Bharat Book Bureau Provides the Trending Market Research Report on“Global Connected Car Market, Forecast to 2025” underIndustry & Mfg category. The report provides information on industry overview, market size, latest developments, industry trends,Major Players, global presence, and their future prospects.
Increase in demand for connected services is going to fuel theconnected car market
The global connected car market is estimated to be USD 72.89 billion in 2017 and is projected to reachUSD 219.21 billion by 2025, at aCAGR of 14.8% from 2017 to 2025. The major factors driving the growth of the market include an increase in vehicle legislation and industry compliances regarding safety and cybersecurity of the vehicle, and increasing demand for convenient features, such as navigation, remote diagnostics, and multimedia streaming. The new vehicle safety norms are encouraging automakers to make vehicle data more secure from remote hacking and malfunctioning, which in turn is increasing the demand for connected cars. On the other hand, the absence of strong network infrastructure in developing countries may create a challenge to the growth of the connected car market.
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Increase in government mandates is expected to drive the embedded segment of the connected car market across the globe
The governments of respective countries globally are taking initiatives for making safety features, such as eCall and vehicle tracking mandate. Hence, the government mandates are fueling the market of the embedded segment, as automobile manufacturers would offer connected feature as a standard offering. Various digital systems, such as Global Positioning System (GPS) tracking systems, remote diagnostics systems, fuel management systems, and driver information systems, are provided as a standard feature in cars by Original Equipment Manufacturers (OEMs). In North America and Europe, OEMs such as General Motors (US), Daimler (Germany), Volvo (Sweden), and Volkswagen AG (Germany) offer embedded connected solutions in their car models. Furthermore, these services would help the automotive companies in analyzing the data generated by Electronic Control Units (ECUs), which would provide connected services through the cloud platform. Hence, the government mandates are expected to drive the connected car market for the embedded segment, globally.
Asia Pacific is expected to remain the largest and fastest-growing region during the forecast period
Asia Pacific is expected to be the fastest-growing region for connected cars 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 and Connected Vehicles (ICVs).
The study contains insights of various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:
- By Company Type: Tier 1 – 39%, Tier 2 – 42%, Tier 3– 19%
- By Designation: C-level – 58%, D-level – 36%, Others – 26%
- By Region: North America – 41%, Europe – 32%, Asia Pacific – 21%, RoW – 6%
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)
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