The global connected car market size is expected to reach USD 180.30 billion by 2022, according to a new study by Grand View Research, Inc. Surging consumer demand, the constant need for connectivity, increased dependency on technology and the growing number of tech-savvy people are some of the factors expected to boost global connected car market growth.
Connected
cars offer connectivity on wheels providing comfort, performance along with
safety and security. Such advanced technology enables the driver and passengers
to connect with various online platforms that facilitate real-time
communication on the go.
The
connected car market has the potential to significantly boost revenues of
automobile manufacturers over the next five to seven years. Car manufacturers
are expected to deliver the right mix of application and product packages for
the right customers, and must systematically invest in R&D if they are
willing to maintain their technological leadership.
Increasing
regulations by governments and transportation authorities for the installation
of advanced safety and vehicle to vehicle communications systems are expected
to positively impact industry growth.
Full Research Report On Connected Car Market Visit Here:
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Further key
findings from the study suggest:
- Safety applications
dominated the global connected car industry, accounting for over 34% of
the share in 2014. The inclusion of safety technologies such as danger
warning systems, automatic emergency calling, blind-spot alerts,
anti-collision systems that prevent accidents in automobiles has made
modern cars safer and accident-proof. This is expected to result in an
overall reduction in road mishaps and accidents thus reducing the overall
on-road fatalities.
- Growing at a CAGR of over
31% from 2015 to 2022, driver assistance systems are expected to gain
prominence over the forecast period. Recent advancements in driver
assistance systems such as Volkswagen’s Emergency Assist, that
automatically applies the brakes and stops a car in case of an emergency
and BMW’s autonomous parking valet, that automatically parks a car even
after the passenger’s exit have set benchmarks for driver assistance
systems in the connected vehicle industry.
- Asia Pacific is expected to
grow at a CAGR of over 29% over the forecast period due to considerable
automobile demand in the region coupled with a relatively untapped market
for sophisticated automotive communications in the region. Countries such
as China and India are expected to drive industry growth during the next
seven years. Automobile manufacturers and technology giants across the
world are striving hard to provide advanced vehicle management and safety
technologies in the budget car segment as well. Regulation by the European
department of transportation in association with the governments have
mandated the installation of eCall emergence calling systems and other
advanced telematics systems for safety purposes in all new vehicles
manufactured after the year 2014.
- Technological and product
innovations have driven a highly dynamic market. Industry participants
include major automobile manufacturers and telecommunication giants such
as Audi AG, Alcatel Lucent, Apple Inc, BMW, Ford Motors, and Google Inc.
Manufacturers resort to mergers, acquisitions, and strategic alliances
with technological and network service providers as their key growth strategy
to make their presence felt in the industry.
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Grand View Research has segmented
the global connected car market on the basis of application and region:
Connected Car
Application Outlook (Revenue, USD Billion, 2012 - 2022)
- Vehicle Management
- Driver Assistance
- Mobility Management
- Safety
- Entertainment
- Others
Connected Car
Regional Outlook (Revenue, USD Billion, 2012 - 2022)
- North America
- Europe
- Asia Pacific
- RoW
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The company
provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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