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Connected Car Market – Trends & Scenario (2020-2025)

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Connected Car Market – Trends & Scenario (2020-2025)

September 10
01:44 2020
Connected Car Market - Trends & Scenario (2020-2025)

Connected Car Market
An increase in efforts by governments for developing an intelligent transportation system, increasing demand for smartphone features in the car, and automated driving technologies along with passenger safety features will boost the connected car market.

According to the new market research report Connected Car Market by Service (OTA Update, Navigation, Cybersecurity, Multimedia Streaming, Social Media, e-Call, Autopilot, Home Integration, & Others), Form, End Market (OE, Aftermarket), Network, Transponder, Hardware, & Region – Global Forecast to 2025″, Published by MarketsandMarkets™, The global connected car market size is projected to reach USD 166.0 billion by 2025, from an estimated USD 53.9 billion in 2020, at a CAGR of 25.2%.

The growth of the global connected car market is influenced by factors such as increasing trend of in-vehicle connectivity solutions and government initiatives toward developments in intelligent transportation systems. Therefore, the connected car market is expected to witness significant growth in the future.

Browse in-depth TOC onConnected Car Market

148 – Tables
58 – Figures
218– Pages

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The autopilot market is expected to grow at the fastest CAGR.

The introduction of autopilot would minimize driver intervention. As autonomous technology nears Level 3 & above, it would help achieve the automaker’s goals of commercializing fully autonomous vehicles for consumers by 2022. For instance, the upcoming model of the Cadillac CT6 will be equipped with the semi-autonomous “Super Cruise” feature that will essentially allow fully autonomous single-lane travel on divided highways.

Similarly, Audi will also be including its Level 3 semi-autonomous technology in the upcoming model of the A8. Audi’s AI-based traffic jam pilot would enable highly automated driving at Level 3. With all the developments in autopilot or autonomous driving field, the demand for connected services related to autopilot is expected to rise in the coming future.

Embedded connectivity is expected to grow at the fastest CAGR in the global connected car market.

The growth in embedded technology is being driven by regulatory mandates in the EU, which recently mandated that all new car models in member states must have embedded technology as part of its European eCall system, connecting a vehicle to emergency services, following a collision and providing location and impact information. Similar mandates could be announced by other countries in the future. The growth of embedded form of connected solutions in the long term is attributed to various disruptive factors such as government mandates, cost optimization of service plans, and increase in cloud-based services. By 2025, embedded form of connectivity is estimated to dominate the market.

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Asia Pacific is expected to lead the global connected car market during the forecast period.

One of the key drivers for the Asia Pacific market is the increased demand for infotainment and navigation services, particularly in China, Japan, India, and South Korea. The tech-savvy population in these countries demands a better and connected driving experience. The demand for connected cars in Asia Pacific is driven significantly by the strong economic growth, growing population, and rapid urbanization. As safety regulations have been made in Japan and South Korea, the connected car market in these countries is anticipated to increase in coming years.

In 2017, the Chinese Ministry of Industry and Information Technology (MIIT) and the Standardization Administration of China (SAC) issued a draft to establish national standards for China’s Intelligent & Connected Vehicles (ICV). Due to the growing population and vehicle demand, China is expected to introduce vehicle and road safety regulations. Baidu and Alibaba, which are biggest technology companies in China are pushing to develop platforms for connected cars.

Japanese automotive companies are also inventing and implementing connected car services and solutions. In 2019, Airbiquity announced that it became a member of the Japan Automotive Software Platform and Architecture (JASPAR), an organization dedicated to advancing the standardization of in-vehicle software and networks to enhance development efficiency and reliability.

The globally connected car market is dominated by major players such as Continental (Germany), Bosch (Germany), HARMAN (US), Airbiquity (US), and Visteon (US).

Browse Related Reports:

Telematics Solutions Market by Service (ACN, eCall, RSA, Remote Diagnostics, Insurance Risk Assessment, Driver Behavior, Billing & Other), Form & Vehicle Type, Component, Connectivity, Aftermarket, Fleet Management Service, Region – Global Forecast to 2025

Over the Air Updates Market for Automotive by Technology (SOTA and FOTA), Application (ECU, TCU, Infotainment, and Safety & Security), Vehicle Type (PC and CV), Electric Vehicle Type (BEV, HEV, and PHEV), and Region – Global Forecast to 2022

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Research Insight: https://www.marketsandmarkets.com/ResearchInsight/connected-cars-market.asp

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