The global Connected Car Market is projected to reach USD 57.6 billion by 2026, from an estimated USD 24.0 billion in 2021, at a CAGR of 19.1% from 2021 to 2026. The roll-out of various government regulations regarding mandating safety features such as e-call, navigation, collision warning systems, etc., is expected to boost the adoption of connected car services globally. The increasing sales of premium and luxury vehicles are also driving the popularity of connected car services. Continuous ongoing developments in connected car software and hardware will drive the growth of the connecting car market. For instance, in November 2021, Continental developed a technology solution for highly automated driving: an intelligent software that enables complex driving maneuvers autonomously. The Next Generation Driving Planner is an innovative software solution that enables highly automated driving from Level 3. This means that vehicles can master certain driving tasks independently and without driver intervention. The software developed by Continental represents a significant leap forward in driving intelligence.
The cellular network is expected to change the landscape for connected car technology. With the introduction of 5G network globally, the Connected Car Market is expected to get a boost significantly. the implementation of a 5G-based telecommunication infrastructure can lead to a reduction in data transfer time and operating costs. Connected cars with V2I communication have radar sensors that collect data at 45 TB per hour. Connected cars transfer this data to servers and provide real-time information to assist drivers in making instant decisions. This is possible in 5G networks only, thereby reducing latency and increasing the reliability of connected cars. Thus, the development and availability of 5G are expected to further drive the demand for connected car services.
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The ECU plays a vital role in the connected car system and helps control different electronic systems of connected cars. The data generated through the hardware components are integrated into the ECU and transmitted to the cloud platform. Due to an increase in the number of electronics systems, the number of ECUs has increased, thereby adding to the complexity of vehicles. Hence, to reduce this complexity, companies have started to consolidate many ECUs and focus on their R&D efforts to develop and standardize ECUs with a higher capacity range.
Aftermarket connected car services are expected to become the largest Connected Car Market segment in terms of revenue generation. OEMs offer many services, such as remote diagnostics, navigation, multimedia streaming, and on-road assistance, as a monthly subscription that the customers could renew as per their need. Due to an increase in demand for safety and comfort features in cars, the demand for these services in the aftermarket is expected to increase during the forecast period. Additionally, various automakers/software providers are expanding their aftermarket platforms for connected cars services, solutions, and hardware.
By region, Asia Pacific is estimated to be the fastest-growing market for connected cars. The implementation of stringent government mandates for the installation of safety features and the growing demand for premium and luxury vehicles are the main factors driving the growth of the Asia Pacific Connected Car Market. Developments in 5G and new product launches in connected car solutions/services and hardware are expected to drive the market in the future.
Key Market Players:
Continental (Germany), Bosch (Germany), HARMAN (US), Airbiquity (US), and Visteon (US) are the leading players in the Connected Car Market. These companies have strong distribution networks at a global level and offer an extensive product range. These companies adopt strategies such as new product developments, collaborations, and contracts & agreements to sustain their market position.
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