The global connected car market surpassed US$ 24.07 Bn in 2020, expanding at a CAGR of 22.7% during the forecast period. Connected cars utilizes Internet services such as WLAN (Wireless Local Area Network), 4G, LTE, and 5G for creating connection with the local and cloud servers and for connecting with other vehicles. The connected cars use advanced technologies for recording the vehicle and user behavior and to recommend particular actions in the future.
Increasing production and sales of the IC engine and electric and hybrid vehicles across the globe, led by several rising demand for cars, vehicle emission laws, government incentive, and environment problems, which is expected to propel the growth of the connected car market. There is rising disposable income of consumer, which enhances their purchasing power that further leads to surge in vehicle sales. Moreover, the cars sold in the developed regions are equipped with advanced features, which has improved safety and security solutions that also leads to growth in the market. Furthermore, the adoption of luxury and premium cars in most of the countries is anticipated to boost the market growth during forecast period.
Due to the onset of COVID-19 pandemic, production and sales of the vehicles has hampered, as all the manufacturing units and sales showrooms were closed. Due to lockdowns, public was restricted from traveling, which further restrain the growth of the connected cars market. The supply chain and transportation channels where disrupted that decrease supply of raw material for vehicles production.
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Drivers of Connected Car Market
Rising demand for value-added technological system such as artificial intelligence (AI), machine learning (ML), and 5G technology to provide safety and comfort in the vehicles, which is expected to drive the connected car market growth during forecast period. The AI and ML technology in the connected cars are used to record the user behavior and then recommend particular action to drivers. Such technologies are also used to monitor drivers and passenger’s health and store the data for future use. Connected cars also has image recognition system, security CCTV system, navigation and tracking systems and other innovative features which helps the user to provide improved driving experiences.
Government across the developed countries are implementing several technologies in the vehicles to enhance the safety and security of the consumers. Moreover, the U.S. and European governments have made several system mandatory in the cars including anti-lock braking system (ABS), electronic stability control (ESC), autonomous emergency braking (AEB), and other systems, which offers advanced safety solutions for the users. In addition, the e-call services are also made mandatory in the vehicles, which help the users in the emergency situations and during road accidents. Hence, such government regulations for the vehicles is anticipated to drive the growth of connected car market.
Developing countries such as China and India has witnessed highest population growth rate across the globe, which increasing the adoption of the passenger cars. Moreover, the developing countries has also observed the utilization of premium and luxury cars, which has integration of advanced technological features that further contributes in the growth of the global connected car market.
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Regional Analysis of Global Connected Car Market
In terms of region, the global connected car market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Europe and North America has major share in the global connected car market in terms of revenue in 2020. In such developed regions, consumers are more tend towards technological features in their cars and as they opt for more safety and security functions. Moreover, most of cities in the Europe and North America are smart cities and hence, they have better connectivity on the highways and other parts, which make connected cars to work with high efficiency and performance. In addition, due to rising government mandates and support for integrating technology with automotive industry, the manufacturers are focusing to develop advanced and more autonomous cars, which will further propel the growth of the connected car market.
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Global Connected Car Market Players
Prominent players operating in the global connected car market include Qualcomm Technologies, Inc., Robert Bosch GmbH, Continental AG, Airbiquity Inc., CloudMade, Daimler AG, Intellias Ltd., Sierra Wireless, Tesla, LUXOFT, Ford Motor Company, Audi AG, BMW Group, TomTom International, AT&T Inc., etc.
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