Global Connected Cars market was valued at $30.1 billion in 2015 and is estimated to grow at a CAGR of 10.7% from 2017 to 2024.
The continuous technological advancements in the field of automobiles, information technology, information technology have resulted in the development of connected cars. The connected car’s technology has significantly changed the automobile sector landscape and is one of the key factor boosting innovations.
Today’s consumers are increasingly looking for smart digital solutions to stay connected throughout their travel period. The rapid increase in the use of smartphone features, such as Bluetooth enabled connectivity, call receiving, navigation, voice mail, music on demand other entertainment systems are amongst the key factors driving the connected cars market.
Furthermore, the growing collaboration across industry verticals such as automotive manufacturers, information technology providers, mobile network operators, and also government agencies are driving innovation in the connected cars market. Also, in the near future, the advent of self-driving cars is also anticipated to bring revolutionary changes in the market.
The government initiatives across the well-developed western economies are a key enabler for the market expansion. For instance, the majority of the European economies have already introduced mandates for e-call and real-time notifications. The use of cloud-based systems is also gaining high popularity to provide the necessary backend information, storage infrastructure for content and personalized services.
The key applications covered under the scope of the study include navigation, telematics, car to car communication, car to infrastructure communication, and infotainment.
The different technologies such as LTE, HSPA+, Bluetooth, 3G, and Wi-Fi are widely used for the communication and access to content. The applications such as navigation, infotainment and telematics are expected to have the maximum usage and these areas are attracting high investment in research and development of new products and services.
In 2015, Europe accounted for the majority share due to the high adoption of smart car features and government mandates for certain features such as e-call and real time information systems. Europe is closely followed by North America, where several key developments in the field of autonomous cars and connected cars are under way.
The countries in Asia Pacific are miles away in reaching to the standards of western nations, barring few exceptions. However, due to the increasing awareness, high disposable income and changes in consumer lifestyle, the demand for smart car features is anticipated to gain significant traction over the next few years.
“Optimal Price Point (OPP) for Connected Cars”
Estimated Average solution cost – $ xx globally. The pricing and business models in the market are unique in different regions, and differ based on the technological infrastructure present in that region. However, with growth in smart phone adoption, data analytics, growth of internet services, growing solution implementation and increasing number of new entrants, OPP and range of acceptable Prices (RAP) are going to change. We at Ameri Research continuously track these prices with our proprietary pricing model.
Top Players & Company Share
” Notable industry participants AT&T Inc., General Motors, Google Inc, Audi AG, Ford Motor Corporation lead market growth”
Key players in the market include Alcatel-Lucent, AT&T Inc., General Motors, Google Inc, Apple, Audi AG, and Ford Motor Corporation. Major industry participants emphasize on seeking correlations across multiple disparate data sources and predicting customer behavior in order to achieve competitive advantage.
Connected Cars Market, by Technology (Revenue, USD Billion)
Connected Cars Market, by Connectivity Solution (Revenue, USD Billion)
Connected Cars Market, by Application (Revenue, USD Billion)
Connected Cars Market, by Region (Revenue, USD Billion)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Saudi Arabia