Connected Cars Market to achieve USD 180.30 billion size by 2022Posted by anant singh on May 31st, 2019 The connected car market is expected to grow considerably and reach the size of 0.30 billion by the year 2022, a new study by Grand View Research, Inc. states. A swell in consumer demands, constant connectivity requirements, increasing technology dependency and the continuously increasing crowd of the tech-savvy population can be considered as drivers of the worldwide market growth of connected cars.
North America Connected Car market by application, 2012-2022 (in USD billion) Connected cars provide comfort and performance through on-wheels connectivity, while also offering security and safety. The system provides the driver as well as the passengers connection to various online systems which assist in on the go communication. The connected car market can potentially offer a significant boost in terms of revenues for the automobile manufacturers in the coming 5-7 years. With an aim to build upon and maintain their technological leadership, the manufacturers of connected cars are striving to offer the optimum mix of product packages and application for their customers, while also ensuring that there is a systematic investment in R&D. To request a sample copy or view summary of this report, click the link below: Stricter Government regulations as well as increasing transportation authorities regarding the installation of vehicle to vehicle communications and advanced safety systems are expected to impact the industry growth positively. With over 34% of the market share accounted for in the connected car market in 2014, safety applications dominated the sector. The modern cars have become more secure and accident-proof, owing to the integration of features like automatic emergency calling, danger warning systems, anti-collision measures that avert accidents and blind spot alerts. This will lead to lowering on road fatalities and considerably reduce the risk of accidents. The driver assistance systems are expected to make rapid growth in the forecast period, with an expected growth in CAGR of 31%. Hyundai has in fact come up with its own connected SUV recently, known as the Venue. With the use of the connected system, the car owner will be able to search locations, while also being able to place calls. Along with this, MG Motor has also come up with MG Hector, whose launch is planned very soon in India. The car is reported to offer more than 50 connectivity features, ranging from air conditioning to music streaming. Renault has also outlined plans to introduce connected cars in addition to those vehicles which the company already manufactures in India. 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)
Connected Car Regional Outlook (Revenue, USD Billion, 2012 - 2022)
With the continued rapid development in Asia, especially in countries such as China and India, in terms of technology, Asia-Pacific is expected to grow at a considerable rate in the next few years. The major participants in this sector include Audi AG, Alcatel Lucent, BMW, Ford Motors, along with newer entries such as MG Motor and Renault. Like it? Share it! More by this author |
