The worldwide connected car market size was valued over USD 24 billion and is projected to grow at a CAGR of over 28% over the coming years. Rising disposable income and technological proliferation across several regions are likely to boost worldwide industry over the coming years. Over the past few years; there have been considerable advances in telecommunication technology in the market.
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Driver assistance contains number of advanced technologies that assist in improving the actual performance of the vehicle. Systems such as cruise control and parking assists steer the vehicle autonomously and are being introduced across all car segments. Furthermore, these systems also ensure driver convenience and comfort.
Mobility management includes systems that enable drivers to arrive at their destination at a reasonable cost and least possible time. A safety technology comprises external danger warnings for driver s about road conditions and severe weather .Furthermore, they also warn about emergency functions and internal autonomous collision protection. The safety systems segment contributed over 35% of the market share in 2014 and is anticipated to undergo high growth further. Rising government and transport authorities mandates worldwide is the major factor augmenting the overall industry growth.
Auto manufacturers are increasingly installing features like Wi-Fi hot spots, Internet and social media access, advanced mobile office platforms and Smartphone interfaces. Furthermore, vehicle management systems perform several functions that enable automobile to increase easiness of use & maintenance and also reduces running costs.
Connected car market in North America dominates the industry mainly due to existence of key automobile manufacturers in the region. Entry of technological giants such as Apple Inc and Google Inc into autonomous and connected car segment has induced automobile manufactures to develop cultural changes and innovative capabilities.
Connected car market in Asia Pacific contributed over 23% of the worldwide and is anticipated to grow at a CAGR over 29% during 2015 to 2022.Declining average selling price and deployment of high speed internet services in the region is projected to push smart vehicles sales in the region. Also, rising Smartphone penetration will impact the industry growth positively. Ford Motor, NXP Semiconductors N.V, Alcatel Lucent, Audi AG, General Motors Company and Apple Inc.
Information Source: Grand View Research