According to the report, the global connected car market surpassed US$ 24.07 Bn in 2020, expanding at a CAGR of 22.7% during the forecast period. Connected cars utilizes Internet services such as WLAN (Wireless Local Area Network), 4G, LTE, and 5G for creating connection with the local and cloud servers and for connecting with other vehicles. The connected cars use advanced technologies for recording the vehicle and user behavior and to recommend particular actions in the future.
Increasing production and sales of the IC engine and electric and hybrid vehicles across the globe, led by several rising demand for cars, vehicle emission laws, government incentive, and environment problems, which is expected to propel the growth of the connected car market. There is rising disposable income of consumer, which enhances their purchasing power that further leads to surge in vehicle sales. Moreover, the cars sold in the developed regions are equipped with advanced features, which has improved safety and security solutions that also leads to growth in the market. Furthermore, the adoption of luxury and premium cars in most of the countries is anticipated to boost the market growth during forecast period.
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Due to the onset of COVID-19 pandemic, production and sales of the vehicles has hampered, as all the manufacturing units and sales showrooms were closed. Due to lockdowns, public was restricted from traveling, which further restrain the growth of the connected cars market. The supply chain and transportation channels where disrupted that decrease supply of raw material for vehicles production.
Expansion of Connected Car Market
Rising government regulation and mandate to integrated advanced solutions in the cars, to improve the safety of the consumers and reduce road accidents. Countries like the U.S., Germany, the U.K. France, Italy, Spain, and other countries has adopted the use of autonomous and advanced technology such as artificial intelligence (AI), machine learning (ML), IoT, and other in the vehicles, as it provides real-time data from the vehicle and surveillance and monitoring feature for the government.
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Moreover, connected cars has embedded dashboard camera, GPS tracking, SOS services and telematics based insurance, which records and stores the data, which is further prone to cyber-attacks. Since, rising government mandates for data security, the service providers or manufacturers provides multi-layer security for vehicle data protection, which is further expected to boost the growth of the connected car market.
Based on car type, sedan and SUV car type segment held a prominent share of the connected car market, in terms of revenue, in 2020. The consumers in the developed countries utilizes sedan and SUV cars, as these cars has more safety and security features as compared to hatchback cars. Moreover, hatchback cars are designed for high traffic regions, whereas, the traffic in the North America and European countries is very less as compared to other developing region, which is another factor for the adoption of sedan and SUV cars.
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In terms of connectivity, the dedicated short range communication (DSRC) segment held a highest share of the connected car market, in terms of revenue, in 2020. The dedicated short range communication is considered as wireless communication which helps the intelligent transportation system (ITS) for creating connection with other vehicles and cloud services for tracking and surveillance purpose. Moreover, wireless connectivity is expected to witness fastest growth in the future.
Regional Analysis of Global Connected Car Market
In terms of region, the global connected car market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Europe and North America has major share in the global connected car market in terms of revenue in 2020. In such developed regions, consumers are more tend towards technological features in their cars and as they opt for more safety and security functions. Moreover, most of cities in the Europe and North America are smart cities and hence, they have better connectivity on the highways and other parts, which make connected cars to work with high efficiency and performance. In addition, due to rising government mandates and support for integrating technology with automotive industry, the manufacturers are focusing to develop advanced and more autonomous cars, which will further propel the growth of the connected car market.
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Global Connected Car Market Players
Prominent players operating in the global connected car market include Qualcomm Technologies, Inc., Robert Bosch GmbH, Continental AG, Airbiquity Inc., CloudMade, Daimler AG, Intellias Ltd., Sierra Wireless, Tesla, LUXOFT, Ford Motor Company, Audi AG, BMW Group, TomTom International, AT&T Inc., etc.
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