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Connected Car Market Will Reach Height of USD 180.30 billion By 2024

Connected Car Market is anticipated to reach USD 180.30 billion by 2022. Connected car implies a car equipped with internet access and wireless local area system. The factors that propel the growth of the market include rising number of automotive manufacturers, roadblocks and traffic congestion. On the other hand, there are factors that may hamper the growth of the market including high cost of connected car hardware.

The market is anticipated to grow at a significant CAGR of 28% in the upcoming period as the scope, product types, and its applications are increasing across the globe. Connected Car Market may be explored by technology, application, solutions, product and services, and geography.

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The market may be explored by technology as 3G, 4G/LTE, and 2G. The key applications that could be explored in the Connected Car market include Infotainment, Navigation, and Telematics. The market could be explored based on solutions as tethered, Embedded, and integrated. Market may be analyzed by product and services as Wireless and Cellular Modules, Sensors, Processors, Aftermarket Services, Fleet manager, and OEM Services.

Asia-Pacific accounted for the major share of the Connected Car Market Size in 2014 and will continue to lead in the forecast period. The factors that could be attributed to the growth include significant demand for automobiles in the region coupled with a comparatively untapped market for urbane automotive infrastructures in the county. Asia-Pacific is followed by North America region.

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Some of the key players that fuel the growth of the Connected Car Market comprise Continental, Delphi, Denso, Bosch, ZF, Harman, NXP, Autoliv, Valeo, Aisin Seiki, Hella, and Infineon. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.

Market Segment:

Connected Car Application Outlook (Revenue, USD Billion, 2012 - 2022)
    • Vehicle Management
    • Driver Assistance
    • Mobility Management
    • Safety
    • Entertainment
    • Others

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