All of the major automakers, such as Ford, BMW, Audi, Volvo, Hyundai, and Toyota, offer some form of connectivity in their vehicles. Connected cars facilitate connectivity on wheels, providing comfort, convenience, performance, safety and security as well as powerful network technology.
New York, December 23, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Connected Car Market by Service ICE & EV, Form, Market, Network, Transponder, Hardware and Region – Global Forecast to 2026” – https://www.reportlinker.com/p05336631/?utm_source=GNW
This allows the driver to connect to online platforms, thus facilitating real-time communication.
Rising consumer demand for connectivity solutions, increasing need for constant connectivity, increasing reliance on technology and growing tech-savvy population are the key factors contributing to the growth of the connected car market. However, the lack of proper communication infrastructure in developing countries will limit the growth of the connected cars market in the coming years.
The demand for high capacity ECUs due to increase of electronic components in connected car is expected to drive the ECU hardware market during the forecast period
The ECU plays a vital role in the connected car system and helps to control the various electronic systems of the connected cars. The data generated by the hardware components is integrated into the ECU and transmitted to the cloud platform.
Due to an increase in the number of electronic systems, the number of ECUs has increased and hence the demand for ECUs is increasing in the connected car market. However, and the increasing number of ECUs per vehicle is reducing efficiency, various automotive giants are working with OEMs to consolidate ECUs without affecting functionality.
The main objective of ECU consolidation is to converge various ECUs into a single advanced ECU capable of controlling multiple hardware functions.
Aftermarket Segment Expected to Record Highest CAGR in Connected Car Market
The demand for connected car services in the aftermarket is expected to increase in the near future due to advancements in technology and an increase in demand for safety and comfort features in cars. In addition, aftermarket connected car platform launches are expected to boost the aftermarket.
For example, in 2017, HARMAN announced an aftermarket connected automotive platform that can support connected apps and turn any existing vehicle into a smart connected car, including those that lack pre-installed connectivity capabilities. The new solution is available to automotive OEMs, dealerships, specialty auto retailers and mobile operators.
Asia-Pacific market is expected to register the highest CAGR during the forecast period
The Asia-Pacific connected cars market is expected to register the highest CAGR during the forecast period. Japan is one of the main markets as the penetration of connected cars is at an advanced stage.
One of the main drivers of the connected car market in Asia Pacific is the growing demand for infotainment and navigation services, especially in China, Japan, India and South Korea. The tech-savvy population in these countries demands a better and connected driving experience.
The growing popularity of premium and luxury vehicles is also expected to drive the growth of the connected car market in this region. The penetration of connected cars is at an nascent stage in countries such as India and Thailand.
With the deployment of 5G infrastructure, the popularity of connected car services is expected to increase.
In-depth interviews were conducted with CEOs, Marketing Directors, other Innovation and Technology Directors, and executives from various key organizations operating in this market.
• By stakeholder: demand side – 40%, supply side-60%
• By designation: level C – 40%, level D – 35% and others – 25%
• By region: North America – 30%, Europe – 40%, Asia-Pacific – 20% and Rest of the world – 10%
The connected car market includes major manufacturers such as Continental (Germany), Bosch (Germany), HARMAN (United States), Airbiquity (United States) and Visteon (United States).
Study coverage
The study segments the connected cars market and forecasts the market size based on the service for ICE and EV (navigation, remote diagnostics, media streaming, social media and other applications, OTA updates, roadside assistance, eCall assistance and SOS, cybersecurity, remote control operation, collision warning, automatic parking / connected parking, autopilot, home integration, vehicle management, asset tracking), form type (integrated, attached and integrated), network (DSRC and cellular ), end market (OEM and aftermarket), transponder (on-board unit and roadside unit), hardware (main unit, central gateway, smart antenna, electronic control unit, telematics control unit, keyless entry systems and sensors ) and region (North America, Europe, Asia-Pacific and RoW).
Main advantages of purchasing the report:
The report will help the market leaders / new entrants in this market with the information on the closest approximations to revenue figures for the entire connected cars market and sub-segments. This report will help stakeholders understand the competitive landscape and gain more insight to better position their businesses and plan appropriate go-to-market strategies.
The report also helps stakeholders to understand the market pulse and provides them with information on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p05336631/?utm_source=GNW
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