The Europe connected vehicle market is expected to reach USD 30.44 Bn by 2023, expanding at a CAGR of 7% (2018-2023). Europe connected passenger car market is expected to reach USD 17.10 Bn by 2023 at a CAGR of 3% (2018-2023), and the Europe connected truck market is expected to reach USD 13.33 Bn by 2023, expanding at a CAGR of 12% (2018-2023).
The connected vehicle ecosystem is evolving in which Europe's connected car manufacturers and automotive OEMs are developing various connected solutions. On the basis of connectivity, demand for embedded solutions, tethered solutions, and integrated solutions for connected passenger cars has increased over the years. Similarly, the use of telematics and fleet management solutions for connected commercial vehicle has risen.
Ever increasing demand for electric vehicles from European consumers is playing a crucial role in boosting the market for a connected driving experience. The market is expected to gain major traction due to widespread adoption of mobile and wireless technologies.
Governments within the EU are introducing various regulations and initiatives regarding vehicle safety, which could be a favorable move for connected car manufacturers and dealers. Availability of advanced telecom and road infrastructure will also continue to fuel the European market for connected cars.
Original equipment manufacturers (OEMs) are also contributing to the expansion of the market. Car manufacturers are using the products and services provided by these OEMs, including sensors, processors, fleet managers, wireless, cellular models, OEM services and aftermarket services.
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.
- Regulatory initiatives relating to safety and security will have a decisive effect on the adoption of OEM telematics all across Europe.
Threats & Key Players
- OEMs in Europe are facing challenges in the form of increasing costs, extended supply chains, more complex vehicles, increasing customer demands and the need for an unprecedented degree of manufacturing flexibility.
- Some of the key players operating in the market are:- Airbiquity Inc, Aptiv PLC, Autoliv, Continental AG, Denso, NXP Semiconductors, Robert Bosch GmbH, TomTom, WirelessCar, and ZF Friedrichshafen.
Key Topics Covered
Chapter 1: Executive Summary
Chapter 2: Europe Connected Passenger Car - Market Overview
Chapter 3: Connected Passenger Car Services - Value Proposition
Chapter 4: Europe Connected Truck - Market Overview
Chapter 5: Modular Strategy and Potential Analysis - Global Truck Market
Chapter 6: Companies Profiled
- Airbiquity Inc
- Aptiv PLC
- Continental AG
- NXP Semiconductors
- Robert Bosch GmbH
- ZF Friedrichshafen
For more information about this report visit https://www.researchandmarkets.com/research/hhjkgh/30_44_billion?w=4