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 58 - Figures 218 - Pages

The growth of the global Connected Car Market is influenced by factors such as the 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.

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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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 by other countries in the future. The growth of embedded forms of connected solutions in the long term is attributed to various disruptive factors such as government mandates, cost optimization of service plans, and an increase in cloud-based services. By 2027, the embedded form of connectivity is estimated to dominate the market.

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The 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 the 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 the 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 the 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.

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According to the new market research report "Connected Car Market by Service (Connected Services, Safety & Security, and Autonomous Driving), Form (Embedded, Tethered, and Integrated), Network (DSRC, and Cellular), End Market, Transponder, Hardware, and Region - Global Forecast to 2025", published by MarketsandMarkets™, The global connected car market is projected to grow at a CAGR of 14.8% from 2017 to 2025, to reach USD 219.21 billion by 2025.

The automotive industry is witnessing fast-paced technological evolution to develop autonomous vehicles in the future, and connected car is the stepping stone for self-driving smart cars. Over the decades, automobile manufacturers have focused on the performance, stability, safety, and general comfort of the vehicle, but now, with the rising trend of connectivity and digitalization, the automotive industry is moving toward software-and-services approach. Original equipment manufacturers (OEMs) and Tier I suppliers are constantly developing their product offerings. Companies such as Ford Motor Company (US), General Motors (US), and Volvo (Sweden) are developing modern technologies and installing connected devices in passenger cars.

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118 - Tables 61 - Figures 174 - Pages

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The globally connected car market is segmented on the basis of various services, including connected services, safety and security, and autonomous driving. The connected services are further categorized into various features, such as navigation, remote diagnostics, multimedia streaming, social media, and other mobile apps and OTA updates. The safety and security services include features, such as on-road assistance, eCall and SOS assistance, cybersecurity, remote operation, and collision warning. The autonomous driving services are further divided into auto parking and autopilot. The connected services segment is expected to be the largest market for connected cars during the forecast period, and the navigation feature is accounted to have the largest market in the segment.

Major players profiled in the report are:

Bosch (Germany)

Continental (Germany)

Denso (Japan)

Delphi (UK)

Harman (US)

ZF (Germany)

NXP (Netherlands)

Valeo (France)

Autoliv (Sweden)

Aisin Seiki (Japan)

Infineon (Germany)

Hella (Germany)

The connected car offers a wide range of services, such as navigation, cybersecurity, remote diagnostics, emergency calling, multimedia streaming, Over-the-Air (OTA) updates, remote operation, collision warning, auto parking, and autopilot. With technological advancements in connectivity solutions for the automotive industry, the fast exchange of data would become a reality in the near future. With the increase in demand for convenient features, and implementation of government mandates to increase the safety of drivers and passengers, many companies are adopting the inorganic growth strategy to develop connected technologies. For instance, in November 2017, Continental announced the successful acquisition of Israel-based cybersecurity company, namely, Argus Cyber Security, to strengthen its capabilities of connected car services with a more secure platform.

The global connected car is segmented into 2 end markets — OEM and aftermarket. As of 2017, the OEM segment is estimated to have the largest share of the connected car market and is anticipated to dominate the market during the forecast period. The OEM market is projected to grow at a significant rate due to government mandates for connected cars regarding safety features, such as eCall and vehicle tracking system.

The connected car market, by form, is segmented into embedded, tethered, and integrated. The embedded segment is expected to account for the largest share of the connected car market and is anticipated to remain the largest market during the forecast period. In terms of growth, the embedded segment is expected to be the fastest-growing market for connected cars. Increasing application of connected services and government mandates are expected to drive the embedded segment.

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About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.