Connected Car Market Growth, Latest Trends & Forecast by 2025

CITY, Country, 2019-Oct-30 — /EPR Network/ —

The automotive industry is witnessing a high degree of innovations and disruptive technologies. Various technologies such as head-up displays, smart infotainment, telematics systems, and autonomous driving are becoming an integral part of high-end automobiles. With improved connectivity, a vehicle can interact with other entities, such as infrastructure as well as other vehicles, to share useful information, including driving habits, traffic congestion, shortest route, roadblocks, and fuel economy. Most of these technologies use real-time data and require regular updates, and are thus able to communicate operational and diagnostic data from onboard systems and connected devices.

The Global Connected Car Market, by value, is projected to reach USD 219.21 Billion by 2025, at a compound annual growth rate (CAGR) of 14.8%.

Some of the major drivers identified an increase in industry compliance norms and government mandates supporting connected technology in passenger cars.

Opportunities:

• Evolution of the New Value Chain Ecosystem of the Automotive Industry
• The Road to Autonomous Vehicles

Some of the major players in the global connected car market are Bosch (Germany), Continental (Germany), Harman (US), Denso (Japan), ZF (Germany), NXP (Netherlands), Infineon (Germany), Valeo (France), and Delphi (UK).

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The global connected car market is segmented by network, service, transponder, form, end market, hardware, and region. The report discusses various types of features, such as navigation, remote diagnostics, multimedia streaming, on-road assistance, eCall, and auto parking. The connected services segment is expected to account for the largest market share in the global market, which would grow at a significant CAGR during the forecast period. The growth of connected car services is expected to be driven by an increase in demand for convenient features and an increase in government mandates. Furthermore, to understand the type of end market, the report discusses the global market under 2 distinctive end market types, namely, Original Equipment Manufacturer (OEM) and aftermarket. To understand the market in different forms, the global market is segmented into embedded, tethered, and integrated; by hardware into smart antenna, display, Electronic Control Unit (ECU), and sensors; by transponder into roadside unit and on-board unit; and by network into Dedicated Short-Range Communication (DSRC) and cellular. The extensive study has been done on 4 key regions, namely, Asia Pacific, Europe, North America, and the Rest of the World (RoW).

Target Audience:

• Automobile manufacturers
• Automobile organizations/associations
• Cloud service providers
• Compliance regulatory authorities
• Connected car hardware manufacturers
• Government agencies
• Information Technology (IT) companies and system integrators
• Investors and Venture Capitalists (VCs)

The Asia Pacific is expected to account for the largest market share, followed by Europe, North America, and RoW. The Asia Pacific is anticipated to remain predominant during the forecast period due to various factors, such as increasing connected car devices in passenger cars and an increase in digital services such as cybersecurity and updates. In terms of growth rate, North America is projected to exhibit the second-highest CAGR during the forecast period. The growth in North America is anticipated to be driven by increasing government mandates and growing communication and information technology infrastructure, such as 4G LTE or 5G.

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The rising trend of connectivity and digitalization making the automotive industry to move towards a software-and-services approach

Connected Services

Drivers and passengers are increasingly expecting access to connected services in their vehicles. These connected services are shaping the sales of new vehicles with a significant revenue stream. Currently, end-users want convenient driving experience in their road journey. These new connected technologies are making competitive challenges for OEMs as other non-automotive players of various industries are entering the automotive space. The features which have been considered under the connected services are named navigation, remote diagnostics, multimedia streaming, social media & other mobile apps, and OTA updates.

Safety & Security

The connected car features various functions for the safety of the driver and passenger, such as eCall & SOS assistance, on-road assistance, and collision warning. For data privacy, features such as cybersecurity and remote operation, have been offered. The safety & security services market is driven by government initiatives to reduce the number of road accidents and increase the safety of drivers and passengers. For instance, the European transportation authority has mandated the eCall; every new car should have eCall capability for emergency situations.

Autonomous Driving

In recent years, a few companies have tested automated driving using onboard sensors and high-resolution digital maps (V2N). However, the industry experts believe that 5G-based V2V and V2I would allow better adaptation of moving vehicles in accordance with the nearby traffic and offer higher customer satisfaction. Advanced control systems in these cars interpret the sensory information to identify appropriate navigation paths, obstacles, and relevant signage.

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Critical Questions:

• How revenue would be leveraged from data of connected cars in its value chain?
• How connected car services pricing model will be established among automotive and non-automotive players?
• The government of respective countries is mandating the key connected features into the vehicle, and hence making the industry more competitive. Then, what will be the distinctive services that need to be developed by connected car service providers?
• We expect OEMs to increase their control over the data transmitted and collected in the vehicle and the OBD port will eventually be replaced by the OEM back-end data center. How will this impact the currently booming aftermarket service industry? What should players do to mitigate this risk?