Automotive Smart Home Integration Market: Introduction
- Technological advancements in information technology and artificial intelligence are expected to drive the global automotive smart home integration market. Numerous automakers across the globe have started integrating personal assistant technologies into their vehicles.
- For instance, automakers including Ford, BMW, and Nissan have incorporated Amazon’s AI assistant, Alexa, into their select models. Smart home integration technology enables control over more than 1,000 different home devices through various platforms including tablets, smartphones, and vehicle dashboards.
Key drivers of Automotive Smart Home Integration Market
- Rise in demand for luxury features among consumers across the globe is expected to drive the global automotive smart home integration market. Smart home integration technology enables consumers to perform various activities including shopping, controlling home appliances including refrigerators, washing machines, remotely, through internet connection. For instance, Toyota Prius comes with built-in AI Assistant - Alexa and integration of home skills API (Application Programming Interface), which enables consumers to control various functions ranging from ordering grocery deliveries to preheating the oven from inside the vehicle.
- Technological advancements, in terms of IoT (Internet of Things) and connected car technology, are anticipated to propel the global automotive smart home integration market. According to a report, over 90 million vehicles are expected to have connected cars technology by 2021. Major strategies adopted by automakers include investments & expansions, contracts & agreements, and new product launches. Moreover, mergers & acquisitions have emerged as a key strategy among key players, as companies look to strengthen their service offerings and geographic market reach by offering their products. Additionally, major players are anticipated to increase investments toward R&D of Artificial Intelligence (AI).
- For instance, Honda Motors has developed its own smart home concept that produces more electricity than it consumes. This technology aims to provide an electricity surplus that would enable homeowners to charge their electric vehicles. All of this is controlled by a dedicated AI that distributes energy smartly throughout the home appliances.
- However, 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 smart home integration market.
- The global automotive smart home integration market is anticipated to recover by increasing integration of smart home API coupled with a rise in production volume of vehicles in 2021. This, in turn, is projected to offer lucrative opportunity to players operating in the supply chain of the automotive anti-pinch window market during the forecast period.
Automotive Smart Home Integration Market: Restraint
- The smart home integration requires smart home appliances to control them remotely. Additionally, both AI-assistant and smart home appliances require continuous internet connection. Smart appliances are more expensive than traditional appliances and the cost of internet connection is an additional periodic expense. Therefore, the high purchase cost of smart home appliances coupled with high operation cost of the technology is projected to restrain the global automotive smart home integration market.
North America and Europe combined to account for prominent share of global automotive smart home integration market
- In terms of region, the global automotive smart home integration 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 also home to technologically advanced research institutes catering to the development of AI technologies. Additionally, major players have established their technological centers and manufacturing facilities in various countries including the U.S., Germany, the U.K., and France. All the factors mentioned above contributed to the major share held by these regions in the global automotive smart home integration market.
Key Players Operating in Automotive Smart Home Integration Market
The global automotive smart home integration market is highly concentrated owing to the presence of top manufacturers. A few key players operating in the global automotive smart home integration market are:
- Amazon Inc.
- Apple Inc.
- BMW Motor Company
- Daimler AG
- Ford Motors
- Google Inc.
- Samsung Electronics
- Toyota Motor Company
Global Automotive Smart Home Integration Market: Research Scope
Global Automotive Smart Home Integration Market, by Vehicle Type
- Passenger Vehicles
- Commercial Vehicle
- Medium Duty Commercial Vehicle
- Heavy Duty Commercial Vehicle
Global Automotive Smart Home Integration Market, by Propulsion
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-in Hybrid Electric Vehicle
Global Automotive Smart Home Integration Market, by Smart Appliances
- Light Bulbs
- Washing Machine
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.
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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?
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