Global Connected Cars Market is expected to cross $150.0 Billion by 2020
New York, April 21: Market Research Engine has published a new report titled as “Global Connected Cars Market, By Technology (2G, 3G, 4G, GNSS), By Connectivity (Embedded, Integrated, Tethered), By Applications (Location Based, Infotainment & HMI, Safety & Security, Convenience, Driver Assistance), By Regions – Trends & Forecast: 2015–2020”
The connected car, which once was a concept and limited to science fiction movies, is a reality today. Cars are extremely well connected these days and with extensive embedded hardware components combined with smart connectivity capabilities use an array of protocols to deliver key electronic, monitoring and diagnostic functions. It is now the hottest market where everybody is trying to be a part of it considering enormous potential the market holds.
The market revenue is estimated to reach $153.60 billion by 2020,” The connected cars market is growing rapidly with the CAGR of 33.38% during the period 2015-2020. The market is growing due to increase in safety reasons and need for driver assistance.
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The global connected car market is a very fragmented market and it is in a growing stage, where many stakeholders of the eco-system are forging strategic collaborations to create connected car solutions.
The global connected car applications market is divided into Location Based Applications, Infotainment & HMI, Safety & Security, Convenience, Driver Assistance, and Others. Safety & Security application contributes the most to the applications market. Government initiatives and customers are concerned about overall safety, and accident is the major driving force behind customers adopting cars enabled with connectivity.
The global connected car regions market is divided into North America, Western Europe, Asia-Pacific, Central Eastern Europe (CEE), Middle East & Africa and Latin America. North America has the most matured connected market owing to its extensive infrastructure and the number of companies investing in the market. Western Europe, now, is the second hottest market for connected cars as the government regulations such as mandate of eCall will drive more investments into the market.
In the next forecasted years, connected cars market will see innovative revenue models and evolution of standardized platforms. This would considerably increase security measures; reduce cost of the connected cars.
The report provides unique insights into an in-depth analysis of global connected cars market, drivers and restraints as well as growth opportunities. It also contains analysis and forecast revenues, competitive landscape, company profiles and industry trends.
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