Connected Cars Market Analysis & Opportunity Assessment, 2014 - 2020
Oct 15, 2014 | Chemicals & Materials | FMI
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.
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