Connected cars facilitate connectivity on wheels offering comfort, convenience, performance, safety and security combined with powerful network technology. This enables the driver to connect with online platforms and facilitates real-time communication on the go. Rising consumer demands, the need for constant connectivity, increased dependency on technology and the growing number of tech savvy people account for the growth of this market. Over time, various connectivity solutions have been developed by the car manufacturers and service providers such as the Machine-to-Machine (M2M) connectivity platform. This M2M feature in a car enables interconnectivity between two connected cars. Numerous sensors and processors located in the car provide accurate and real-time information to the driver.
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The connected car market is expected to generate a revenue of $141 Billion by 2020. Advanced infotainment systems and a fast connection to the wireless network are the two prominent features that potentially enhance the market growth. Technology agreements and collaborations are the key strategies adopted by the market players to enhance their market share. For instance, AT&T is working with automotive manufacturers to provide contextual voice controls, which would help to create a safer driving experience. TomTom has launched the online turn-by-turn navigation service for customers, making it feasible to connect over a network.
Global Connected Car Market (technology, connectivity solutions, product and services, applications and geography) forecast 2013 2020 from Allied Market Research
Navigation, telematics and infotainment are the major applications of connected cars market. Based on the analysis, navigation should be the fastest growing market during the forecast period. This growth trend observed in the navigation segment is majorly due to the large scale adoption of this service into the connected cars.On the basis of products and services, the market is segmented into sensors, processors, fleet manager, OEM services, aftermarket services and wireless and cellular modules. Amongst all the product and services, fleet manager was the largest revenue-generating segment in 2013. Due to its wide scale application across diverse industries, fleet manager service, is expected to lead the products and services market segment during the forecast period.
Geographically, the market is segmented into, North America, Europe, Asia Pacific and LAMEA. The Asia-Pacific region indicated a prominent growth and will go on to grow at a CAGR of 35.9% over the forecast period. In the years to come, Asia-Pacific should be a prominent automobile market, owing to the rapidly growing population, rising disposal incomes and a large presence of youth. This in turn should indirectly boost the market for connected cars.
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