The global connected car market was valued USD 62 billion in the year 2019. It is projected to grow at a CAGR of 18.1% over the forecast period.
However Covid19 has hit automotive market immensely. The vehicle production has decreased from 2019 to 2020. However, it was supposed to show growth. Raw material supply has been hampered due to which the production got delayed.
For more details, visit: Global Connected Car Market By Technology (3G, 4G/ LTE, 5G), By Services (Vehicle Management, Mobility Management, Others), By End User (OEMs, Aftermarket), By End-User, By Region–Forecast & Opportunities to 2026
Connected car is offering advanced features which helps in ensuring safety of a driver. Connected car offers many advanced features and make user experience technologically advanced. This high safety features drive the market to witness growth over the forecast period.
On the basis of technology, the market is segmented into 3G, 4G & 5G. 5G technologies is yet to introduced in the market but many region have already started working on 5G technology and it is expected to grow at a highest CAGR as it is expected to offer better connectivity to the consumer.
Based on services the market is segmented into safety, Entertainment, Well-being, driver assistance, vehicle management and Mobility management. External danger warnings for drivers, warning for severe weather and road conditions and warning for traffic situation along with the internal autonomous collision protection are the features offered by safety technologies. The safety systems segment was for accounted XX% revenue share in 2019 and it is projected to grow at a higher CAGR.
Based on End use the market is segmented into original equipment manufacturer (OEMs) and Aftermarket. In 2019, OEM accounted for maximum share in connected car market. The OEMs has high demand of connected car. OEMs are required to provide advanced in-built technology to enhance its market presence. It is expected that the demand in this sector will increase during the forecast period. The OEM sector is expected to witness growth at highest CAGR during the forecast period.
Based on region the market is divide into North America, South America, Asia-Pacific, Middle East & Africa and Europe. Out of all this regions North America is expected to dominate the market during forecast period. North America consists of technological giants such as Apple and Google which are very helpful in developing new technology for automobile connected car segments.
The key players are BMW, Volkswagen, Delphi, Ford motors, General motors, continental AG, airbiquity Inc., Robert Bosch, Tesla, Audi AG, AT&T, Samsung electronics, Diamler AG, Telefonica and TomTom etc.
- What are the expected industry trends over the next three to five years?
- Which of the connected car technology is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?