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.
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even if the model is outdated.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
This report provides
comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming
years
This report is a complete
study of current trends in the market, industry growth drivers, and restraints.
It provides market projections for the coming years. It includes analysis of
recent developments in technology, Porter’s five force model analysis and
detailed profiles of top industry players. The report also includes a review of
micro and macro factors essential for the existing market players and new
entrants along with detailed value chain analysis.
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