Connected Car Market Worth $212.7 Billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, Nov. 28, 2019 /PRNewswire/ -- According to the new market research report "Connected Car Market by Service (OTA Update, Navigation, Cybersecurity, Multimedia Streaming, Social Media, e-Call, Autopilot, Home Integration, & Others), Form, End Market (OE, Aftermarket), Network, Transponder, Hardware, and Region - Global Forecast to 2027", published by MarketsandMarkets™, the global Connected Car Market size is projected to reach USD 212.7 billion by 2027, from an estimated USD 42.6 billion in 2019, at a CAGR of 22.3%.
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148 – Tables
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218 – Pages
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.
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The autopilot market is expected to grow at the fastest CAGR.
The introduction of autopilot would minimize driver intervention. As autonomous technology nears Level 3 & above, it would help achieve the automaker's goals of commercializing fully autonomous vehicles for consumers by 2022. For instance, the upcoming model of the Cadillac CT6 will be equipped with the semi-autonomous "Super Cruise" feature that will essentially allow fully autonomous single-lane travel on divided highways.
Similarly, Audi will also be including its Level 3 semi-autonomous technology in the upcoming model of the A8. Audi's AI-based traffic jam pilot would enable highly automated driving at Level 3. With all the developments in autopilot or autonomous driving field, the demand for connected services related to autopilot is expected to rise in the coming future.
Embedded connectivity is expected to grow at the fastest CAGR in the global Connected Car Market.
The growth in embedded technology is being driven by regulatory mandates in the EU, which recently mandated that all new car models in member states must have embedded technology as part of its European eCall system, connecting a vehicle to emergency services, following a collision and providing location and impact information. Similar mandates could be announced b other countries in the future. The growth of embedded form of connected solutions in the long term is attributed to various disruptive factors such as government mandates, cost optimization of service plans, and increase in cloud-based services. By 2027, embedded form of connectivity is estimated to dominate the market.
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Asia Pacific is expected to lead the global Connected Car Market 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, India, and South Korea. The tech-savvy population in these countries demands a better and connected driving experience. The demand for connected cars in Asia Pacific is driven significantly by the strong economic growth, growing population, and rapid urbanization. As safety regulations have been made in Japan and South Korea, the Connected Car Market in these countries is anticipated to increase in coming years.
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). Due to the growing population and vehicle demand, China is expected to introduce vehicle and road safety regulations. Baidu and Alibaba, which are biggest technology companies in China are pushing to develop platforms for connected cars.
Japanese automotive companies are also inventing and implementing connected car services and solutions. In 2019, Airbiquity announced that it became a member of the Japan Automotive Software Platform and Architecture (JASPAR), an organization dedicated to advancing the standardization of in-vehicle software and networks to enhance development efficiency and reliability.
The Connected Car Market comprises major manufacturers such as Continental (Germany), Bosch (Germany), HARMAN (US), Airbiquity (US), and Visteon (US), among others.
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