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, 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 an 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 Global Connected Car Market:
http://www.grandviewresearch.com/industry-analysis/connected-car-market
http://www.grandviewresearch.com/industry-analysis/connected-car-market
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 assistances 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 the
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 the 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.
View more reports of
this category by Grand View Research at: http://www.grandviewresearch.com/industry/automotive-and-transportation
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
Access Press Release of this research report by Grand
View Research: http://www.grandviewresearch.com/press-release/global-connected-car-market
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 Information: www.grandviewresearch.com
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