The China connected vehicle market is expected to show double-digit growth rate. Chinese consumers are increasingly emphasizing on in-car technology rather than on the price or engine performance when it comes to buying of a car, and 40% are willing to change brands for better connectivity. More than 75% of Chinese car buyers are expected to increase spending on safety features, while 60 percent would pay more for vehicle management features that monitor usage, run diagnostics, and record accident data.
China is expected to be in the forefront for connected vehicle related innovation in the years to come. The challenge now remains for the auto industry to adopt the right mix of technology fit for China's driving conditions and move towards dominating the global share of intelligent connected cars.
More than 85% of Chinese car buyers would be eager to own an autonomous car, which indicates that a majority of consumers trust vehicle technologies with strong desires to transform in-car driving experiences. Similarly, car buyers cited their major concerns relating to autonomous driving to be 91% safety concerns, 86% cyber security, 83% the legal implications, while 80% cited cost.
Key Growth Factors
- Demand for a connected driving experience is growing rapidly in this region. Major auto-makers and OEMs are working to make this a reality very soon
- China is expected to become one of the prominent markets by 2025 for connected cars owing to high growth in the automotive market and improved connectivity infrastructure across the region
Threats & Key Players
- New laws mandate connectivity across all vehicles. China is yet to foresee this and accepting this across all automobile majors in the days to come is expected to be challenging
- Increasing fuel prices is causing a credit crunch, and rising inflation is taking a toll on the global economy. The industry is also restricted by increasing regulations, sluggish demand, and increase in both fixed and marginal cost
- Some of the key players operating in the market are: Autoliv, Continental AG, Denso, NXP Semiconductors, Robert Bosch GmbH, WirelessCar, and ZF Friedrichshafen
Key Topics Covered
Chapter 1: Executive Summary
Chapter 2: China Connected Passenger Car - Market Overview
Chapter 3: Connected Passenger Car Services - Value Proposition
Chapter 4: China Connected Truck - Market Overview
Chapter 5: Modular Strategy and Potential Analysis - Global Truck Market
Chapter 6: Companies Profiled
- Continental AG
- NXP Semiconductors
- Robert Bosch GmbH
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