The
global connected car market size is expected to reach USD
180.30 billion by 2022, according to a new study by Grand View Research, Inc.
Surging consumer demand, constant need for connectivity, increased dependency
on technology and the growing number of tech-savvy people are some of the
factors expected to boost global connected car market growth.
Connected cars offer connectivity on wheels providing comfort, performance along with safety and security. Such an advanced technology enables the driver and passengers to connect with various online platforms that facilitate real-time communication on the go.
Connected cars offer connectivity on wheels providing comfort, performance along with safety and security. Such an advanced technology enables the driver and passengers to connect with various online platforms that facilitate real-time communication on the go.
The
connected car market has the potential to significantly boost revenues of
automobile manufacturers over the next five to seven years. Car manufacturers
are expected to deliver the right mix of application and product packages for
the right customers, and must systematically invest in R&D if they are
willing to maintain their technological leadership.
Increasing
regulations by governments and transportation authorities for the installation
of advanced safety and vehicle to vehicle communications systems are expected
to positively impact industry growth.
Access Full
Research Report On Connected Car Market by Grand View Research:
www.grandviewresearch.com/industry-analysis/connected-car-market
www.grandviewresearch.com/industry-analysis/connected-car-market
Further
key findings from the study suggest:
- Safety
applications dominated the global connected car industry, accounting for
over 34% of the share in 2014. The inclusion of safety technologies such
as danger warning systems, automatic emergency calling, blind spot alerts,
anti-collision systems that prevent accidents in automobiles has made
modern cars safer and accident-proof. This is expected to result in an
overall reduction in road mishaps and accidents thus reducing the overall
on road fatalities.
- Growing
at a CAGR of over 31% from 2015 to 2022, driver assistance systems are
expected to gain prominence over the forecast period. Recent advancements
in driver assistances systems such as Volkswagen’s Emergency Assist, that
automatically applies the brakes and stops a car in case of an emergency
and BMW’s autonomous parking valet, that automatically parks a car even
after the passenger’s exit have set benchmarks for driver assistance
systems in the connected vehicle industry.
- Asia
Pacific is expected to grow at a CAGR of over 29% over the forecast period
due to considerable automobile demand in the region coupled with a
relatively untapped market for sophisticated automotive communications in
the region. Countries such as China and India are expected to drive the
industry growth during the next seven years. Automobile manufacturers and
technology giants across the world are striving hard to provide advanced
vehicle management and safety technologies in the budget car segment as
well. Regulation by the European department of transportation in association
with the governments have mandated the installation of eCall emergence
calling systems and other advanced telematics systems for safety purposes
in all new vehicles manufactured after the year 2014.
- Technological
and product innovations have driven the highly dynamic market. Industry
participants include major automobile manufacturers and telecommunication
giants such as Audi AG, Alcatel Lucent, Apple Inc, BMW, Ford Motors, and
Google Inc. Manufacturers resort to mergers, acquisitions and strategic
alliances with technological and network service providers as their key
growth strategy to make their presence felt in the industry.
Browse more reports of this category by
Grand View Research:
grandviewresearch.com/industry/automotive-and-transportation
grandviewresearch.com/industry/automotive-and-transportation
Grand View
Research has segmented the connected car market on the basis of application and region:
Connected Car Application Outlook (Revenue, USD
Billion, 2012 - 2022)
·
Vehicle Management
·
Driver Assistance
·
Mobility Management
·
Safety
·
Entertainment
·
Others
Connected Car Regional Outlook (Revenue, USD
Billion, 2012 - 2022)
·
North America
·
Europe
·
Asia Pacific
·
RoW
Access press release by Grand View
Research:
www.grandviewresearch.com/press-release/global-connected-car-market
www.grandviewresearch.com/press-release/global-connected-car-market
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com
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