DUBLIN--(BUSINESS WIRE)--The "Connected Car Market by Service (OTA Update, Navigation, Cybersecurity, Multimedia Streaming, Social Media, e-Call, Autopilot, Home Integration, & Others), Form, End Market (OE, Aftermarket), Network, Transponder, Hardware, and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global connected car market is projected to reach USD 212.7 billion by 2027, from an estimated USD 42.6 billion in 2019, at a CAGR of 22.3%.
Increase in demand for smartphone services and connectivity solutions in vehicles is the significant factor for the growth of the connected car market globally
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 upsurge in tech-savvy population are the key factors that contribute toward the growth of the connected car market. However, lack of proper communication infrastructure in developing countries will restrict the connected car market in the coming years.
Demand for high capacity ECUs due to an increase in electronic components in a connected car is expected to drive the ECU hardware market during the forecast period
The ECU plays a critical 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 increase in number of electronics systems, the number of ECUs has increased, and thus, the demand for ECUs is growing for the connected car market.
However, the increasing number of ECUs per vehicle reduces efficiency, and various automotive giants are collaborating with OEMs to consolidate ECUs without affecting the functionalities. For instance, in 2017, Sasken Technologies Ltd. demonstrated its hypervisor-based consolidator that virtualizes infotainment and cluster systems. The key purpose of ECU consolidation is to converge various ECUs into a single, advanced ECU that can control multiple hardware functions.
The aftermarket segment is expected to grow at the highest CAGR rate within the connected car market
The demand for connected car services in the aftermarket is expected to increase in the near future due to technological advancements and increase in demand for safety and comfort features in cars. According to a survey, the willingness to pay a subscription fee for connected services went from 21% in 2014 to 32% in 2015. Social media, live traffic, weather updates, and automatic emergency calling are the primary services for which customers are willing to pay monthly.
The North American market is expected to register the fastest growth during the forecast period
The North American connected car market is estimated to be the fastest. In North America, the US and Canada are economically stable and have a higher standard of living and disposable income, which leads to the demand for high-end connected car services and connectivity solutions. Infrastructure availability in the US attracts the global OEMs and Tier I to test and develop fully connected autonomous vehicles, and supportive government policies help them test vehicles on the road.
As people have high standards of living and disposable income in these countries, they would like to spend more on safety and comfort features. The demand for self-driving cars in the US is resulting in OEMs introducing advanced connected car technologies that are expected to drive the North American connected car solution and services market.
Key Benefits of Buying the Report:
- The report will help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall connected car market and the subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
Key Topics Covered:
1.2 Market Definition
1.2.1 Inclusions & Exclusions
1.3 Market Scope
2 Research Methodology
2.1 Research Data
2.2 Secondary Data
2.3 Primary Data
2.4 Market Size Estimation
2.5 Market Breakdown and Data Triangulation
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Connected Car Market
4.2 Connected Car Market, By Region
4.3 Connected Car Market, By Form
4.4 Connected Car Market, By Service
4.5 Connected Car Market, By End Market
4.6 Connected Car Market, By Hardware
4.7 Connected Car Market, By Transponder
4.8 Connected Car Market, By Network
5 Market Overview
5.2 Years Considered for the Study
5.3 Package Size
5.4 Market Dynamics
5.5 Revenue Missed: Opportunities for Connected Car Manufacturers
5.6 Connected Car Market, Scenarios (2018-2027)
5.7 Product Matrix
6 Connected Car Market, By Service
7 Connected Car Market, By Form
8 Connected Car Market, By End Market
9 Connected Car Market, By Hardware
10 Connected Car Market, By Transponder
11 Connected Car Market, By Network
12 Connected Car Market, By Region
Note: The Chapter is Further Segmented at Regional and Country Level Further Segmented By Form Type (Volume) and Service (Value)
12.1.1 Research Methodology
12.1.3 Industry Insights
12.2 Asia Pacific
12.4 North America
12.5 Rest of the World
13 Competitive Landscape
13.2 Market Ranking Analysis
13.3 Competitive Leadership Mapping
13.4 Competitive Leadership Mapping - Connected Car Solution Providers
13.5 Competitive Leadership Mapping : Connected Car Manufacturers
13.6 Right to Win
13.7 Competitive Scenario
14 Company Profiles
14.1 Hardware Providers
14.2 Software Providers
14.3 OEM Manufacturers
14.3.2 Ford Motor Company
14.4 Network Providers
14.4.3 Verizon Communication
14.5 Iot/Mapping Solution Providers
14.5.2 Sierra Wireless
14.6.2 Tech Mahindra
14.6.3 Microsoft Azure
15.1 Asia Pacific Will Be the Major Market for Connected Car Market
15.2 Embedded Form of Connectivity Can Be A Key Focus for Manufacturers
For more information about this report visit https://www.researchandmarkets.com/r/rt3fuk