Automotive Connected Services Market: Introduction
- Rise in demand for luxury features in a vehicle is expected to drive the global automotive connected services market. The trend toward connectivity in automobiles is a key factor driving rapid transformation of the automotive and mobility sectors.
- Expansion of the automotive connected services market is accompanied by the development of a wide range of new and innovative services making mobility safer, more comfortable, and more efficient
Key Drivers of Automotive Connected Services Market
- Increase in demand for safe vehicles across the globe is expected to be a key factor boosting the global automotive connected services market. Connected services include global positioning system (GPS), biometric lock/unlock of vehicle, and remote vehicle locking/unlocking offer modern safety features to a vehicle. Increase in demand for such features among passengers is compelling automakers to provide these features in their vehicles. Additionally, aftermarket players are providing retrofit of connected devices in existing vehicles at affordable costs.
- Connected devices in a vehicle enhance driving experience in a vehicle. Features such as navigation, streaming services, and smartphone integration offer comfortable driving experience to vehicle passengers. According to ‘Connected Vehicle Trend Radar 2’ research study conducted by Capgemini in 2019, the number of connected cars is projected to increase to 352 million by 2023, as compared to 119.4 million connected vehicles in 2018.
- Increase in trend toward sustainable and green technologies is expected to propel the global automotive connected services market. According to research conducted by Capgemini, 60% of overall respondents believed that connected services can have a positive impact on the environment. As per this research, in China specifically, 77% of people are willing to pay more for connected services, which are targeting sustainability, while in Europe, 42% of car owners are willing to change their car brand if they knew that other brands offered sustainable connected services.
- Rise in trend towards electric vehicles coupled with stringent emission regulations enacted by government organizations on IC-engine vehicles is offering lucrative opportunity for the players engaged in the global automotive connected services market. Various automakers have equipped their vehicles with connected devices in order to attract more number of customers. All the factors mentioned above are expected to drive the global automotive connected services market.
Are you a start-up willing to make it big in the business? Grab an exclusive PDF Brochure of this report
Impact of COVID-19 Pandemic on Global Automotive Connected Services Market
- Disruptions in supply chain catering to the automobile industry, owing to the shutdown of production and manufacturing facilities caused by the coronavirus pandemic across the world, is estimated to contract the market in 2020-2021. Consequently, the coronavirus pandemic has hampered the global automotive connected services market.
- The market is anticipated to recover by increasing production volume of vehicle components as well as vehicles in 2021. This, in turn, is projected to offer lucrative opportunity to players operating in the supply chain of the automotive connected services market during the forecast period.
North America and Europe combined to Account for Prominent Share of Global Automotive Connected Services Market
- In terms of region, the global automotive connected services market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa
- North America and Europe have presence of economically stable countries. These regions are home to technologically advanced research institutes catering to the development of vehicle safety and comfort technologies. Additionally, major automakers and aftermarket players have established their technological centers and manufacturing facilities in various countries in these regions including the U.S., Germany, the U.K., and France.
- The automotive connected services market in North America is expected to expand significantly owing to an increase in adoption of connected services in passenger and commercial vehicles due to stringent governmental regulations regarding road safety in the region
- Increase in awareness about green technologies in North America and Europe is expected to further drive the automotive connected services market in these regions
Key Players Operating in Automotive Connected Services Market
The global automotive connected services market is highly concentrated owing to the presence of top manufacturers. A few key players operating in the global automotive connected services market are:
- HARDWARE PROVIDERS
- Continental AG
- Robert Bosch GmbH
- HARMAN (Samsung Electronics)
- VISTEON AG
- SOFTWARE PROVIDERS
- TECH MAHINDRA
- MICROSOFT AZURE
- OEM MANUFACTURERS
- FORD MOTOR COMPANY
- AUDI AG
- BMW AG
- FORD MOTOR COMPANY
- TESLA Inc.
- DAIMLER AG
For Right Perspective & Competitive Insights on Automotive Connected Services Market, Request for a Sample
Global Automotive Connected Services Market: Research Scope
Global Automotive Connected Services Market, by Vehicle Type
- Passenger Vehicles
- Commercial Vehicle
- Medium Duty Commercial Vehicle
- Heavy Duty Commercial Vehicle
Global Automotive Connected Services Market, by Propulsion
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-in Hybrid Electric Vehicle
Global Automotive Connected Services Market, by Connected Device Hardware
- Head Unit
- Central Gateway
- Intelligent Antenna
- Electronic Control Unit
- Telematic Control Unit
- Keyless Entry Systems
Global Automotive Connected Services Market, by Connected Services
- Remote Diagnostics
- Multimedia Streaming
- Social Media & Other Apps
- OTA Updates
- On-Road Assistance
- eCall & SOS Assistance
- Cyber Security
- Remote Operation
- Collision Warning
- Auto Parking/Connected Parking
- Home Integration
- Vehicle Management
- Asset Tracking
Global Automotive Connected Services Market, by Network Type
Global Automotive Connected Services Market, by Sales Channel
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.