The Connected Car Market is estimated to be USD 72.89 billion in 2017 and projected to reach USD 219.21 billion by 2025, at a compound annual growth rate (CAGR) of 14.8% during the forecast period.
The embedded form segment to hold the largest share in the connected car market
The embedded connected car solution is expected to hold a major share of the connected car market. The growth of embedded form of connected solution in the long term can be attributed to various disruptive factors such as government mandates, change in pricing model, and increase in cloud-based services. The governments of several countries have introduced mandates related to telematics applications of connected car. These include mandates such as eCall and stolen vehicle tracking. Developed countries such as the US and Western Europe have already mandated safety applications of connected car, which in turn will drive the market for embedded form of connected solution.
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Autonomous driving is expected to grow at the highest CAGR in the global connected car market during the forecast period
The connected car technology is the stepping stone for automakers to achieve the goal of launching driverless cars by 2030. Also, carmakers are gradually promoting the market for autonomous cars by first releasing connected and partially automated cars. Autonomous cars sense their surroundings with techniques such as radar, LiDAR, GPS, and other sensors. As of 2017, approximately 25–30 sensors were there in a connected car which is expected to grow more than three-fold by 2025. In the recent years, a few companies have tested automated driving using onboard sensors and high-resolution digital maps (V2N). However, the industry experts believe that 5G-based V2V and V2I would allow better adaptation of moving vehicles in accordance with the nearby traffic and offer higher customer satisfaction. Advanced control systems in these cars interpret the sensory information to identify appropriate navigation paths, obstacles, and relevant signage.
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Asia Pacific is expected to hold the largest market size in the connected car market during the forecast period
The Asia Pacific connected car market is estimated to be the largest, in terms of value, 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, and South Korea. The tech-savvy population in these countries demands a better and connected driving experience. China already has some regulations in place in this domain. In 2017, the Chinese Ministry of Industry and Information Technology (MIIT) and the Standardization Administration of China (SAC) issued a draft to establish national standards for China’s Intelligent & Connected Vehicles (ICV). In Japan, the automotive connected services were developed as early as 1997 when Toyota (Japan) sold its first connected services solution in the country. Additionally, the demand for connected cars in Asia Pacific is significantly driven by the strong economic growth, growing population, and rapid urbanization.
Study Coverage
The study covers the connected car market, in terms of volume (thousand units) and value (USD million). It explains the qualitative and quantitative aspects of the market on the basis of region, service, end market, form, hardware, transponder, and network from 2017 to 2025. It also provides an overview of the factors and other important aspects of the connected car market.
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