LONDON--(BUSINESS WIRE)--The global automotive connected car platform market size is expected to grow by USD 6.85 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth according to the latest market research report by Technavio. Request a free sample report
Although the autonomous vehicle concept is in its nascent stage, numerous experts are expecting this concept to drive the future of the automotive industry. All the major OEMs and tier-1 suppliers have already initiated projects to commercialize the concept of autonomous vehicles; a few include Audi, Ford, Continental, Bosch, and Delphi. The autonomous vehicle concept will require an entire gamut of electronic and communication facilities to function. Thus, OEMs and tier-1 suppliers are collaborating with the automotive electronics industry to gain electronic and communication expertise. For instance, in 2019, LG electronics partnered with automotive software firm Cerence to jointly develop an AI-powered connected car platform. Thus, the growing focus on the development of autonomous vehicles will drive market growth during the forecast period.
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As per Technavio, the rise in the adoption of cloud technologies and IoT will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive Connected Car Platform Market: Rise in the Adoption of Cloud Technologies and IoT
Mobile network operators (MNOs) are increasingly adopting cloud-based M2M platforms that help them reduce capital expenditure and time-to-market (TTM) for product or service launches. Cloud-based platforms help MNOs manage, assemble, and develop services. In addition, the platforms help telecommunication operators integrate, develop, market, and support M2M connectivity and cloud services across business segments such as retail and automotive. For instance, Fiat Chrysler Automobiles announced that it would use Harman’s Ignite cloud-based platform to deliver a wide range of connected services to drivers. With the push of a button, the system would assist owners by locating fuel and charging stations, receiving traffic prompts and restaurant offers, predicting maintenance needs, and providing live customer-care assistance. The platform would support both 4G and 5G network connectivity. Developments such as these are expected to propel the growth of the global automotive connected car platform market.
“Improved smartphone ecosystem and strong demand for luxury cars will have a significant impact on the growth of the automotive connected car platform market value during the forecast period,” says a senior analyst at Technavio.
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Automotive Connected Car Platform Market: Segmentation Analysis
This market research report segments the automotive connected car platform market by service (infotainment services and telematics services) and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the automotive connected car platform market in 2019, followed by Europe, APAC, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the increasing sales of luxury cars equipped with advanced connected car technologies.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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