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.
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.
View
summary of this report @ http://www.grandviewresearch.com/industry-analysis/connected-car-market
North America connected car market by application, 2012 - 2022, (USD Billion)
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 All Reports of
this category @ http://www.grandviewresearch.com/industry/automotive-and-transportation
Grand View Research has segmented the global
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
- North America
- Europe
- Asia Pacific
- RoW
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, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
Contact:
Sherry
James
Corporate
Sales Specialist, U.S.A.
Grand
View Research, Inc.
United
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Phone: 1-415-349-0058
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Free: 1-888-202-9519
Email: sales@grandviewresearch.com
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