In the face of the rising demand for cars integrated with connectivity technologies, smart infotainment, safety, and alert systems, and the vast strides observed in the field of Internet of cars, a number of new players are foraying into the global connected cars market, observes Transparency Market Research in a recent report. As such, the level of competition has intensified and companies are required to focus more on the development of innovative products and solutions for the global consumer.
A number of companies are seeking strategic partnerships with regional players to benefit from the rising set of opportunities provided by the increasingly affluent consumers in emerging economies across regions such as Asia Pacific and Latin America. Such collaborations could help companies collaborate their positions in relatively untouched regional territories. Some of the leading companies in the global connected cars market are Delphi Automotive, Mercedes-Benz, Audi, Microsoft Corporation, BMW AG, Toyota Motor Corporation, Ford Motor Company, Sierra Wireless, and General Motors.
According to the report, the global connected car market will expand at an impressive 34.7% CAGR over the period between 2013 and 2019, rising from a valuation of US$41,289.6 mn in 2015 to a revenue opportunity of US$131,913.5 mn by 2019.
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Asia Pacific to Emerge as Most Promising Regional Market
Of the key applications of the connected or internet of car technologies, the segment of navigation presently accounts for the dominant share of the market and is likely to dominate the market throughout the forecast period as well, thanks to their use in traffic guidance. Geographically, the market in Asia Pacific is likely to remain the most promising, exhibiting a 54.8% CAGR over the forecast period.
Rapid Pace of Technological Advancements and Increased Consumer Awareness to Drive Market
The global connected car market is driven by an emerging trend in the automotive industry of rendering internet in cars to ensure continuous connectivity with the digital world. The market has benefitted largely from technological advancements in mobile technology and wireless networks in the past few years. Connectivity is largely becoming a selling point of cars for the ever-connected youth of today’s digital world and cars enabled with features that allow them to remotely connect with smartphones and handheld computing devices or providing access to enhanced in-car infotainment experience are witnessing high demand.
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Vast developments in the field of Internet of Cars have enabled the development of connected cars solutions that allow drivers and vehicle owners to check health and performance of their cars in real time, allowing improved security and enhanced driving experiences. Certain regulations in the European nations, Russia and Brazil which stipulate that new cars be fitted with connectivity systems – capable of alerting emergency services, and stolen vehicle tracking systems are also likely to fuel the overall connected car market. It is estimated that security and safety applications, which could alert emergency services in case of accidents or could enable vehicles to be remotely located, will garner increased demand in cars in the near future.
However, the high cost of products and services and delays observed in regulatory mandates related to connected car technologies serve as inhibitors to an otherwise strong potential growth of the connected cars market.