In developed automotive markets, connected car technology is emerging as an essential and assumed part of all new vehicle programs. Car connectivity is becoming crucial in the automobile industry as connected card make use of road space more efficiently, reduce emission, and save lives.
Connected car manufacturers and automotive OEMs are focusing on the development of connected solutions. Numerous cities are working on developing digital and physical infrastructure for connected cars. Governments are playing an important role in the transition and acceptance of connected car services. With advancements in manufacturing and expanding usage base, the technology is becoming available at a low cost, so it would not be too long before connected cars become mainstream around the globe.
The global connected car market is segmented by service, technology, and connectivity solutions. Based on service, the connected car market is segmented into navigation, telematics, infotainment, and others. Telematics technology holds the largest share in the global connected car market as telematics connects all the devices and is a fundamental part of connected cars.
Based on technology, the connected car market is segmented as 2G, 3G, 4G, and others. 4G/LTE technology holds the largest share in the connected cars market. The demand for fast and advanced technology is boosting the demand for 4G in connected cars. Based on connectivity solutions, the connected car market is segmented into integrated, embedded and tethered. Embedded connectivity solution is experiencing positive growth in the market.
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Geographically, the connected car market has been segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East and Africa (LAMEA).
In North America, the connected car market is yet in the early stage, with connected and autonomous vehicles gaining popularity as a means to overcome the problems of increasing pollution, depletion of natural oil and fossil fuel reserves, and rising crude oil prices. Currently, Europe is the second largest market for connected cars and is estimated to outpace North America during the forecast period.
Asia Pacific is experiencing positive growth in the connected car market. The regional market is driven by increasing efforts from Chinese players for the development of connecting cars technology. The LAMEA region holds the least share in the global connected car market.
Some of the prominent players in the market are Alpine Electronics (Japan), Bosch (Germany), BMW (Germany), Continental (Germany), Delphi Automotive (Japan), Ford Motor (U.S.), NXP Semiconductors (Netherlands), Audi (Germany), Google (U.S.), and Mercedes-Benz (Germany).
The connected car market is competitive, and major manufacturers are channelizing efforts towards smartphone integration to cater the deman for connectivity. The market is fragmented and in the growing stage, with key players forging strategic collaborations to create connected car solutions. For instance, in 2017, BMW partnered with IBM to use cloud infrastructure for the sake of collecting data from connected cars. Additionally, ride-sharing companies are also investing heavily and entering into strategic collaborations to upgrade their traditional vehicles into all-electric vehicles.
Connected Car Market Segmentation
By Connectivity Solution
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