World News: 12:09 GMT Wednesday 15th May 2019. [Adroit Market Research via Globe Newswire via SPi World News]
Dallas, Texas, May 15, 2019 (GLOBE NEWSWIRE) -- The global connected cars market size was valued at USD 73.18 billion in 2018. The global connected cars market is primarily driven by high adoption in the telematics segment. Along with that factors that have reinforced the market includes trend of connectivity solutions, increase in need for safety & security of pedestrian and more informed means of travel enabling travelers to make informed choices of travel and less time in traffic leading increased productivity levels while on the move.
The global connected cars market research report assesses market demand and scenario over the period from 2015 to 2025. The report highlights the historic trends between 2015 and 2017 and the 2019 to 2025 market forecast. The report studies both at global and country level the current status and future market prospects. The global market for connected cars is segmented by applications, connectivity type, component, provider, connection channel and vehicle connectivity and geography.
The report also throws light on various aspects of the connected cars industry by assessing the market using value chain analysis. The report covers several qualitative aspects of the connected cars industry in market drivers, market restraints and key industry trends. Furthermore, the report provides an in-depth assessment of the market competition with company profiles of global as well as local vendors.
The “Global Size 2017 by Applications (Mobility, Telematics, Infotainment, Driver Assistance, Others), Connectivity Type (Embedded, Tethered and Integrated), by Component (Hardware and Software), by Provider (OEM and Aftermarket), by Connection Channel (DSRC and Cellular Network), by Vehicle Connectivity (V2Vehicle, V2Infrastructure, V2Cloud and V2Pedistrain), by Region (North America, Europe, Asia Pacific, Latin America, and Middle-East & Africa) and Forecast 2018 to 2025” study provides an elaborative view of historic, present and forecasted market estimates.
Connected cars can be defined as a vehicle equipped with intelligent services and systems connected to the internet. Contemporary connected cars are equipped with integrated intelligent systems and powerful built-in. This led to the emergence of new feature like automotive telematics which is referred to as the remote transfer of computer data from the user’s car to service providers.
The market for connected cars experienced steady but remarkable growth in recent past years. Connected cars facilitate connectivity on wheels while offering convenience, comfort, safety, security, and performance coupled with robust network technology. These help drivers connect with online platforms leading to real-time communication. Increasing consumer demand for connectivity solutions, growing dependency on technology, demand for constant connectivity and upsurge in the tech-savvy population are the chief factors that play a vital role in the global connected cars market.
Based on Communication channel, the market for connected cars is divided into DSRC and Cellular Network. A cellular network is estimated to grow at the CAGR 16.87% during the forecast period. For the operators of cellular networks, connected cars offer the possibility for service growth and vital component of their IoT strategies. Tie-ups between OEMs and mobile operators are well established, out of which, a lot of yield agreements to embed SIM cars into the modern cars to offer cellular connectivity to strengthen a range service like vehicle tracking and fleet management.
On the basis of component, the market covers hardware and software. Hardware is expected to dominate the global connected cars market but the rate with which software industry is expanding is remarkable. Bosch, with its profound business experience, has set the newest software trends. It’s Connected Vehicle Fleet Management system is based on digital solutions which are able to optimize the security, safety and energy capabilities of vehicle fleets and up-to-the-minute data.
Furthermore, based on vehicle connectivity, the market of connected cars covers categories like V 2 Vehicle, V 2 Infrastructure, V2Cloud, and V2Pedistrian. Based on the CAGR, the V2Pedistrian is expected to grow at a high rate in the market as vehicle and pedestrian collisions occur more frequently which demands the emergence of robust V2P technology to safeguard these vulnerable road users.
Based on the region, the global connected cars market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. The Asia Pacific will be dominating the connected cars market with an estimated market share of 34.90% in the year 2025. The presence of a major market in countries such as Japan, South Korea, and RAPACwill be primarily driving the market in Asia-Pacific. The factors such as increased demand for safety features is a strongest driving force as consumers highly value safety features in their cars and there is a significant shift in customer expectations for higher wireless and mobile penetration, encouraging new business models and opportunities for the connected car market.
The global connected cars market is a highly fragmented industry with strong competition among the well-established and new emerging players. These players aim to gain an edge over the other players through innovative product development by investing high in R&D along with player acquisitions.
The major players of global connected cars market includes Harman, VW, Bosch, Mercedes Benz, Daimler, Google, Visteon, Uber, Amazon, Airbiquity, Harman, Microsoft (Azure), Continental Corporation, Qualcomm, Apple, NXP, Intel, Delphi, AT&T, Tech Mahindra, Tesla, Volvo and BMW. Acquisition and merger are strived upon by most of the industry giants to get a strong foothold in the market. The WSJ reported that Qualcomm is likely to acquire Netherlands-based NXP Semiconductors for more than $30 billion. The deal would make Qualcomm the largest supplier of chips for cars.
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Globe Newswire: 12:09 GMT Wednesday 15th May 2019
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