Connected Car Market

Connected Car Market worth $56.3 billion by 2026

The report "Connected Car Market by Service ICE & EV (OTA, Navigation, Cybersecurity, Multimedia Streaming, Social Media, e-Call, Autopilot, Home Integration), Form, Market (OE, Aftermarket), Network, Transponder, Hardware, and Region - Global Forecast to 2026", size is projected to reach USD USD 56.3 billion by 2026, from an estimated USD 23.6 billion in 2021, at a CAGR of 19.0%, from 2021 to 2026. The growth of the global connected car market is influenced by factors such as the increasing trend of in-vehicle connectivity solutions and government initiatives toward developments in intelligent transportation systems. Therefore, the connected car market is expected to witness significant growth in the future.

Browse 251 market data Tables and 70 Figures spread through 303 Pages and in-depth TOC on "Connected Car Market by Service ICE & EV (OTA, Navigation, Cybersecurity, Multimedia Streaming, Social Media, e-Call, Autopilot, Home Integration), Form, Market (OE, Aftermarket), Network, Transponder, Hardware, and Region - Global Forecast to 2026"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/connected-car-market-102580117.html

Autopilot service in ICE service market projected to register highest  from 2024 onwards

The introduction of autopilot would minimize driver intervention. As autonomous technology nears Level 3 & above, it would help achieve the automaker’s goals of commercializing fully autonomous vehicles for consumers by 2024. Rapid advancements and developments in autonomous vehicles are expected to spur the growth of the connected car market. ZF unveiled its coASSIST level 2+ driving system in January 2020 in a price range of under USD 1,000. The company introduced its coASSIST Level 2+ semi-automated driving system on the 2020 Dongfeng Aeolus Yixuan, which was launched late in 2020. This marks the first launch globally of coASSIST, which delivers advanced safety and convenience functions. ZF also offers copilot, a scalable ADAS solution for level 2+ to level 4 driving systems, which it co-developed with NVIDIA. More such affordable ADAS solutions would significantly boost the connected car market in the coming years.

Integrated connectivity expected to register highest CAGR in global connected car market

The integrated form of connected solutions enables the driver to access features and services safely with the help of integrated devices, such as smartphones. The connected car market for the integrated form is expected to increase with the increase in the penetration of smartphones. Integrated solutions are likely to remain updated as their functionality depends on mobile technologies. The integrated connectivity segment is expected to grow at a significant rate in the future as cars can get connected through integrated devices with a negligible cost of hardware and subscription. Also, with everyone now carrying a smartphone and the growing demand for enhanced comfort and convenience, ad-hoc systems are being developed by software developing companies to allow useful interactions with brought-in devices. An integrated approach allows the use of up-to-date technology and the finest customization to driver’s preferences. It is, however, difficult to provide a seamless user experience, and several driver distraction issues arise when an interaction is needed with handheld devices while driving. Moreover, the solution is less safe and reliable since automakers have no control over the applications used by customers. The most common widespread solutions for integrated systems are MirrorLink, Applink, Apple CarPlay, Android Auto.

Asia Pacific expected to lead globally connected car market during the forecast period

One of the key drivers for the Asia Pacific market is the increased demand for infotainment and navigation services, particularly in China, Japan, India, and South Korea. The tech-savvy population in these countries demands a better and connected driving experience. The demand for connected cars in Asia Pacific is driven significantly by the strong economic growth, growing population, and rapid urbanization. As safety regulations have been made in Japan and South Korea, the connected car market in these countries is anticipated to increase in the coming years. Growing demand for premium and luxury cars with enhanced comfort and performance is expected to drive the adoption of connected car services. Thus, considering the above-mentioned factors, the connected car market is expected to witness significant growth.

In 2018, China took various steps to boost the development of connected vehicles in the country, such as legislative changes for the adoption of national strategies and improvements in China’s connectivity-based technologies. Baidu and Alibaba, the biggest technology companies in China, are developing platforms for connected cars.

Japanese automotive companies are also inventing and implementing connected car services and solutions. In 2019, Airbiquity announced that it became a member of the Japan Automotive Software Platform and Architecture (JASPAR), an organization dedicated to advancing the standardization of in-vehicle software and networks to enhance development efficiency and reliability.

Key Market Players

The global connected car market is dominated by major players such as Continental (Germany), Bosch (Germany), HARMAN (US), Airbiquity (US), and Visteon (US). These companies have strong distribution networks at a global level and offer an extensive product range. These companies adopt strategies such as new product developments, collaborations, and contracts & agreements to sustain their market position.

Don’t miss out on business opportunities in Connected Car Market. Speak to our analyst and gain crucial industry insights that will help your business grow.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]

Report Code
AT 5974
PR Published ON
12/15/2021
Choose License Type
BUY NOW
  • SHARE
X
Request Customization
Speak to Analyst
Speak to Analyst
OR FACE-TO-FACE MEETING
PERSONALIZE THIS RESEARCH
  • Triangulate with your Own Data
  • Get Data as per your Format and Definition
  • Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
  • Any level of Personalization
REQUEST A FREE CUSTOMIZATION
LET US HELP YOU!
  • What are the Known and Unknown Adjacencies Impacting the Connected Car Market
  • What will your New Revenue Sources be?
  • Who will be your Top Customer; what will make them switch?
  • Defend your Market Share or Win Competitors
  • Get a Scorecard for Target Partners
REQUEST A FREE WORKSHOP
ADJACENT MARKETS
REQUEST BUNDLE REPORTS
+1-888-600-6441
  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
CONNECT WITH US
ABOUT TRUST ONLINE
©2022 MarketsandMarkets Research Private Ltd. All rights reserved
...

Digital Virtual Assistant - MarketsandMarkets

Home