Global Connected Car Market is expected to foresee steady growth. The Asia Pacific holds the largest share!
- Himanshu Patni
- November 19, 2022
- Connected Car Market, Connected Car Market Analysis, Connected Car Market Growth, Connected Car Market Share, Connected Car Market Size, Connected Car Market Trends
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The global Connected Car market is expected to grow at a CAGR of around ~18% during the forecast period 2021-2027. 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.
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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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The whole automobile sector has been severely impacted by a drop in production since 2018 and the COVID-19 epidemic. As a result of government-imposed lockdowns, the supply of car components has been disrupted. Due to the epidemic, major automakers such as Fiat, Volkswagen, PSA Group, General Motors, and BMW have halted manufacturing. This scenario is projected to have an impact on the connected car market, as the market’s growth is closely related to vehicle manufacturing. However, the expansion of this industry will be aided by a sustained recovery in car production after 2020. The connected car industry will benefit from increased government initiatives to establish intelligent transportation systems, rising demand for smartphone functionality in the car, and autonomous driving technology combined with passenger safety measures.
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For a better understanding of the market adoption of the Connected Car, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, UK, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of APAC), and Rest of World. 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.
Global Connected Car Market Segmentation
Market Insight, by Technology
Market Insight, by Connectivity Solution
Market Insight, by Service
- Driver Assistance
- Vehicle Management
- Mobility Management
Market Insight, by Sales Channel
Market Insight, by Region
- North America Connected Car Market
- United States
- Rest of North America
- Europe Connected Car Market
- United Kingdom
- Rest of Europe
- Asia Pacific Connected Car Market
- South Korea
- Rest of Asia-Pacific
- Rest of World Connected Car Market
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