The COVID-19 pandemic disruption is estimated to transform the Connected Car Market in the years to come drastically, and its after-effects will be persistently seen in the years ahead.
The COVID-19 pandemic disruption is estimated to transform the Connected Car Market in the years to come drastically, and its after-effects will be persistently seen in the years ahead. The MRFR report on the Connected Car Market meticulously tracks the COVID-19 pandemic effect for the years ahead. Moreover, the precise analysis of drivers and restraints in a post-COVID-19 market offers a coherent understanding of future growth cues.
The global connected car market is predicted to expand at an incredible CAGR over the forecast period (2016-2027) owing to the need for constant connectivity, asserts Market Research Future (MRFR).
Connected cars facilitate connectivity on wheels providing convenience, performance, comfort, security, and safety along with powerful network technology. Connected cars allow the drivers to get connected to the online platforms and facilitate real-time communication. Connected cars are equipped with advanced technologies and sensors. The cars can communicated with another car which is travelling on the same road and exchange information regarding weather, road blocks, accidents, traffic, etc.
Drivers and Constraints Impacting the Market
The need for constant connectivity, growing demand of the consumers, increasing number of tech-savvy people, and growing dependency on technology are some of the major factors stimulating the market growth over the forecast period. Several connectivity solutions such as Machine-to-Machine connectivity platforms have been developed by the service providers and car manufacturers. The Machine-to-Machine connectivity provides interconnectivity between two connected cars. This is likely to propel the market growth over the assessment period. Moreover, fast connection to the wireless network and advanced infotainment systems are the two prominent features enhancing the market growth over the years.
On the flip side, lack of strong network infrastructure in developing countries along with increasing risk of cyber security for smart vehicles are hindering the market growth during the assessment period.
Connected car systems not only help drivers avoid collisions with their nearest objects, but also help deliver a thorough picture of the weather and traffic conditions across an area, such as a city. This requires a wide-scale adoption of connected car systems, which can communicate with each other regarding conditions such as weather and traffic obstructions. The growing clamor around autonomous cars is likely to be a major driver for the connected car market, as connected car systems play the vital role in managing autonomous driving. The use of connected car systems on a sufficiently large scale can help avoid congestions on the street, as mass-scale communication between cars can help create a virtual picture of the city’s overall traffic condition, which can make it easier to manage and ameliorate traffic.
Global Connected Car Market: Segmental Analysis
The global connected car market has been segmented on the basis of technology, services, components, connectivity, and region.
By mode of technology, the global connected car market has been segmented into WiFi & Bluetooth, 3G, 2G, and, LTE. Among these, the 2G service will gradually fade out and will be replaced by LTE and 3G technology due to rapidly changing telecommunication technology along with advent of reliable and faster communication networks.
By mode of components, the global connected car market has been segmented into processors, sensors, cellular, and wireless modules.
By mode of services, the global connected car market has been segmented into autonomous driving and vehicle management, well-being, OEM services, safety, and entertainment.
North America is likely to hold on to the top spot in the global connected car market over the forecast period due to the growing research into autonomous cars and the presence of several leading car manufacturers working on connected car systems. The fertile research environment for in-car technology in North America is likely to ensure steady growth of the regional market over the forecast period.
Europe is also a leading player in the global connected car market due to the widespread adoption of smart city protocols in leading European cities and the strong presence of leading automotive tech industry players in the region.
Leading players in the global connected car market include General Motors, Audi AG, Honda Motor Co. Ltd., BMW, Freescale Semiconductor Inc., Sierra Wireless, Texas Instruments Incorporated, Microsoft Corporation, NXP Semiconductors, Ford Motor Company, and Apple Inc.
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