Global Connected Car Market Expected to Grow with a CAGR of 22.3% During the Forecast Period, 2019-2027 - ResearchAndMarkets.com

DUBLIN--()--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 Introduction

1.1 Objectives

1.2 Market Definition

1.2.1 Inclusions & Exclusions

1.3 Market Scope

1.4 Limitations

1.5 Stakeholders

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

2.6 Assumptions

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

5.1 Introduction

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 Introduction

12.1.1 Research Methodology

12.1.2 Assumptions/Limitations

12.1.3 Industry Insights

12.2 Asia Pacific

12.3 Europe

12.4 North America

12.5 Rest of the World

13 Competitive Landscape

13.1 Overview

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

14.1.1 Continental

14.1.2 Bosch

14.1.3 Harman

14.1.4 Visteon

14.2 Software Providers

14.2.1 Airbiquity

14.2.2 Cloudmade

14.2.3 Intellias

14.3 OEM Manufacturers

14.3.1 Tesla

14.3.2 Ford Motor Company

14.3.3 Audi

14.4 Network Providers

14.4.1 At&T

14.4.2 Qualcomm

14.4.3 Verizon Communication

14.5 Iot/Mapping Solution Providers

14.5.1 Tomtom

14.5.2 Sierra Wireless

14.6 Others

14.6.1 Panasonic

14.6.2 Tech Mahindra

14.6.3 Microsoft Azure

14.6.4 Zubie

14.6.5 BMW

14.6.6 Daimler

14.6.7 Telefonica

14.6.8 Luxoft

15 Recommendations

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

15.3 Conclusion

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Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900