Connected Cars Market 2019 Outlook: Major Players(General motors, bmw, daimler ag, tesla inc., and volkswa and more)
The global connected cars market was valued at USD 60,378 million in 2018 and is expected to reach USD 212,256 million in 2026, growing at a CAGR of 15.07% from 2019 to 2026.
FREMONT, United States – September 7, 2019 /MarketersMedia/ —
The global connected cars market was valued at USD 60.78 billion in 2018 and is expected to reach USD 221.53 billion in 2026, growing at a CAGR of 15.07% during the forecast period. Increase in need of safety & security and increase in demand for advanced automatic electronics in the vehicle are expected to drive the growth of the connected cars market.
According to the European Automobile Manufacturers Association (EAMA), in 2018, automobile manufacturers spent a major share of the €57.4 billion annual investment on developing sophisticated connected car technology. It is anticipated that this investment will reflect in the growing demand for connected car technology over the forecast period.
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The rising consumer focus on safety and comfort which is coupled with increased demand for automobiles are the main drivers for the market growth of the global connected cars market over the forecast period. Moreover, the massive change in the lifestyle of today’s millennial and growing production in developing countries are expected to enhance the market size. This also expected to open investment opportunities in the global market for the manufacturers in the coming years.
However, the high initial capital investment and growing concern for data security are the main factors, which expected to hinder the growth of the global connected cars market during the forecast period. Moreover, a limited number of platforms and limited infrastructure development such as charging points and service centers, are the prime challenges in the global connected cars market throughout the forecast period.
Key Findings:
Based on the technology, the embedded segment accounted for more than 50% of the share in the global connected cars market in 2018.
Based on the network, the DSRC network segment accounts of the largest share in the market and expected to grow at a CAGR of around 16% during the forecast period.
Based on the service, the driver assistance segment accounts of the largest share in the market and held for more than 40% of the total market in 2018.
North America accounted for nearly 45% share of the global connected cars market in 2018.
Recent News:
In August 2019, Audi India has introduced connected car technologies in the country.
In August 2019, TSD, a rental fleet management software provider partnered with Zubie, a connected car platform and telematics data insight to develop connected car solutions.
In July 2019, Hyundai Belux partners with Bright Box for connected car service.
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