Connected Car Systems Market: Introduction
- Rise in demand for enhanced driving experience and safety of vehicle occupants has fueled the popularity of connected cars worldwide
- Connected cars leverage the power of multiple connectivity technologies to detect, analyze, and communicate in-vehicle and outside vehicle conditions according to the factory-set standards or as per the input provided by driver and passengers
- Data connectivity enables vehicles to perform more non-conventional tasks by getting to destination faster, minimizing cost of fuel, and enhance comfort of ride
Key Drivers of Connected Car Systems Market
- Demand for next-generation vehicles is rising due to an increase in purchasing power of consumers. Therefore, changing demands of consumers are prompting OEMs to equip their vehicles with advanced systems that render different levels of autonomy and increase convenience of driver and passengers. For instance, in April 2019, Fiat Chrysler Automobiles partnered with Harman International to develop a connected service platform named ‘Ecosystem,’ for all vehicles of Fiat Chrysler Automobiles. This platform includes telematics service, rental, sharing solution, maintenance, infotainment, safety, and other in-vehicle connected services. Thus, growing inclination of customers toward next generation vehicles is driving the connected car systems market.
- Transportation regulatory agencies of various countries are amending their guidelines related to vehicle safety and emissions. Countries in Europe, North America, and other regions have mandated the installation of driver assistance systems in vehicles sold across these countries. Connected car systems improve safety through features such as in-cabin monitoring and ADAS and also assist in reducing pollution through exhaust gas analysis. Thus, favorable regulatory transformations are driving the connected car systems market across the globe.
Challenges in Connected Car Systems Market
- The high cost of connected cars and their vulnerability to data thefts are major restrains hampering the global connected car systems market. Consequently, market players are continuously upgrading their offerings in order to overcome these challenges. For instance, Faurecia partnered with GuardKnox, an Israel-based cyber-security firm, to increase the data security of its connected car systems.
Impact of COVID-19 Pandemic on Connected Car Systems Market
- The COVID-19 pandemic disrupted automotive supply chains, thus creating a shortage of raw materials and components. Several nations across the globe are currently experiencing a second wave of this pandemic, which is further hampering the automotive industry and the overall global economy. This disruption has negatively impacted the global connected car systems market.
North America and Europe to Hold Significant Share of Connected Car Systems Market
- North America and Europe held major share of the global connected car systems market due to on-going developments of autonomous and connected cars by automakers and the assistance provided by government agencies in these regions. For instance, the U.S. Department of Transport mandated all vehicles sold in the country to be equipped with Vehicle-to-Everything (V2X) communications by 2023. Furthermore, on-going smart city projects in San Jose, Seattle, and several other cities across North America are aimed at creating connected infrastructure. These programs are further boosting application of automotive connectivity technologies to enable communication between vehicles and the environment including buildings and traffic lights. Likewise, in 2017, the European Union started the 5G-CORAL project under its Horizon program, in which Azcom is developing V2X capabilities. These factors are propelling the share held by North America and Europe in the global connected car systems market.
Key Players Operating in Connected Car Systems Market
The global connected car systems market is highly concentrated due to the presence of top manufacturers. A few of the key players operating in the connected car systems market are:
- Autoliv Inc.
- Continental AG
- Delphi Technologies PLC
- DENSO Corporation
- Harman International Industries Inc.
- Robert Bosch GmbH
- TE Connectivity
- Valeo SA
- WiTricity Corporation
- ZF Friedrichshafen AG
Global Connected Car Systems Market: Research Scope
Global Connected Car Systems Market, by Technology
- Driver Assistance Systems (DAS)
Global Connected Car Systems Market, by Device
- Telematics and infotainment systems
- Safe driver
- GPS tracker
- Fleet management device
Global Connected Car Systems Market, by Communication
- Vehicle to Vehicle (V2V)
- Vehicle to Infrastructure (V2I)
- Vehicle to Everything (V2X)
Global Connected Car Systems Market, by Connectivity
- Dedicated Short Range Communication (DSRC)
- Cellular connectivity
Global Connected Car Systems Market, by Car Type
- Utility Vehicles
Global Connected Car Systems Market, by Propulsion
- I.C Engine Vehicles
- Electric Vehicles
- Battery Electric Car
- Hybrid Electric Car
Global Connected Car Systems Market, by Sales Channel
Global Connected Car Systems Market, by Region
- North America
- Nordic Region
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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.