What is the major forces driving the connected car business?

 The increasing customer demand for a safer and enhanced driving experience and the introduction of advanced technologies such as the internet of things (IoT) in the automotive domain are the major factors driving the advancement of the global connected car market. The market is predicted to reach a valuation of $198,459.7 million by 2025, demonstrating a CAGR of 24.1% from 2020 to 2025.

Driver assistance, vehicle safety, fleet management, mobility management, and entertainment are the main categories under the service segmentation of the connected car market. Out of these, the mobility management division is predicted to register the fastest market growth in the coming years. This is because of the rising incorporation of shared mobility solutions and services such as ride-sharing, ride-hailing, two-wheeler sharing, and carsharing across the world. The vehicles used for shared mobility purposes must have higher operational efficiency, enhanced road safety and vehicle tracking features, improved vehicle management features, and higher adoption of IoT-based solutions and are thus, heavily dependent on connected car solutions.

Between the aftermarket and the original equipment manufacturer (OEM) categories under the end use segmentation of the connected car market, the aftermarket category is predicted to demonstrate faster growth in the market during the coming years. Due to the rising requirement of retrofitting the connected car solutions into the already existing automobiles and the ballooning demand for the upgradation and replacement of these solutions, the incorporation of these solutions by the aftermarket companies will increase rapidly in the coming years.

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Globally, the Asia-Pacific (APAC) connected car market will exhibit the fastest growth in the upcoming years. This is ascribed to the rapid technological advancements and innovations in the automotive industry in the various APAC nations such as Japan, South Korea, and China. Furthermore, China is currently one of the largest manufacturers of connected cars across the world, on account of the launch of numerous connected car-associated technology development programs, changing government safety regulations for automobiles, and the rising manufacturing capacity of the passenger vehicle manufacturing companies in the country.

The players operating in the connected car market are getting into partnerships with each other for enhancing their market presence. For example, DENSO CORP. announced in September 2019 that it has started a partnership with BlackBerry Ltd. for developing connected mobility solutions. Under this partnership, the firms started working on an integrated human-machine interface (HMI) digital cockpit system called Harmony CoreTM. This system would incorporate the use of QNX Hypervisor technology, developed by BlackBerry Ltd., for enabling integrated control over the in-vehicle HMI devices.

Similarly, Otonomo Technologies Ltd. and Microsoft Corp. entered into a partnership with each other in September 2019 for developing the latter’s connected vehicle platform. The organizations, through this partnership, aim to improve the various services offered via the platform such as mapping, parking, on-demand fueling, emergency response, usage-based insurance, predictive maintenance, in-vehicle package delivery, and media measurement. Furthermore, under this partnership, the connected vehicle platform developed by Microsoft Corp would be incorporated for plugging the connected car data into the existing ecosystem of Otonomo Technologies Ltd.

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Robert Bosch GmbH, NXP Semiconductors N.V., ZF Friedrichshafen AG., Panasonic Corp., Delphi Technologies PLC, Continental AG, , Infineon Technologies AG, DENSO CORP.,Valeo SA, and TE Connectivity Ltd.are some of the major market players.

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Connected Car Technology is Changing the Auto Sector Globally

The automotive industry has been able to make new breakthroughs due to the penetration of internet of things (IoT)-based technologies. One of the major developments that have taken place because of the utilization of IoT is the emergence of innovative connectivity solutions that are used in connected cars. A connected car is equipped with internet access and possesses the ability to optimize its own operations on fixed intervals. Because of network connectivity, the car is able to share content with various devices which are lying within and outside the vehicle’s environment. IoT services have become a significant part of the connected car industry due to its swift incorporation and commercialization. The technology covers a wide range of infotainment services and advanced connected solutions for drivers. Furthermore, research and development activities, along with the design and manufacturing of connected and smart automotive hardware, are predicted to enhance the connected car technology.

As per a study conducted by P&S Intelligence, in 2017, the connected car market generated a revenue of $51,910.9 million and is expected to attain $156,145.9 million, registering a 20.7% CAGR, in the coming years. Various products & services provided by connected cars are sensors, processors, wireless & cellular modules, original equipment manufacturer (OEM) services, fleet manager, and aftermarket services. Out of these, the largest growth in demand in the near future is expected to be witnessed by the wireless & cellular modules category. This is because of the rising requirement for improved vehicle tracking and road safety, growing government regulations for improving overall vehicle efficiency, better operational efficiency in vehicles, increasing usage of IoT-based services in the vehicles, and enhanced vehicle management. 

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Urbanization has led to the increased use of personal and commercial vehicles, which, in turn, has led to the rise in number of vehicles on the roads, especially in the emerging economies, such as Indonesia, China, and India. While it has become incredibly easy to own a car at the present time, several problems such as road blocks, scarcity of parking space, and traffic jams have also risen. Due to this, consumers are now looking for enhanced driving experience, which can be provided with advanced connected solutions, such as vehicle-to-infrastructure and vehicle-to-vehicle. Apart from this, the concern regarding safety and security is growing among the OEMs, consumers, and governments. This is further driving the demand for connected cars as they are enabled with technologies such as automatic braking, lane assist, and advanced driver-assistance system. These technologies can be of great help when it comes to decreasing traffic rule violation and reducing the prevalence of road accidents.

The applications of a connected car are telematics, navigation, and infotainment. Telematics is a device that combines informatics and telecommunication, which provides the driver with benefits such as roadside assistance and remote unlocking and locking of vehicle. A navigation system is capable of relaying directions to any desired location. Infotainment is a system which delivers entertainment and information contents.

The system comprises software and hardware products that are installed into the automobile later for improving the experience of the passenger or the driver. Among these, the largest demand during the time period 2013–2017 was created for the application of navigation.

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Connected car market competitive landscape

Some of the major players operating in the global connected car market are Continental AG, Delphi Technologies PLC, DENSO Corporation, Robert Bosch GmbH, ZF Friedrichshafen AG, Harman International Industries Inc., Valeo SA, and Autoliv Inc.

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