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Connected Car Market Statistics & Growth Dynamics To 2025

Connected Car Market - Global Forecast to 2025

The 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” gives an idea of connected car industry. The value of the global connected car market was USD 52.6 billion in 2016.  The forecast period in this report is 2017-2025.  With a compound annual growth rate (CAGR) of 14.8%, by 2025, it is expected to touch USD 219.2 billion. The key driver of the growth in the market is the increase in demand for safe, efficient and comfortable driving. Besides this, the government has also made it compulsory to use connected car applications for the safety of the individuals.

The connected services segment is expected to have the largest connected car market share during the forecast period. Thus, during the forecast period, it would have a notable growth in compound annual growth rate (CAGR). The government is increasing the mandates, and the demand of consumers for convenient features is also rising because of which the connected car services segment will witness such a growth. Such services have an impact on new vehicle sales, resulting in a significant revenue stream. It includes navigation, remote diagnostics, multimedia streaming, social media & other mobile apps, and OTA updates, which are increasingly expected to be accessed by the drivers and passengers.  eCall & SOS assistance, on-road assistance, collision warning, cybersecurity, and remote operation are certain vital services that come under the safety and security of connected car features. The government initiatives drive such services to reduce accidents on the roads and enhance the safety of passengers.

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The automotive industry with high-level innovations and disruptive technologies is expected to grow significantly in the forecast period in the global connected car market. It can be seen that the high-end automobiles with diverse technologies like head-up displays, smart infotainment, telematics systems, and autonomous driving are gaining importance gradually. This industry is moving towards an approach that is based on software and services owing to the rising trend in connectivity and digitization. The technologies are efficient enough to furnish real-time data with consistent updates because of which communication of the operational and diagnostic is possible from the onboard systems and connected devices.

Certain companies have come up with automated driving through the use of onboard sensors and high-resolution digital maps. According to the experts,  5G-based V2V and V2I help in the better adaptation of moving vehicles in the traffic and ensure better customer satisfaction. The sensory information is better interpreted by the advanced control systems in such cars. Thus, they can recognize the hurdles, paths of navigation, and other signage.

The Asia Pacific is considered to gain the largest connected car market size, which will be followed by Europe, North America, and RoW. The reason behind this is the increasing connected car devices in passenger cars, as well as the enhancement of digital services such as cybersecurity and updates. In the forecast period, North America will have the second-highest growth in compound annual growth rate (CAGR) because of the increase in government mandates and communication and information technology infrastructures like 4G LTE or 5G. The lack of supporting infrastructure and standard platforms in developing countries are some primary restraints.

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There are a lot of major players in the globally connected car market such as Denso (Japan), ZF (Germany), NXP (Netherlands), Infineon (Germany), Valeo (France), and Delphi (UK). The key vendors in the market are decided based on different factors such as the development of the new product, expenses in research and development, organic and inorganic growth and product revenue.

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