Connected Car Market | Latest Development and Market Trends By 2025

According to the new market research report "Connected Car Market by Service (Connected Services, Safety & Security, and Autonomous Driving), Form (Embedded, Tethered, and Integrated), Network (DSRC, and Cellular), End Market, Transponder, Hardware, and Region - Global Forecast to 2025", published by MarketsandMarkets™, The global connected car market is projected to grow at a CAGR of 14.8% from 2017 to 2025, to reach USD 219.21 billion by 2025.

The automotive industry is witnessing fast-paced technological evolution to develop autonomous vehicles in the future, and connected car is the stepping stone for self-driving smart cars. Over the decades, automobile manufacturers have focused on the performance, stability, safety, and general comfort of the vehicle, but now, with the rising trend of connectivity and digitalization, the automotive industry is moving toward software-and-services approach. Original equipment manufacturers (OEMs) and Tier I suppliers are constantly developing their product offerings. Companies such as Ford Motor Company (US), General Motors (US), and Volvo (Sweden) are developing modern technologies and installing connected devices in passenger cars.

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The globally connected car market is segmented on the basis of various services, including connected services, safety and security, and autonomous driving. The connected services are further categorized into various features, such as navigation, remote diagnostics, multimedia streaming, social media, and other mobile apps and OTA updates. The safety and security services include features, such as on-road assistance, eCall and SOS assistance, cybersecurity, remote operation, and collision warning. The autonomous driving services are further divided into auto parking and autopilot. The connected services segment is expected to be the largest market for connected cars during the forecast period, and the navigation feature is accounted to have the largest market in the segment.

Major players profiled in the report are:

• Bosch (Germany)
• Continental (Germany)
• Denso (Japan)
• Delphi (UK)
• Harman (US)
• ZF (Germany)
• NXP (Netherlands)
• Valeo (France)
• Autoliv (Sweden)
• Aisin Seiki (Japan)
• Infineon (Germany)
• Hella (Germany)

The connected car market, by form, is segmented into embedded, tethered, and integrated. The embedded segment is expected to account for the largest share of the connected car market and is anticipated to remain the largest market during the forecast period. In terms of growth, the embedded segment is expected to be the fastest-growing market for connected cars. Increasing application of connected services and government mandates are expected to drive the embedded segment.

The connected car offers a wide range of services, such as navigation, cybersecurity, remote diagnostics, emergency calling, multimedia streaming, Over-the-Air (OTA) updates, remote operation, collision warning, auto parking, and autopilot. With technological advancements in connectivity solutions for the automotive industry, the fast exchange of data would become a reality in the near future. With the increase in demand for convenient features, and implementation of government mandates to increase the safety of drivers and passengers, many companies are adopting the inorganic growth strategy to develop connected technologies. For instance, in November 2017, Continental announced the successful acquisition of Israel-based cybersecurity company, namely, Argus Cyber Security, to strengthen its capabilities of connected car services with a more secure platform.

The global connected car is segmented into 2 end markets — OEM and aftermarket. As of 2017, the OEM segment is estimated to have the largest share of the connected car market and is anticipated to dominate the market during the forecast period. The OEM market is projected to grow at a significant rate due to government mandates for connected cars regarding safety features, such as eCall and vehicle tracking system.

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