Growing need for connectivity and changing consumer preferences are some of the major factors fueling the growth of the connected car market. A connected car is equipped with internet access and with a wireless local area network. This facilitates the car to share this access with other devices, both internally and externally. In the present scenario, connected cars (especially electric cars) are grabbing the opportunity to grow along with a rise in smartphones, and related applications interact with the car from any distance. The future of this market depends on the extent to which automotive companies open up for third party developers. There is a need for car manufacturers to standardize solutions and services.
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Consumers can benefit from the use of connected cars in many ways. The systems used in them can unlock vehicles, find its location, and check the status of batteries in electric cars. There has been a remarkable evolution of connected car services, but initially they were used for rendering safety and security services such as in automatic emergency calling (eCall) and stolen vehicle tracking and recovery, whereas recent advancements deliver a wide range of connected infotainment services such as connected navigation, spoken social network status updates, and radio streaming.
Major economies are already active in the connected car market. According to experts, the future generation will no doubt opt for connected cars for more information and services. This transformation of a car into a huge data repository promises new business opportunities for service industries. LTE and Wi-Fi are crucial connectivity technology solutions which provide services both when the vehicle is in motion and when it is parked. Some of their functions are software updates and downloading maps etc. Upgrading the technology regularly is the key for propelling the growth of the connected car market. Rising expectations of customers necessitate regular software updates which keep the car up-to-date even if the model is outdated.
Some of the market players in this industry include General Motors (U.S.), BMW (Germany), Ford (U.S.), Audi (Germany), Daimler AG (Germany), Harman International (U.S.), Tom Tom (The Netherlands), Luxoft (Russia), Sierra Wireless (U.S.), Apple Inc (U.S.), AT&T (U.S.), Alcatel Lucent (U.S.), Verizon (U.S.), China Mobile (China), Microsoft (U.S.), QNX Software (U.S.), Delphi Automotive (U.S.), and Intel Inc. (U.S.) among others.
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Europe
- Rest of the World
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- Market structure
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