Increase in demand for smartphones, internet, and advanced technologies along with the increase in demand for vehicles is expected to boost the demand for connected car systems. Advanced infotainment devices with a fast connection of the wireless network is a key factor that is projected to boost the connected car systems market during the forecast period. Moreover, increase in stringency of vehicle norms, industry consent regarding the safety and security of the vehicle, and increasing demand for handy features, such as multimedia streaming, navigation, and remote diagnostics are major factors that are anticipated to drive the connected car systems market. Automakers are following new vehicle safety norms to encourage the safety of the vehicle and to make the vehicle more secure from hacking and malfunctioning. This, in turn, is also likely to propel the demand for connected cars systems. Data breaching, hacking, along with the absence of strong infrastructure in developing countries are key factors restraining the connected car systems market, as these can affect the security and safety of the vehicle.
The connected car systems market can be segmented based on technology, vehicle type, device, communication, connectivity, sales channel, and region. In terms of technology, the connected car systems market can be bifurcated into Driver Assistance Systems (DAS) and telematics. Based on the device, the connected car systems market can be classified into factory telematics and infotainment systems, safe driver, GPS tracker, and fleet management device. In terms of communication, the connected car systems market can be bifurcated into Vehicle to Vehicle (V2V), Vehicle to Infrastructure (V2I), and Vehicle to pedestrian (V2P), and Vehicle to Network (V2N). Based on connectivity, the connected car systems market can be segregated into Dedicated Short Range Communication (DSRC) and cellular connectivity. Based on vehicle type, the connected car systems market can be split into passenger vehicles, commercial vehicles, electric vehicles, and hybrid vehicles. Furthermore, the passenger vehicles segment can be sub-segmented into the sedan, hatchback, and SUV/MUV. Increase in demand for passenger vehicles is anticipated to boost the connected car systems market during the forecast period. In terms of the sales channel, the connected car systems market can be divided into OEMs and aftermarket. The aftermarket segment can be further sub-segmented into OES and independent.
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Based on region, the connected car systems market can be segmented into Europe, Asia Pacific, Middle East & Africa, Latin America, and North America. Demand for connected car systems is projected to increase in Europe and the Asia Pacific, as the demand for automobiles is increasing in these regions and the per capita income of the population is also increasing.
Key players operating in the connected car systems market include Delphi Technologies PLC, Continental AG, Harman International Industries Inc., Robert Bosch GmbH, ZF Friedrichshafen AG, DENSO Corporation, Autoliv Inc., and Valeo SA.
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