Witnessing the game-changing potential of connected technologies in automotive industry, automakers world over have put vast bets on the global connected cars market. Transparency Market Research (TMR) observes that they are investing sizably on artificial intelligence technology, advance driver assistance technology, and a slew of innovative technologies to gain a foothold in the global connected cars market. The constant flux of new technologies such as those relating to smart infotainment, safety, and alert systems has unarguably upped the ante for incumbent players in the global connected cars market.
A growing number of companies are focusing on strategic partnerships with players especially in emerging economies to strengthen their positions in the global connected cars market. Numerous top players are eyeing opportunities in the regions of Asia Pacific and Latin America, to consolidate their shares. Prominent names in the global connected cars market include General Motors, Ford Motor Company, BMW AG, and Microsoft Corporation.
The global connected car market stood at US$41,289.6 mn in 2015 and the opportunities are projected to proliferate to reach worth of US$131,913.5 mn by 2019 end. This represents a spectacular CAGR of 34.7% during 2013–2019.
Regionally, Asia Pacific has been the most attractive market, rising at whopping CAGR of 54.8% during 2013–2019. The growth has been propelled by vast uptake of connected cars technologies in China.
Of the various key applications for which connected cars can be put to, navigation presently holds the lead and is likely to hold it sway in the coming few years as well. The prominence can be attributed to extensive use of connected cars technologies for traffic information management world over.
Advances made in Internet of Vehicles to fuel Strides in Connected Cars Market
Rapid advances being made by connected technologies based on internet of things (IoT) in vehicles are expanding the scope of the connected cars market. The growth is also driven by the rapid strides made by intelligent vehicles and driver assistance systems, world over. The advances are fueled by integration of automotive with big data, artificial intelligence (AI), and infotainment systems. The array of vehicle technologies featuring new models of AI has opened large promising avenues for players in the global connected cars market. Syncing of apps—through smartphones and handheld devices—with connected cars technology has opened a window of possibilities in the global market.
The growing use cases of Internet of Vehicles (IoV) will pave way for new paradigms of safety for buyers of connected vehicles. For example, the use of connectivity helps in obtaining indicators of real-time performance of cars.
Adoption of AI to feature as Game-changing Technology for Connected Cars Development
However, the capital-intensive nature of connected cars technologies has been one of the key factors that has hampered the market’s prospects. Moreover, the global connected cars market is also witnessing impediments due to regulatory snags. Several regulatory mandates in various regions have contributed to the slow development of connected cars technologies.
Having said that, the technologies in the global connected cars market are witnessing huge investments from automakers who pin their hopes on developing these for next-generation of cars. Moreover, the disruptive potential connected cars have on the safety and comfort of passengers keeps the market increasingly lucrative, especially for automakers in developing and developed nations. Further, advancements in IoT are expected to boost the global connected cars market.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Connected Car Market (Connectivity Technology - 4G (LTE), 3G (UMTS, HSPA, and HSPA+), and 2G (GSM, GPRS, and EDGE); Connectivity Solutions - Embedded, Tethered, and Integrated; Application - Navigation, Telematics, and Infotainment) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013–2019.”
The global connected cars market is segmented based on:
- 4G Technology
- 3G Technology
- 2G Technology
- North America
- Asia Pacific
- Rest of the World (RoW)
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