Leading Companies in Connected Car Industry - as Continental (Germany) and Bosch (Germany)
The global connected car market is projected to reach USD USD 20.5 billion by 2026, from an estimated USD 9.8 billion in 2021, at a CAGR of 15.9% from 2021 to 2026. The base year for the report is 2020, and the forecast period is from 2021 to 2026. The market is expected to witness rapid growth due to an increase in demand for connectivity solutions/services and safety and security features. Additionally, an increase in internet penetration and the integration of driver-assist technology in vehicles are expected to boost the connected car market during the forecast period.
The connected car market is dominated by globally established players such as Continental (Germany), Bosch (Germany), HARMAN (US), Airbiquity (US), and Visteon (US). These companies developed new products, adopted expansion strategies, and undertook collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth connected car market.
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Continental is one of the leading global players in the connected car market. The company provides connected car hardware, network (includes DSRC and cellular), and various solutions and services related to connected cars. It focuses on organic developments, new product developments, and expansions. The company is aligning its cost structure to global market conditions. In addition to adjusting cost structure, it is continuously increasing its level of automation and digitization in the production environment with more than 2,000 robots, including autonomous, driverless transportation systems. To strengthen its footprint in the connected car market, the company partnered with and acquired various connected car-related companies in the field of AI, hardware, internet, security, and OTA services. It acquired Cartica AI and Katrein Automotive and partnered with Avis Budget Group, Didi Chuxing, Argus Cyber Security, and Elektrobit.
Bosch is another leading player in the connected car market, followed by HARMAN and Airbiquity. Bosch continues to drive its transformation into a provider of connected mobility services. Initiatives such as all-in-one central control units for V2X data communication and new cloud-connected software service to manage and monitor the battery life of electric vehicles are the key developments of Bosch during 2019–20. With a strong geographical presence in developed countries, collaborations with connected car solution providers, and a focus on innovation in autonomous and connected technologies, the company is expected to be one of the key players in the connected car market. In 2020, the company announced several personnel measures, primarily for its Powertrain Solutions, Automotive Steering, Electrical Drives, and Chassis Systems Control divisions. These measures included investments in driver assistance systems and automated driving, electrified vehicles, fuel cells, vehicle computers and software, semiconductors and partially integrated vehicle systems, services related to mobility cloud, and software. Strategic expansions in countries with a high penetration of autonomous and electric vehicles would help the company enhance its market share at the global level.
Thus, considering the continuous developments and innovations in connected car hardware and software, the connected car market is expected to grow significantly. The implementation of stringent government mandates for the installation of safety features such as e-call, collision warning systems, etc., is expected to further boost connected car services adoption. Increasing demand for premium and luxury vehicles is also an important factor for the growth of the connected car market.
Related Reports:
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
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