connected vehicle industry.
· Asia Pacific is expected to grow at a CAGR
of over 29% over the forecast period due to considerable automobile demand in
the region coupled with a relatively untapped market for sophisticated
automotive communications in the region. Countries such as China and India are
expected to drive the industry growth during the next seven years. Automobile
manufacturers and technology giants across the world are striving hard to
provide advanced vehicle management and safety technologies in the budget car
segment as well. Regulation by the European department of transportation in
association with the governments have mandated the installation of eCall
emergence calling systems and other advanced telematics systems for safety
purposes in all new vehicles manufactured after the year 2014.
· Technological and product innovations have
driven the highly dynamic market. Industry participants include major
automobile manufacturers and telecommunication giants such as Audi AG, Alcatel
Lucent, Apple Inc, BMW, Ford Motors, and Google Inc. Manufacturers resort to
mergers, acquisitions and strategic alliances with technological and network
service providers as their key growth strategy to make their presence felt in
the industry.
Grand View Research has segmented the
global connected car market on the basis of application and region:
Connected Car Application Outlook (Revenue,
USD Billion, 2012 - 2022)
·
Vehicle Management
·
Driver Assistance
·
Mobility Management
·
Safety
·
Entertainment
·
Others
Connected Car Regional Outlook (Revenue,
USD Billion, 2012 - 2022)
·
North America
·
Europe
·
Asia Pacific
·
RoW
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market intelligence
studies ensuring relevant and fact-based research across a range of industries,
from technology to chemicals, materials and healthcare.
