ALBANY, New York, October 21, 2014 /PRNewswire/ --
Transparency Market Research published new report titled "Connected Car Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2013 - 2019." The report provides in depth analysis, market shares, forecast, and market size estimates, covering the details of the market over the period 2013-2019 for the connected car market across the globe. The study also discusses market players across different regions and categories, namely, platform providers, vehicle manufacturers, application providers, wireless module developers, and connectivity network providers.
According to this report, the global connected car market is expected to reach US$131.9 billion by 2019, growing at a CAGR of 34.7% from 2013 to 2019. With increasing technological advancements in mobile technology and networks such as 2G (GSM, GPRS, EDGE), 3G (UMTS, HSPA, HSPA+), 4G/long-term evolution (LTE) technology, and Wi-Fi, rendering internet in car has become an emerging trend in the automotive industry. Connectivity in a vehicle is popularly becoming a key driver and a must-have feature to the industry.
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Owing to lower operating costs and high data transmission volumes, 4G/long-term evolution (LTE) technology is retaining its position in the market in comparison to other technologies. 4G held more than 30% of the entire market share in 2012 due to its simplified network design and high speed facilities.
Key Factors (Growth and Restraints)
Consumers' mandates and demands are the primary growth drivers for this market. In addition, rapid growth in network technology, government mandates, essentiality for connectivity, growing awareness about security and safety in car, and changing consumer preferences for automated systems are critical factors fueling the growth of the global connected car market.
Demand for other services such as in-car infotainment services (music and gaming), emerging applications in vehicles, rising mobility related information (weather, location, and traffic information), audio navigation via GPS, and entertainment are further boosting the growth. Consumers are becoming aware of different safety and security services such as stolen vehicle tracking (SVT) and emergency call (eCall) which is increasing the demand for connectivity technology in the global market. Nevertheless, the risks of distraction while driving and the high cost of external hardware for installation are some of the factors inhibiting the growth of this market.
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Based on connectivity solutions, the market is further divided into tethered, embedded, and integrated types. Out of these three major categories, the integrated segment held the largest market share with around 50% in 2012, followed by tethered and embedded segments. However, telematics, navigation, and infotainment are the three various applications considered in terms of scope of this market. On account of growing traffic information services and demand for getting driving directions via car GPS, the navigation segment dominated the market in 2012 across the globe.
To aid strategic decision-making, the study analyzes the connected car market on a regional basis. Some of the key regions included are: North America, Europe, Asia Pacific, and Rest of the World (RoW). Each of these regional segments is estimated in terms of revenue (USD million) from 2013 to 2019.
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North America occupied the largest market share in this market as of 2012. It held more than 50% share of the overall market during that year. This aspect can be attributed to the higher smartphone penetration and technological advancements in entertainment in this particular region.
Due to the growing usage of web-based applications and government mandates, China is predicted to be the largest consumer for integrated solution over the forecast period, followed by the U.S. and Europe. Furthermore, Asia-Pacific will rapidly grow in size and demand for connectivity technology in the coming years. Owing to an increasing demand for applications such as fleet management, navigation, and infotainment, the demand for this technology will be seen in China, India, and Australia as well.
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