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.
Browse full research report on Connected Car Market: http://www.grandviewresearch.com/industry-analysis/connected-car-market
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.
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/automotive-and-transportation
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
Access Press Release
By Grand View Research: http://www.grandviewresearch.com/press-release/global-connected-car-market
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.
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