Connected Car Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 – 2019

The internet access in vehicles allows them to communicate and transmit data with other vehicles which are around them. Such communications are supported by the dedicated short-range communications (DSRC) enhance safety and help to some of the issues with vehicles. This network allows them to enable connectivity to the other connected devices including smartphones and other devices based on Internet of Things (IoT). Connected cars convey information to keep the drivers informed about the decision of other drivers.

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The connected car’s market is primarily driven by the growing deployment of advanced automatic electronics in the vehicle. These electronic devices help to improve road safety, offer greater comfort, and include entertainment options for people traveling from the vehicle. The automotive digital technologies improve the in-car experience for users which is augmenting the adoption of these technologies. This is fuelling the growth of the global connected cars market.

However, the high cost of connected car hardware is limiting growth of the connected cars market. Nevertheless, growing demand for services that enable vehicles to connect and continuously enrich with the outer surrounding is creating lucrative opportunities for growth of the market. Additionally, the trend of this connectivity among passengers of high-end cars is expected to boost demand over the forecast period.

The global connected cars market registered revenue of US$41,289.6 mn in 2015 and is expected to expand with a CAGR of 34.7% over the forecast period from 2013 to 2019 to attain the value of US$131,913.5 mn by the end of 2019.

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nected car is segmented into infotainment, navigation, and telematics. Of these, the navigation segment dominated the global market and expected to continue its dominance over the forecast period. This growth is attributable to the rising demand for traffic information services among consumers across the globe. Moreover, numerous companies are focusing on upgrading their navigation system and their cars model. These factors are fuelling the growth of the segment. However, the infotainment segment is expected to grow at a faster pace by the end of the forecast period.