ID: MRFR/SEM/0634-HCR | February 2021 | Region: Global | 100 pages
In the first half of 2020, the Connected Car Market Size has registered to grow USD 63.2 Billion, and it was projected to achieve USD 180.9 Billion by the end of the year 2027.A car with connected service includes advanced technologies and sensors, which help the driver gather real-time information surrounding the location. The connected cars require internet connectivity to operate the car with the smart device's connection from inside and outside the car. Moreover, the connected car is designed to communicate with nearby cars on the same road regarding the traveling information about roadblocks, traffic, accidents, weather, etc.
The report explains that connected car production has declined since 2018, and in 2020 the COVID-19 brought a severe impact on the whole automotive industry. The government imposed lockdown all over the countries that resulted in disruptions in the production and supply of automotive components. As a result, prominent market players like PSA Group, Fiat, Volkswagen, General Motors, and BMW have discontinued the overall production. As the growth is directly connected to vehicles' production, it has affected the overall Market.
The post-COVID-19 outbreak has expected to grow the Connected Car Market at USD 53.9 Billion in 2020 and is predicted to achieve USD 166.0 Billion by the end of the year 2027, at a CAGR of 25.2% from the forecast period of 2020 to 2027. However, the post-2020 in vehicle production is slowly taking up speed, and Demand is increasing the market's growth in the coming years. The governments are focusing more on developing an intelligent transportation system that is boosting the Connected Car Market. Furthermore, the increasing demand for automated driving technologies and passenger safety features, and smartphone features in the connected car will enhance the forecast period's Connected Car Market.
The comprehensive Connected Car Market report has focused on the detailed analysis of the Market and its various segments and sub-segments concerning geographical locations. Moreover, the report has highlighted a region's Analysis concerning the current market size and future prospective global market. The report has also explained the factors affecting growth by analyzing the global market's production cost and supply chain. The report has comprehensively analyzed the key player's core competencies and illustrates a competitive analysis for the Globally Connected Car Market.
COVID-19 Impact on the Connected Cars Market
The ongoing pandemic has affected almost all sectors, and the Connected Car Market was not deprived of it. The supply of raw materials and components has been disrupted in the supply chain due to the lockdown. As a result, vehicles' global production has declined, and the Market also experienced a halt. In global passenger car production, the majority market share was held by countries like Japan, China, and India. It had undergone a massive decline of 15%, 17%, and 14%, respectively, in 2020 compared to the previous year.
The producers are planning on leveraging the increased demands for connected car services using the latest technology to enhance revenue generation. COVID19 slowed down the market's economic growth, but the key players have now taken ideal measures to revive it for better profitable outcomes. Thus, connected cars have seen tremendous growth with remarkable CAGR in the Connected Car Market Forecast period.
The key market driver for the Market is growing ADAS features in cars to ensure enhanced safety levels. Moreover, the increased demand for modified and advanced cars enhances user safety, comfort, and convenience.
In the present scenario, the COVID breakdown has lost its weightage over the Connected Car Market production pace; the key players are making efforts to develop connected cars to drive the market growth. The connected car service is meant to offer diverse applications to commercial firms. Therefore, the market is growing, and opportunities are being evolved for better work efficiency.
The growth opportunities of the Connected Car Market are increasing at higher rates. It became possible because of the emergence of various technologies likes 5G and AI. These technological services are highly essential within the commercial industries to develop their sales.
Therefore, the connected car industries have applied various strategies to enhance industry productivity.
Restraints of Connected Cars market
The major restraints of the Connected Car Market can be the lack of infrastructure for connected cars functioning. The limited network connectivity might fail the whole structure of the connectivity services. The key players attend to the primary concerns to find ideal remedies to deal with these restraints.
The connected cars need to be improved to ensure that the commercial industries can enhance the output. Thus, the Connected Car Market will boom in the current forecast years as the key players find suitable ways to overcome these restraints.
Nowadays, 5G demands are more in the connected cars market, so security systems become the market challenges. Tackling cybersecurity can be a big challenge for the global market. These challenges need to be eradicated to ensure higher productivity in terms of sales and revenue.
The key players are enhancing the efficiency of connected cars within the market to improve sales and opportunities.
The Connected Car Market’s growth analysis is recorded to be at CAGR 25.2%, which is truly commendable. Thus, the market revenue prediction for the current forecast years is relatively higher than the previous period.
The key players of different regions are putting collective effort to ensure that the Market thrives across all the areas in terms of increased demands and sales.
Value Chain analysis
The growth of the Connected Car Market depends on the market value size. The proper understanding of the market value can lead the connected car services in the global market competition.
Moreover, many key players are involved in developing connected car sales in all countries' regions. The key players have taken up new strategies to increase the global market's market value.
Market Segment Overview
Global Connected Car Market is classified into verities of technology based on the segmental technology classifications. The technology segment includes WiFi, Bluetooth, 2G, 3G, and LTE.
Every technology of the connected car is used for diverse applications based on the industries and customers' requirements. These industries require having a proper understanding of the use they want to store for running their connected service at times of need, based on which the technology can be included.
The global car market is classified into tethered, integrated, and embedded based on connectivity segmentation. Connected cars are preferred based upon their connectivity services and capacity that is also a differentiating factor.
Nowadays, most industries seek improved connectivity services and capacity for their work operations, as the selected connected cars are readily available for the customers to pick at the same time.
According to the components segmentation, the Connected Car Market is classified into different components. These connected car components are Cellular, Sensors, Processors, and wireless modules.
These components are collectively explaining the benefit of the technology or product. With the addition of components, the Global Connected Car Market will eventually increase to impeccable heights.
The Connected Car Market Outlook is classified into verities of services based on the segmental services classifications. The services segment includes Autonomous driving and Vehicle management, OEM Services, Safety, Entertainment, and Well-Being.
The report explains that the global market has verities of services for their customers to offer, according to their requirement they can choose options.
Geographical Location Analysis
According to the regional classification, the Connected Car Market is widely spread across various global locations. Some of the popular areas include the Americas (North America, Canada, US), Europe (Western Europe, France, Italy, Spain, Germany, and others), Asia– Pacific (Asia, China, Japan, South Korea, India, and others), and The Middle East & Africa.
Out of all the regions, North America holds the dominant position and the maximum Connected Car Market Share in the entire market. With the global connected car impeccable demands and key players' collective efforts, the market has increased its supply and production all over the regions. The report mentions that it provides a maximum contribution for increasing market revenue generation.
Competitive Landscape Analysis
The market has some major key players who have contributed to the Growth. The prominent key players are:
The prominent key players have adopted different strategies, new product launches, research and development, and geographical expansion to expand their market growth during the forecast period.
The connected car market has developed its report overview including the following points:
The comprehensive Connected Car Market Report has focused on the global car market's growth and development during the forecast period. The report has highlighted the growing demands of the worldwide market and increasing sales and production.
|Market Size||USD 166.0 Billion|
|CAGR||25.2% (2020 to 2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Technology, Components and Services|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Ford Motor Company (U.S.), Honda Motor Co. Ltd. (Japan), NXP Semiconductors (Netherlands), Texas Instruments Incorporated (U.S.), Sierra Wireless (Canada), General Motors (U.S.), Apple Inc. (U.S.), Audi AG (Germany), BMW (Germany), Microsoft Corporation (U.S.) and Freescale Semiconductor Inc. (U.S.)|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Integration of nanosensors and compatibility with latest communication networking technologies are driving the global connected car market.
Lack of supportive infrastructure can hamper the global connected car market.
Integrated connectivity can lead in the global connected car market.
North America can lead the global connected car market.
Asia Pacific can emerge to be lucrative for the global connected car market.
NXP Semiconductors, Sierra Wireless, Apple Inc., Texas Instruments Incorporated, Honda Motor Co. Ltd., Freescale Semiconductor Inc., Ford Motor Company, Microsoft Corporation, General Motors, BMW, and Audi AG are key players of the global connected car market.