The growth of the automobile industry and connected cars are transforming how industries benefit from smart transportation. The services offered by connected cars range from commute to connectivity. The key elements that are paving the road for a better future include:
Connected apps are the latest trend prevailing in the market, which changes the pace of autonomous vehicles. These apps range from navigation to entertainment, and are made to keep motorists connected and interested while they are driving. These apps give automakers and outside developers a platform to experiment and introduce fresh concepts to the market.
Connected car apps provide a range of functions that make driving smarter and more effective, such as discovering the nearest electric vehicle charging station, finding a parking spot, and monitoring fuel consumption.
Who would have believed that the digital environment would develop in such a way that we would be able to record real-time data of vehicles' performance? Of course, smart technology enabled it. Also, automotive manufacturers have quick and secure access to client bases in competitive markets, as well as to business and digital ecosystems.
Increased connectivity within this ecosystem also leads to new prospects for connected cars in more remote areas with less developed physical infrastructure. Then, vital customer and vehicle data returned to manufacturers while industrial equipment and commercial vehicles driving outside the outermost limits of a metropolitan region could maintain connectivity to essential information services.
Connected cars show a positive growth chart in recent years, and the future is paved with innovation and connectivity. The automobile sector is going through a dramatic shift due to cutting-edge technology like cloud computing, AI, and the Internet of Things (IoT).
The way we travel, talk, and engage with automobiles is being redefined by connected cars, which are no longer simply a theoretical idea. The future of driving has never been more promising, as connected cars direct the way to a safe, secure, efficient, and smart experience.
Connected cars are typically equipped with wireless local area network, which enables these cars to connect with other connectivity devices inside or outside the vehicle. Advanced technologies and solutions such as driver assistance and safety solutions are deployed in connected cars. They ensure safe distance between cars and also warn the driver in advance of any hazards ahead.
Increasing demand for electric vehicles is expected to drive the growth of the connected car market in the near future. However, high hardware and communication cost is hindering the growth of this market to some extent. In the next six years, the global market for connected cars is expected to grow threefold to meet the rising demand for safety and security in vehicles. This would require cross-industry integration of automotive and mobile industries.
The connected car market can be segmented into technologies, hardware, services and applications. On the basis of technologies, the market can be further divided into various categories such as LTE (long-term evolution), Wi-Fi, HSPA (High Speed Packet Access) and others. The hardware segment includes processors, sensors, CPU, memory and wireless & cellular module. The services segment includes OEM services, connected services, aftermarket services and other services (safety services and so on). Based on applications, the connected car market can be categorized into telematics, navigation, safety and security, infotainment, and communications. The connected car market can be segmented based on geographical regions as North America, Europe, Asia-Pacific and Rest of the world.
Key players in the connected car market include Apple Inc., Airbiquity Inc., Bayerische Motoren Werke (BMW) AG, Delphi Automotive LLP, Ford Motor Company, Microsoft Corporation, TATA Consultancy Services Ltd, Toyota Motors Corp., Verizon Communications, Inc. and AT &T Inc.