Connected Car Market to Grow at a CAGR of 19.0% - Exclusive Report by MarketsandMarkets™

CHICAGO, March 9, 2022 /PRNewswire/ -- According to the new market research report "Connected Car Market by Service ICE & EV (OTA, Navigation, Cybersecurity, Multimedia Streaming, social media, e-Call, Autopilot, Home Integration), Form, Market (OE, Aftermarket), Network, Transponder, Hardware, and Region", published by MarketsandMarkets™, the global Connected Car Market size is projected to reach USD 56.3 billion by 2026, from an estimated USD 23.6 billion in 2021, at a CAGR of 19.0%, from 2021 to 2026.

The growth of the global Connected Car Market is influenced by factors such as the increasing trend of in-vehicle connectivity solutions and government initiatives toward developments in intelligent transportation systems. For instance, the developments and popularity of Mobility-as-service and Parking-as-a-service is expected to drive connected car services tremendously. MaaS providers typically act as intermediaries and offer smartphone applications for real-time and on-demand mobility services including end-to-end ticketing and payment. Therefore, the Connected Car Market is expected to witness significant growth in the future.

Browse in-depth TOC on "Connected Car Market"

251 – Tables
70 – Figures    
303 – Pages

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Autopilot service in ICE service market projected to register highest from 2024 onwards

The introduction of autopilot would minimize driver intervention. As autonomous technology nears Level 3 & above, it would help achieve the automaker's goals of commercializing fully autonomous vehicles for consumers by 2024. Rapid advancements and developments in autonomous vehicles are expected to spur the growth of the Connected Car Market. In January 2022, Mercedes-Benz became the world's first automakers to gain valid regulatory approval in producing vehicles capable of Level 3 autonomous or "conditionally automated" driving and hopes to introduce Level 3 autonomous driving in the U.S in 2022. ZF unveiled its coASSIST level 2+ driving system in January 2020 in a price range of under USD 1,000. The company introduced its coASSIST Level 2+ semi-automated driving system on the 2020 Dongfeng Aeolus Yixuan, which was launched late in 2020. This marks the first launch globally of coASSIST, which delivers advanced safety and convenience functions. ZF also offers copilot, a scalable ADAS solution for level 2+ to level 4 driving systems, which it co-developed with NVIDIA. More such affordable ADAS solutions would significantly boost the Connected Car Market in the coming years.

Integrated connectivity expected to register highest CAGR in global Connected Car Market

The integrated form of connected solutions enables the driver to access features and services safely with the help of integrated devices, such as smartphones. The Connected Car Market for the integrated form is expected to increase with the increase in the penetration of smartphones. Integrated solutions are likely to remain updated as their functionality depends on mobile technologies. The integrated connectivity segment is expected to grow at a significant rate in the future as cars can get connected through integrated devices with a negligible cost of hardware and subscription. Also, with everyone now carrying a smartphone and the growing demand for enhanced comfort and convenience, ad-hoc systems are being developed by software developing companies to allow useful interactions with brought-in devices. An integrated approach allows the use of up-to-date technology and the finest customization to driver's preferences. It is, however, difficult to provide a seamless user experience, and several driver distraction issues arise when an interaction is needed with handheld devices while driving. Moreover, the solution is less safe and reliable since automakers have no control over the applications used by customers. The most common widespread solutions for integrated systems are MirrorLink, Applink, Apple CarPlay, Android Auto.

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Asia Pacific expected to lead globally Connected Car Market during the forecast period

One of the key drivers for the Asia Pacific market is the increased demand for infotainment and navigation services, particularly in China, Japan, India, and South Korea. The tech-savvy population in these countries demands a better and connected driving experience. The demand for connected cars in Asia Pacific is driven significantly by the strong economic growth, growing population, and rapid urbanization. As safety regulations have been made in Japan and South Korea, the Connected Car Market in these countries is anticipated to increase in the coming years. Growing demand for premium and luxury cars with enhanced comfort and performance is expected to drive the adoption of connected car services. Thus, considering the above-mentioned factors, the Connected Car Market is expected to witness significant growth.

In 2018, China took various steps to boost the development of connected vehicles in the country, such as legislative changes for the adoption of national strategies and improvements in China's connectivity-based technologies. Baidu and Alibaba, the biggest technology companies in China, are developing platforms for connected cars.

Japanese automotive companies are also inventing and implementing connected car services and solutions. In 2019, Airbiquity announced that it became a member of the Japan Automotive Software Platform and Architecture (JASPAR), an organization dedicated to advancing the standardization of in-vehicle software and networks to enhance development efficiency and reliability.

Key Market Players

The global Connected Car Market is dominated by major players such as Continental (Germany), Bosch (Germany), HARMAN (US), Airbiquity (US), and Visteon (US). These companies have strong distribution networks at a global level and offer an extensive product range. These companies adopt strategies such as new product developments, collaborations, and contracts & agreements to sustain their market position.

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