The global connected cars market will derive growth from recent technological advancements. According to a report published b Fortune Business Insights, titled “Connected Car Market Size, Share & Industry Analysis, By Service (mobility, telematics, infotainment, driver assistance), By Connectivity (embedded, tethered, integrated), By Vehicle (passenger car, light commercial vehicle, heavy commercial vehicle), and Regional Forecasts, 2019-2025,” the market was valued at 16.3 million units in 2018 and is projected to reach 84.2 million units by 2025,thereby exhibiting a CAGR of 26.4% from 2019-2025.
Technological Interventions Have Played a Key Role in Market Growth
Technology has played an important part towards the growth of the market in recent years. Incorporation of concepts such as data integration and machine learning have opened up a huge potential for market growth. The potential offered by connected cars have attracted several investors. Moreover, technological advancements have drawn the attention of government organizations as well as public organizations.
The advent of smart connected electric cars has fuelled the demand for the product, which in turn will account for rapid growth of the market in the coming years. In February 2018, TomTom Audio Traffic announced the launch of a personalized traffic information system that allows communication with the driver over voice-programs. This concept will provide details related to traffic as well as condition of the route ahead, thereby providing a seamless driving experience for drivers. The benefits offered by such technologies will fuel the demand for the product in the forthcoming years.
Some of the leading companies that are operating in the market are:
- TomTom International B.V
- Harman International
- Audi (Germany)
- BMW (Germany)
- Continental AG (Germany)
- Bosch (Germany)
- General Motors (U.S.)
Segmentation By Service Type
- Driver Assistance
By Connectivity Type
By Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- North America (U.S., Canada, Mexico)
- Europe (U.K., Germany, France, and Rest of Europe)
- Asia Pacific (Japan, China, India, South Korea and Rest of Asia Pacific)
- Rest of the world
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