What Exactly are Connected Cars?

In layman terms, cars that you can connect to the internet via a wireless local area network are known as connected cars to make your life simpler. For example, you can remotely control some applications through a mobile phone and can communicate with other products. Moreover, they enable you to have real-time information and link your car with alert emergency services and dealerships in case of accidents.

What Are the Advantages of Connected Cars?

A connected car contains a range of innovative and appropriate specifications providing a range of advantages.

• Provides accessibility to a range of infotainment facilities

• Helps navigation system through third-party applications

• Comprises up-to-date safety features to guarantee the finest road safety

• Enhanced security features keep track of the car even when you are not driving it

• Enables remote accessibility to a variety of functions

Working on Connected Cars

Automobile engineering businesses employ 2 systems in connected cars -

• Embedded connected vehicle technology is armed with an incorporated antenna and a chipset.

• Tethered system is armed with hardware that aids in connecting the driver’s mobile phone with his/her vehicle.

Additionally, a connected car can convey data, connect with other devices and provide Wi-Fi connection to the passengers and driver. Connected technology also can access telematics and is recognized to be suggestively beneficial for EVs.

V2V Communication

Coupled with vehicle-to-vehicle connectivity supports connected vehicles to communicate with one another. This shares vital information, such as speed limits traffic movement, road conditions, and other details.

Environmental-Friendly 

Till today, a huge number of cars function on fuel, growing carbon emissions significantly. In this respect, a connected automobile is an improved alternative. It offers real-time information on people commuting your way waiting for a ride. Thus, you can give them a ride to bring down the carbon emission rate.

Services

Specialists forecast that connected cars will further provide a unified experience. Service stations will remotely inspect your car. The car will notify you regarding nearby parking spaces. Furthermore, enhanced driver support systems will lessen the burdens of driving, and your motor will give you information regarding hotels or restaurants between your route. Also, an electric-connected car notifies about the nearest charging points.

Hence, as the purchasing power of people is increasing globally, the sales of cars are also propelling, which indeed will grow the connected car industry in the future.   

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Europe Automotive Telematics Market to Register Robust Growth of 6.6% during 2018-2025

The European automotive telematics market attained a value of $7,340.3 million in 2019 and is predicted to advance at a CAGR of 16.1% between 2020 and 2030. Furthermore, according to the forecast of P&S Intelligence, a market research firm based in India, the market would generate a revenue of $37,249.8 million in 2030. The burgeoning requirement for advanced safety features in automobiles and the increasing implementation of supportive government policies are the main factors fueling the expansion of the market.

The rising prevalence of road accidents is the biggest factor responsible for the increasing requirement for enhanced safety features and systems in vehicles. Human error is one of the leading causes of road crashes and casualties in Europe and the rest of the world. According to the Community database on Accidents on the Roads in Europe published in 2018, in the European Union (EU) member countries, 25,600 people lost their lives in road accidents in 2016.

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Based on service, the European automotive telematics market is divided into infotainment and navigation, safety and security, remote diagnostics, insurance telematics, fleet/asset management, and vehicle-to-everything (V2X). Out of these, the safety and security category is predicted to demonstrate the highest growth rate in the market, in terms of value, in the future years. The market recorded the highest growth in Germany in the years gone by and this trend is likely to continue in the upcoming years as well.

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Hence, it can be said with full surety that the market would exhibit substantial growth in the upcoming years, mainly because of the rising requirement for advanced safety features and systems in automobiles and the growing enactment of favorable government policies and regulations regarding the integration of advanced safety features in vehicles in the region. 

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Telematics Market by Sector, Distribution Channel, End-User and Region

The global telematics market is expected to grow from an estimated $26,314.4 million in 2015, and reach $140,100.0 million by 2022, growing at a CAGR of 28.5% during 2016 – 2022. The growth of the global telematics market is being driven due to several factors, including government initiatives to include advanced technology in public safety on roads, increasing demand for premium passenger cars and growing demand for connectivity in vehicles.

The use of telematics has been constantly increasing in insurance sector for tracking the driving conditions to calculate precise vehicle insurance premium. North America dominated the global market; however Asia-Pacific is estimated to grow at the highest pace during the forecast period. The high cost of telematics equipment and hacking threats are the key restraints in the global market. The poor internet infrastructure in the developing countries is also hindering the adoption of telematics.

In order to assure vehicular safety, the government in several countries has been promoting the use of telematics in vehicles. For instance, eCall project promoted by European Commission (EC) was adopted in Europe in 2013. eCall is targeted to provide assistance to motorists, who have met with road accident and are unable to speak due to injuries. It is applicable for the vehicles in which telematics is installed.

The key competitors in the global telematics market include Verizon Communication Inc., Harman International Industries Inc., TomTom International BV, AT&T, Vodafone Group Plc, Ford Motor Company, BMW Group, Telefonica SA, MiX Telematics, Trimble Navigation Ltd.

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Key Questions Addressed/Answered in the Report

• What is the current scenario of the global telematics market?
• What is the present size of the market segments and their future potential?
• What are the major catalysts for the market and their impact during the short, medium, and long terms?
• What are the evolving opportunities for players in the market?
• Which are the key regions from the investment perspective?
• What are shares of key players in the market?
• What are the key strategies being adopted by major players to expand their market shares?

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