- Size, Trend, Share, Opportunity Analysis, And Forecast 2014-2025
The connected car is equipped with internet in order to allow the car to share internet connection with other devices that are inside as well as outside. The car is often equipped with special technologies that tap into the internet or wireless LAN, to offer additional benefits to the driver. This enables the driver to connect with online platforms and facilitates real-time communication on the go.
The two prominent factors that accelerate growth of the connected car market are advanced infotainment system and fast connection to a wireless network. The alternative aspects that drive the industry are all time connectivity, superior driving experience, safety & security, alert system, multiple connectivity solution, and vehicle diagnostics & maintenance. In addition, the market offers opportunities, such as data analysis and intelligent transportation system. The industry faces certain restraints which include lack of awareness, additional expenditure, hacking, and non-availability of uninterrupted & seamless connectivity.
The connected car market is segmented into technology, connectivity solution, products & services, application, and geography. Based on technology, the industry is categorized into 2G, 3G, and 4G/LTE. The 2G service used for providing connectivity will gradually fade out in the next few years, which would be replaced by LTE and 3G technologies. Some of the prime reasons for this technological shift are the rapidly changing telecommunication technology and the advent of faster & reliable communication networks.
By connectivity solution, the connected car industry is classified into tethered, embedded, and integrated. The embedded sub-segment of connectivity solution led the market with almost 40% of the total share, followed by integrated and tethered connectivity solution. Based on product and services, the market is divided into wireless & cellular modules, sensors, processors, aftermarket services, OEM services, and fleet managers. The industry finds its application in infotainment, telematics, and navigation. Regionally, the market is segmented into LAMEA, North America, Europe, and Asia-Pacific.
Analysis of the application show that the navigation to be the fastest growing segment in the connected car market during the forecast period. This growth trend observed is majorly due to the large scale adoption of the service into the connected cars. Amongst all the Products & services, the fleet manager was the largest revenue-generating segment in 2013. Fleet manager service is expected to lead the products and services market segment due to its wide scale application across diverse industries, during the forecast period.
Technological agreements and collaborations are the key strategies adopted by the market players to enhance their shares in the connected car market. For instance, AT&T is working in collaboration with various automotive manufacturers to provide contextual voice controls, which would help to create a safer driving experience. TomTom has launched the online turn-by-turn navigation service for customers, making it feasible to connect over a network. Prominently used connected car platforms are Qnx, Android Auto, Carplay, Mirrorlink, and Windows Emdbedded Automotive 7, which will take infotainment to another level. The key manufacturers profiled included are Telefonica, Verizon, Harman, TomTom, AT&T, Vodafone Group Pic, Ford Motors Co., BMW, Audi, and Mercedes-Benz.
Key takeaways of the report:
The global ginseng extract market accounted for $2,715 million in 2017 and is expected to reach $5,085 million by 2026, registering a CAGR of 7.2% from 2018 to 2026. Read More >>