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Connected Car Market is Booming: Explore Opportunities

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Connected Car Market is Booming: Explore Opportunities

November 19
22:36 2019
Connected Car Market is Booming: Explore Opportunities

connected car market
Increase in demand for connected services is going to create the data monetizing ecosystem and make connected car revenue to $219 billion by 2025

The Connected Car Market is projected to reach USD 219.21 Billion by 2025, at a compound annual growth rate (CAGR) of 14.8% during the forecast period. 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.

The rising trend of connectivity and digitalization making the automotive industry to move towards a software-and-services approach

Connected Services

Drivers and passengers are increasingly expecting access to connected services in their vehicles. These connected services are shaping the sales of new vehicles with a significant revenue stream. Currently, end-users want convenient driving experience in their road journey. These new connected technologies are making competitive challenges for OEMs as other non-automotive players of various industries are entering the automotive space. The features which have been considered under the connected services are named navigation, remote diagnostics, multimedia streaming, social media & other mobile apps, and OTA updates.

Safety & Security

The connected car features various functions for the safety of the driver and passenger, such as eCall & SOS assistance, on-road assistance, and collision warning. For data privacy, features such as cybersecurity and remote operation, have been offered. The safety & security services market is driven by government initiatives to reduce the number of road accidents and increase the safety of drivers and passengers. For instance, the European transportation authority has mandated the eCall; every new car should have eCall capability for emergency situations.

Autonomous Driving

In recent years, a few companies have tested automated driving using onboard sensors and high-resolution digital maps (V2N). However, the industry experts believe that 5G-based V2V and V2I would allow better adaptation of moving vehicles in accordance with the nearby traffic and offer higher customer satisfaction. Advanced control systems in these cars interpret the sensory information to identify appropriate navigation paths, obstacles, and relevant signage.

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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 Asia Pacific connected car market is estimated to be the largest, in terms of value, 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 & Connected Vehicles (ICV). In Japan, the automotive connected services were developed as early as 1997 when Toyota (Japan) sold its first connected services solution in the country. Additionally, the demand for connected cars in the Asia Pacific is significantly driven by strong economic growth, a growing population, and rapid urbanization. Moreover, upcoming emission standards (Bharat Stage VI) in India is likely to impose the installation of onboard diagnostics port in vehicles. This will encourage the growth of connected cars in India.

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Critical Questions would be:

• The connected car is the stepping stone to autonomous technology. How much time this technology will influence the market of autonomous vehicles?

• How OEMs will able to overcome the challenge due to the emergence of the aftermarket in connected cars?

• Will the government, automotive and non-automotive players implement any strategy mutually to make the robust infrastructure for the connected cars in developing countries?

The rising trend of connectivity and digitalization making the automotive industry to move towards software-and-services approach

Connected Services

Drivers and passengers are increasingly expecting the access to connected services in their vehicles. These connected services are shaping the sales of new vehicles with a significant revenue stream. Currently, end-users want convenient driving experience in their road journey. These new connected technologies are making competitive challenges for OEMs as other non-automotive players of various industries are entering the automotive space. The features which have been considered under the connected services are named as navigation, remote diagnostics, multimedia streaming, social media & other mobile apps, and OTA updates.

Safety & Security

The connected car features various functions for the safety of the driver and passenger, such as eCall & SOS assistance, on-road assistance, and collision warning. For data privacy, the features such as cybersecurity and remote operation, have been offered. The safety & security services market is driven by the government initiatives to reduce the number of road accidents and increase the safety of drivers and passengers. For an instance, the European transportation authority has mandated the eCall; every new car should have eCall capability for emergency situations.

Autonomous Driving

In the recent years, a few companies have tested automated driving using onboard sensors and high-resolution digital maps (V2N). However, the industry experts believe that 5G-based V2V and V2I would allow better adaptation of moving vehicles in accordance with the nearby traffic and offer higher customer satisfaction. Advanced control systems in these cars interpret the sensory information to identify appropriate navigation paths, obstacles, and relevant signage.

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