New York, NY -- (SBWIRE) -- 02/26/2021 -- Growing demand for improved user comfort, convenience, and safety is one of the significant factors estimated to stimulate market demand.

Market Size – USD 50.18 Billion in 2019, Market Growth - CAGR of 21.3%, Market Trends – Ease of vehicle diagnosis

The global Connected Car Market is expected to reach USD 239.10 Billion by 2027, according to a new report by Reports and Data. Increasing proliferation of the internet and ubiquity of smart devices offer several advantages, which is rapidly gaining traction amongst the automotive manufacturers to manufacture cars with connectivity facilities offering a host of features to cater to the increasing demand of consumers. Connected cars provide a host of services comprising safety features, infotainment services, and traffic information services, among others. In August 2019, Cognizant, a key IT company, announced the design and implementation of a digital solution to assist automotive company MG Motor to provide a smooth experience to customers of the Hector SUV, the connected internet car by the company.

Key participants include- Continental AG, Bosch, HARMAN, Airbiquity, Visteon, Tesla, AT&T, Qualcomm, Sierra Wireless, and Panasonic, among others.

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Market Drivers

The emergence of technologies and concepts, such as vehicle telematics, installation of HD touch screens, the Internet, and adoption of infotainments, are driving growth of the global connected car market. Additionally, the increase in government regulations over safety and adoption of advanced telematics are driving growth of the global connected car market.

Furthermore, the market is estimated to witness a major push from the increasing emphasis on safety precautions with regards to autonomous driving. This factor is estimated to boost the adoption of connected cars and is fueling growth of the market.

Offering Outlook (Revenue, USD Million; 2017-2027)

Mobility Management
Vehicle Management
Entertainment
Driver Assistance
Safety
Others

Hardware Outlook (Revenue, USD Million; 2017-2027)

Head Unit
Telematics Gateway
Intelligent Antenna
Others

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Connectivity Solutions Outlook (Revenue, USD Million; 2017-2027)

Embedded Solutions
Tethered Solutions
Integrated Solutions

Transponder Outlook (Revenue, USD Million; 2017-2027)

On-Board Unit
Roadside Unit

Communication Channel Outlook (Revenue, USD Million; 2017-2027)

Dedicated Short-Range Communications (DSRC)
Vehicle Ad Hoc Network (VANET)

Sales Outlook (Revenue, USD Million; 2017-2027)

OEM
Aftermarket

Further key findings from the report suggest

- By offering, mobility management contributed to the largest market share in 2018. It assists drivers in having real-time traffic information, enabling them to avoid road traffic.
- By connectivity solutions, embedded solution is projected to witness the fastest growth rate in the forecast period. These are in-built solutions inside a car and help perform several tasks, including automatic diagnostics, which is not possible with other types of solutions.
- By transponder, roadside units are projected to grow at a faster rate in the period 2019-2026.
- By the communication channel, the vehicle ad hoc network is likely to grow at a CAGR of 22.7% in the forecast period.
- North America is anticipated to grow at the fastest CAGR of 22.5% in the period 2019-2026. The high growth of the region is owing to the rapid technological adoption and increasing demand for convenience, safety, and comfort in cars.
- Key participants include Continental AG, Bosch, HARMAN, Airbiquity, Visteon, Tesla, AT&T, Qualcomm, Sierra Wireless, and Panasonic, among others.
- In September 2019, Bosch, a key player in the market, developed a camera with AI capability for object recognition to have a better and reliable surround sensing in autonomous driving.

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Regional Landscape

Regionally, Asia Pacific is dominating the overall connected car market owing to factors such as the deployment of Internet services and smartphone penetration. Moreover, declining average prices of connected technologies are expected to encourage connected car technologies in the coming years.

North America (U.S., Canada, Mexico)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Table of Content:

Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Indicative Metrics
Chapter 4. Connected Car Segmentation & Impact Analysis
4.1. Connected Car Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Growing inclination for connectivity solutions
4.2.2.2. Growing demand for improved user comfort, convenience and safety
4.2.2.3. Ease of Vehicle diagnosis
4.2.2.4. Enhanced performance of autonomous vehicles
4.2.3. Market restraints analysis
4.2.3.1. Lack of proper infrastructure
4.2.3.2. Privacy concerns
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter's Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis

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