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Connected Car Market – Development, Innovation, Opportunities and Growth to 2027

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Connected Car Market – Development, Innovation, Opportunities and Growth to 2027

June 02
20:30 2020
The growth of the global connected car market is influenced by factors such as 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.

The Global Connected Car Market size is projected to reach USD 212.7 billion by 2027, from an estimated value of USD 42.6 billion in 2019, at a CAGR of 22.3%. An increase in efforts by governments for developing an intelligent transportation system, increasing demand for smartphone features in the car, and automated driving technologies along with passenger safety features will boost the connected cars market.

The Asia Pacific and Europe are the major regions where demand for connected car solutions and services is the highest due to various government regulations on vehicle safety. Furthermore, continuous R&D and collaborations of network and service providers with automotive companies in these regions are expected to stimulate the connected car market growth. It is expected that in North America, especially the US, the demand for connected car aftermarket services will increase at the highest rate due to an increase in customer demand for advanced connected car services and the availability of smart infrastructure.

The major players include Continental (Germany), Bosch (Germany), HARMAN (US), Airbiquity (US), and Visteon (US), among others.

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Autopilot segment is estimated to be the fastest-growing market during the forecast period

The autopilot segment is expected to hold the majority of the connected car market share by 2027, owing to safety and convenience features in vehicles. For example, Tesla Model S can automatically steer down highways, change lanes, and adjust speeds according to traffic conditions. All these features use a combination of cameras, radars, ultrasonic sensors, and connected car features.

OEMs have designed and developed autopilot features that meet the requirements of autonomous safety. In Asia Pacific, the introduction of this technology is expected by 2022. China, Japan, and South Korea are the major countries taking initiatives for autopilot features in the Asia Pacific. OEMs like Honda, Hyundai, Toyota, and Nissan are working on this to bring it to their domestic market.

Embedded form of connectivity is expected to grow at the fastest CAGR

 

Embedded form connectivity is expected to exhibit the fastest growth within the global connected car market. The growth of embedded connected solutions is attributed to various disruptive factors such as government mandates, cost optimization of service plans, and the growth of cloud-based services. There are many connected car services that cannot be used without an embedded connectivity solution in the car, such as eCall and remote diagnostics, among others, which is increasing the adoption of embedded connected cars.

 

Government regulations are the key reason for the growth of embedded connected car industry. Europe has already mandated eCall since March 2018. Brazil and Russia will start mandating the fitment of embedded telematics. In the longer run, it is expected that China will also introduce similar mandates for telematics, which, coupled with rising car sales, would ensure that it becomes the leading market for embedded telematics globally.

The North American connected cars market is expected to register the fastest growth during the forecast period

The North American market is expected to witness the most rapid growth during the forecast period, especially in the US. The growth of the US market is driven primarily by increasing vehicle safety and security norms, demand for vehicle-to-vehicle (V2V) connectivity technology, and incorporation of IoT in the automotive industry.

The emergence of autonomous vehicle technology in the US connected car market is one of the key trends that is increasing the demand for advanced connected car features. The market has already witnessed high growth of ADAS solutions which made the connected car penetration above 80% in 2018. The increase in demand for aftermarket services through the renewal of connected car service subscriptions will drive the US market in the coming future.

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Critical Questions:

  • Many companies are operating in the connected car market space across the globe. Do you know who are the front leaders, and what strategies have been adopted by them?
  • Fast-paced developments in connected car services such as home integration, autopilot, and vehicle management offered by leading services and solution providers are expected to change the dynamics of connected cars market. How will this transform the overall market?
  • Which leading companies are working on the connected car services and hardware, and what organic and inorganic strategies have they adopted?
  • Analysis of your competition that includes major players in the connected car ecosystem. 
  • Discussion on your client’s imperatives based on our existing research on the connected car market and its ecosystems.

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