The
global connected carmarket 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.
 |
| North America connected car market by application, 2012 - 2022, (USD Billion) |
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: 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: 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: 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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