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Connected Cars Market Dynamics, Forecast, Analysis and Supply Demand 2014-2020

Press Release   •   Feb 11, 2016 02:24 EST

Connected cars aretypically equipped with wireless local area network devices, which enable them to connect with other connectivity devices inside or outside the proximity of the vehicles.

Advanced technologies and solutions such as driver assistance systems and active safety solutions are deployed in connected cars. They ensure a safe distance is maintained between cars and also warn the driver of potential hazards.

Connected cars enable drivers to monitor the performance and health of their vehicles in real time, thus rendering dependence on mechanics to physically troubleshoot technical or mechanical issues in these vehicles obsolete.

Remote access to cars via smartphones or tablet devices enhances security of these vehicles and notifies owners if their vehicles have been moved unexpectedly. Connected car technology offers significant opportunities for consumers, the automotive industry and telecom industry.

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The global connected car market is currently at a nascent stage and is expected to achieve mass market penetration in the next five to six years. Global penetration of connected cars is expected to increase from 10% in 2013 to between 60 and 70% by 2020.In the next six years, the global market for connected cars is expected to grow threefold to meet the rising demand for safety and security in vehicles.

Increasing demand for electric vehicles is expected to drive growth of the connected car market in the near future. However, high hardware and cost of being connected is hampering growth of this market to some extent. The solution to this problem is cross-industry integration of automotive and mobile industries.

Europe is expected to surpass North America to become the largest connected car market by 2020. Increasing government initiatives and regulations, rise in demand for electric vehicles, high penetration of wireless and mobile technology, availability of advanced telecom and road infrastructure are some of the drivers of growth in the European connected car market.

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Based on applications, the connected car market can be categorized into telematics, navigation, safety and security, infotainment and communications. In Europe, safety and security applications such as eCall systems are expected to dominate the Europeanconnected car market. Though safety and security service is the largest contributor in the market, infotainment service is expected to register the highest growth.

The Europe connected car market can be segmented into technologies, hardware, services and applications. On the basis of technologies, the market can be furtherdividedinto various categories such as long-term evolution (LTE), Wi-Fi, High Speed Packet Access (HSPA) and others. The hardware segment includes processors, sensors, CPUs, memory device and wireless & cellular module. The services segment includes original equipment manufacturers (OEMs) services, connected services, after-market services and other services (safety services etc).

The European Committee for Standardization (CEN) and the European Telecommunications Standards Institute (ETSI) have issued an initial set of standards for cooperative intelligence transport systems, following a request from the European Commission in 2009. Technical committees in both bodies continue to develop more standards on intelligent transport systems.The proposed initiative would require that every new car come equipped with 3G/4G and GPS systems, which can also serve as the basis for the car’s phone and navigation systems. This requirement is expected to reduce the added costs for more comprehensive connected car equipment, and the potential difference is considerable.

The technology is expected to allow not only automakers, but also dealers and repair shops to interconnect with drivers.

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Key players in the connected car market include Apple, Inc., Airbiquity, Inc., BayerischeMotorenWerke(BMW) AG, Delphi Automotive LLP, Ford Motor Company, Microsoft Corporation, TATA Consultancy Services Ltd., Toyota Motors Corp., Verizon Communications, Inc. and AT &T, Inc.

Future Market Insights (FMI) is a premier provider of syndicated research reports, custom research reports, and consulting services. We deliver a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights, aerial view of the competitive framework, and future market trends.

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