The report "Connected Car Market by Service (Connected Services, Safety & Security, and Autonomous Driving), Form (Embedded, Tethered, and Integrated), Network (DSRC, and Cellular), End Market, Transponder, Hardware, and Region - Global Forecast to 2025", The connected car market is estimated to be USD 72.89 Billion in 2017 and projected to reach USD 219.21 Billion by 2025, at a compound annual growth rate (CAGR) of 14.8% during the forecast period.
Browse 118 tables and 61 figures spread through 174 pages and in-depth TOC on "Connected Car Market by Service (Connected Services, Safety & Security, and Autonomous Driving), Form (Embedded, Tethered, and Integrated), Network (DSRC, and Cellular), End Market, Transponder, Hardware, and Region - Global Forecast to 2025"
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Increase in industry compliance norms and government mandates supporting connected technology in passenger cars, and increase in demand for safer, more efficient, and convenient driving experience through connected services are the key drivers for the connected car market.
Asia Pacific is expected to be the largest market for connected cars during the forecast period
The Asia Pacific region is projected to be the largest market for connected cars from 2017 to 2025. The market growth in the region can be attributed to various factors, such as increasing connected car devices in passenger cars, and increase in digital services such as cybersecurity and updates. Furthermore, strategic alliances between automotive and non-automotive companies, exceptional communication infrastructure, and government regulations for vehicle data security are expected to fuel the demand for connected cars.
Connected services segment is expected to hold the largest market share during the forecast period
The new vehicle safety norms are encouraging automakers to secure vehicle data from remote hacking and malfunctioning, which in turn is increasing the demand for connected cars. On the other hand, customers are demanding more convenient features, such as navigation, remote diagnostic, multimedia media streaming, and auto pilot, as a standard in every vehicle.
The automotive industry is witnessing a high degree of innovations and disruptive technologies. Various technologies such as head-up displays, smart infotainment, telematics systems, and autonomous driving are becoming an integral part of high-end automobiles. With improved connectivity, a vehicle can interact with other entities, such as infrastructure as well as other vehicles, to share useful information, including driving habits, traffic congestion, shortest route, roadblocks, and fuel economy. Most of these technologies use real-time data and require regular updates, and are thus able to communicate operational and diagnostic data from onboard systems and connected devices.
The global connected car market, by value, is estimated to be USD 72.89 Billion in 2017 and is projected to reach USD 219.21 Billion by 2025, at a compound annual growth rate (CAGR) of 14.8% from 2017 to 2025. Some of the major drivers identified are increase in industry compliance norms and government mandates supporting connected technology in passenger cars. However, factors such as network coverage limitation, lag in lack of standardization, and concerns related to data privacy and cybersecurity may hinder the growth of the connected car market in the future.
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ECU for connected cars is expected to be the largest segment by hardware from 2017 to 2025
The ECU segment is expected to hold the largest share in the hardware segment of the connected car market. The segment is projected to grow at a significant CAGR and is expected to remain the largest market during the forecast period. The growth of connected car ECU is driven by the increasing generation of data by various sensors and other hardware components. The consolidation of multiple ECUs into a single entity is going to be the major challenge for connected car ECU segment globally.
The connected car market is dominated by a few globally established players, such as Bosch (Germany), Continental (Germany), Delphi (UK), Denso (Japan), and Harman (US).
The connected services segment is expected to account for the largest market share in the global connected car market, which would grow at a significant CAGR during the forecast period. The growth of connected car services is expected to be driven by an increase in demand for convenient features and increase in government mandates. Furthermore, to understand the type of end market, the report discusses the market for connected car under 2 distinctive end market types, namely, Original Equipment Manufacturer (OEM) and aftermarket.
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