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(Transportation-News.com, December 02, 2020 ) The Global Connected Car Market size is projected to reach $166.0 billion by 2025, from an estimated $53.9 billion in 2020, at a CAGR of 25.2%.
Connected cars ease connectivity on wheels, offering comfort, convenience, performance, safety, and security along with powerful network technology. This enables the driver to connect with online platforms, thereby facilitating real-time communication. The rise in consumer demand for connectivity solutions, surge in need for constant connectivity, increase in dependency on technology, and an upsurge in the tech-savvy population are the key factors that contribute toward the growth of the connected cars market.
OPPORTUNITIES: Emergence of various technologies such as 5G and AI
The enhanced user experience for all connected cars depends on wireless connectivity. Many telecom industry players are developing 5G to increase the safety and efficiency of connected cars. This technology is predicted to be introduced in the UK by 2020. According to International 5G automotive associations, 68% of accidents can be avoided with the upcoming 5G technology. For instance, the EU and South Korea have signed a deal to work together on 5G development, while both have promised USD 782 million and USD 1.5 billion, respectively, in funding for local 5G projects. In the UK, USD 78 million of funding has been commissioned for a 5G research facility, known as the 5G Innovation Centre (5GIC). With the increasing use of sensors and other technologies that collect data, AI will be key to making sense of everything. Some automobiles already use AI for Level 3 autonomous driving, but for the industry to reach Level 5, major enhancements need to be made to the cars as well as the infrastructure
The connected car market is dominated by globally established players such as Continental (Germany), Bosch (Germany), HARMAN (US), Airbiquity (US), and Visteon (US), among others.
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The North American market is expected to witness the most rapid growth during the forecast period, especially in the US. The growth of the US market is driven primarily by increasing vehicle safety and security norms, demand for vehicle-to-vehicle (V2V) connectivity technology, and incorporation of IoT in the automotive industry.
The emergence of autonomous vehicle technology in the US connected car market is one of the key trends that is increasing the demand for advanced connected car features. The market has already witnessed high growth of ADAS solutions which made the connected car penetration above 80% in 2018. The increase in demand for aftermarket services through the renewal of connected car service subscriptions will drive the US market in the coming future.
One of the key drivers for the Asia Pacific market is the increased demand for infotainment and navigation services, particularly in China, Japan, India, and South Korea. The tech-savvy population in these countries demands a better and connected driving experience. The demand for connected cars in the Asia Pacific is driven significantly by the strong economic growth, growing population, and rapid urbanization. As safety regulations have been made in Japan and South Korea, the connected car market in these countries is anticipated to increase in the coming years.
In 2017, the Chinese Ministry of Industry and Information Technology (MIIT) and the Standardization Administration of China (SAC) issued a draft to establish national standards for China’s Intelligent & Connected Vehicles (ICV). Due to the growing population and vehicle demand, China is expected to introduce vehicle and road safety regulations. Baidu and Alibaba, which are the biggest technology companies in China are pushing to develop platforms for connected cars.
Japanese automotive companies are also inventing and implementing connected car services and solutions. In 2019, Airbiquity announced that it became a member of the Japan Automotive Software Platform and Architecture (JASPAR), an organization dedicated to advancing the standardization of in-vehicle software and networks to enhance development efficiency and reliability.
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Connected Car Market, Based on service:
1. Navigation
2. Remote Diagnostics
3. Multimedia Streaming
4. Social Media & Other Apps
5. OTA Updates
6. On-Road Assistance
7. eCall & SOS Assistance
8. Cyber Security
9. Remote Operation
10. Collision Warning
11. Auto Parking/Connected Parking
12. Autopilot
13. Home Integration
14. Vehicle Management
15. Asset Tracking
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
newsletter@marketsandmarkets.com
Source: EmailWire.Com 
Source: EmailWire.com
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