Connected Car Market to Garner $156.1 billion by 2023 at 20.7% CAGR, Says P&S Intelligence
Nov 21, 2019
Growing Concern for Passenger Safety and Security is Boosting the Market Growth
New York , United State - November 21, 2019 /MarketersMedia/ —
The automotive industry has been able to make new breakthroughs due to the penetration of internet of things (IoT)-based technologies. One of the major developments that have taken place because of the utilization of IoT is the emergence of innovative connectivity solutions that are used in connected cars. A connected car is equipped with internet access and possesses the ability to optimize its own operations on fixed intervals. Because of network connectivity, the car is able to share content with various devices which are lying within and outside the vehicle’s environment. IoT services have become a significant part of the connected car industry due to its swift incorporation and commercialization. The technology covers a wide range of infotainment services and advanced connected solutions for drivers. Furthermore, research and development activities, along with the design and manufacturing of connected and smart automotive hardware, are predicted to enhance the connected car technology.
As per a study conducted by P&S Intelligence, in 2017, the connected car market generated a revenue of $51,910.9 million and is expected to attain $156,145.9 million, registering a 20.7% CAGR, in the coming years. Various products & services provided by connected cars are sensors, processors, wireless & cellular modules, original equipment manufacturer (OEM) services, fleet manager, and aftermarket services. Out of these, the largest growth in demand in the near future is expected to be witnessed by the wireless & cellular modules category. This is because of the rising requirement for improved vehicle tracking and road safety, growing government regulations for improving overall vehicle efficiency, better operational efficiency in vehicles, increasing usage of IoT-based services in the vehicles, and enhanced vehicle management.
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Urbanization has led to the increased use of personal and commercial vehicles, which, in turn, has led to the rise in number of vehicles on the roads, especially in the emerging economies, such as Indonesia, China, and India. While it has become incredibly easy to own a car at the present time, several problems such as road blocks, scarcity of parking space, and traffic jams have also risen. Due to this, consumers are now looking for enhanced driving experience, which can be provided with advanced connected solutions, such as vehicle-to-infrastructure and vehicle-to-vehicle. Apart from this, the concern regarding safety and security is growing among the OEMs, consumers, and governments. This is further driving the demand for connected cars as they are enabled with technologies such as automatic braking, lane assist, and advanced driver-assistance system. These technologies can be of great help when it comes to decreasing traffic rule violation and reducing the prevalence of road accidents.
The applications of a connected car are telematics, navigation, and infotainment. Telematics is a device that combines informatics and telecommunication, which provides the driver with benefits such as roadside assistance and remote unlocking and locking of vehicle. A navigation system is capable of relaying directions to any desired location. Infotainment is a system which delivers entertainment and information contents. The system comprises software and hardware products that are installed into the automobile later for improving the experience of the passenger or the driver. Among these, the largest demand during the time period 2013–2017 was created for the application of navigation.
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Connected car market competitive landscape
Some of the major players operating in the global connected car market are Continental AG, Delphi Technologies PLC, DENSO Corporation, Robert Bosch GmbH, ZF Friedrichshafen AG, Harman International Industries Inc., Valeo SA, and Autoliv Inc.
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Organization: P&S Intelligence
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Website: https://www.psmarketresearch.com/market-analysis/connected-car-market
Source: MarketersMedia
Release ID: 88935290
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