Connected Car Market to See Strong Growth and Business Scope

by Rahul Gautam Manager

Global connected car market is projected to reach $156.1 billion by 2023.

The growth of the market is majorly driven by the stringent government norms and regulations favoring the growth of connected car technology. In addition, the rise in demand for enhanced driving experience, coupled with ramp-up in the automobile production, is expected to benefit the market during the forecast period.

On the basis of products and services, the connected car market is categorized into fleet manager, original equipment manufacturer (OEM) services, processors, wireless and cellular modules, aftermarket services, and sensors. The fleet manager category dominated the segment, accounting for more than 40% market share in 2017 in terms of value.

In the connected car market, the embedded connectivity was the leading category in the connectivity segment in 2017. This can be attributed to its compact structure and user-friendly characteristic nature.

Globally, the North American connected car market is expected to account for the largest share throughout the forecast period. The U.S. has been one of the first countries to deploy connected cars and adopt machine-to-machine (M2M) technology in the connected car sector. The demand for these cars is constantly increasing in North America due to increasing demand for technological advanced features in passenger cars.

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However, Asia-Pacific (APAC) is expected to be the fastest growing market for connected cars. The changes in government policies related to safety rules and regulations in vehicles and ramp-up in the production of the passenger cars are expected to benefit the market in the region.

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.