Connected Car Market 2017 – Market Size Valued is expected to reach $3,29,264.0 million by 2023 Globally, Opportunities & Challenges
Sep 25, 2017
Connected car market size is projected to crosss $43,451 million by 2023, led by rapid adoption of IoT and adjacent technologies in the automobile industry.
New York, United States - September 25, 2017 /MarketersMedia/ —
Connected car market size is projected to crosss $43,451 million by 2023, led by rapid adoption of IoT and adjacent technologies in the automobile industry. Connected car in this report refers to a vehicle that is capable of optimizing its own operations and maintenance as well as the convenience and comfort of passengers using sensors which are generally onboard and have continuous connectivity to the internet. The connectivity with network allows connected car to share content with various devices and applications inside as well as outside a vehicle’s environment.
Browse Report Summary with Detailed TOC on Connected Car Market : https://www.psmarketresearch.com/market-analysis/connected-car-market
As per the findings of research, fleet manager was the highest revenue generating product category in the global market, accounting for more than 40% in 2016. In terms of application, the market is bifurcated into navigation, infotainment, and telematics, where navigation stood as the largest application area of connected cars. Navigation is also expected to be the fastest growing application of connected cars in the years to come. Connected cars are now being transformed from a simple automobile concept to advanced automotive technology in a relatively short time span.
All major automotive manufacturers across the globe, are now concentrating on developing and implementing the connected car concept into their vehicles. Over half of the connected car industry revenue in 2023 is expected to come from integrated solutions. During the forecast period, embedded will remain the second preferred connectivity solution among connected car consumers.
Geographically, North America accounted for more than 40% of the global connected car revenue in 2016. The highest revenue contribution is backed by high technological advancements and enterprise’s receptivity towards new technologies in the region. Being one of the largest passenger car markets globally, and early adopter of smart and connected car features at residential and commercial scale.
Connected cars are expected to witness fastest growth in Asia-Pacific, during the forecast period. This is due to rapid urbanization and increase in household incomes, which is attracting the consumers to replace their traditional and legacy vehicles with the smart and connected variant. Apart from this, major automotive players residing in the region are heavily investing in the design and development of connected cars for regional use and export.
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Factors driving the growth of the global market include increasing availability of connectivity options, rise in the usage of advanced diagnostic and maintenance system, and increasing awareness toward safety and security of passengers. The emerging rise in smart phone technology has changed the definition of connectivity in recent time. Consumers wish to stay connected with the outer world even while travelling. Now that connectivity has become a need of the hour, the automobile manufacturers strongly resonate for providing connectivity solution in their vehicles to boost their automobile sales.
Introduction of internet of things (IoT) in automobile is another factor which is driving the market worldwide and presenting completely new options to the legacy concept of a car. The introduction of IoT is behind the overall growth of the global connected car market. With the rapid ongoing adoption of IoT and its adjacent technologies, the automotive industry is becoming a winner of IoT services among all industries.
Automotive players are entering in strategic alliances with technology providers to combine their expertise and offer best in class connected car solutions and compete with peers. For instance, Honda Cars India recently tied up with IBM, leading to a collaboration between IBM Watson IoT and Honda Connect. Honda, an automobile manufacturer in the region, aims to enhance its existing Honda Connect platform using Watson IoT and offer its customers with new features around service booking, convenience, safety and security. Some of the major players operating in this market are Telefonica S.A., Google Inc., Bayerische Motoren Werke (BMW) Group, AT&T Inc., Intel Corporation, IBM Corporation, and Vodafone Group Plc.
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