(MENAFN - Market Research Explore) Global Connected Vehicle Market The global connected vehicle market is expected to grow from USD 42.1 Bn in 2015 to USD 122.51 Bn by 2023 , expanding at a CAGR of 14%. The global connected passenger car market is expected to reach USD 75.67 Bn by 2023, expanding at a CAGR of 11% (2018-2023), and the global connected truck market is expected to reach USD 46.84 Bn by 2023, expanding at a CAGR of 13% (2018-2023). The connected vehicle ecosystem is evolving in which global connected car manufacturers and automotive OEMs are developing various connected solutions. On the basis of connectivity, demand for embedded solutions, tethered solutions, and integrated solutions for connected passenger cars has increased over the years. Similarly, the use of telematics and fleet management solutions for connected commercial vehicles has risen.
Technology agreements and plat forming are the key initiates adopted by the OEMs to gain market share. Many new application areas are emerging, namely usage-based insurance, vehicle diagnostics, and vehicle security, OTA update (over-the-air update) which are increasing efficiency for consumers and helping manufacturers achieve productivity gains. OEMs are bundling connected services like advanced infotainment systems and navigation features for low end models to potentially enhance the market growth and remain competitive.
Autonomous vehicles are no more a thing of the future with various sensors (LIDAR, RADAR) and processors located in the vehicle, which provide real time information and facilitate an autonomous driving experience. Ride sharing companies are investing heavily and also facilitate strategic collaborations to upgrade their traditional vehicles to all-electric vehicles.
Key growth factors o The ever-increasing emphasis on personalization and customization across all car segments is seen as a major driver of the market. Also, the demand for personalized content, information, media feeds have been witnessed in the connected passenger car landscape.
o Since the mobile technology landscape is evolving at a rapid pace, a new opportunity for fleet managers has emerged to develop new differentiating capabilities and to further reduce costs and enable enhanced services using different connected technology products or services for connected commercial trucks.
Threats and key players
o Consumers are often reluctant to pay additional costs which come associated with embedded connectivity and see their smartphones as the solution to many of their in-car connectivity needs.
o Increasing fuel prices is causing a credit crunch, and rising inflation is taking a toll on the global economy. The industry is also restricted by increasing regulations, sluggish demand, and increase in both fixed and marginal cost.
o Some of the key players operating in the market are:- Airbiquity Inc, Aptiv PLC, Autoliv, Continental AG, Denso, NXP Semiconductors, Robert Bosch GmbH, TomTom, WirelessCar, and ZF Friedrichshafen.
What's covered in the report?
1) Overview of the global connected vehicle market
2) Evolution of connected car solutions
3) Connected vehicle ecosystem
4) Connected vehicle- integration landscape model
5) Total number of global and regional embedded passenger car solutions by value (USD Bn) and volume (Mn units) 2018-2023,CAGR, and SWOT analysis for embedded solutions
6) Total number of global and regional integrated passenger car solutions by value (USD Bn) and volume (Mn units) 2018-2023, CAGR, and SWOT analysis for integrated solutions
7) Total number of global and regional tethered passenger car solutions by value (USD Bn) and volume (Mn units) 2018-2023, CAGR, and SWOT analysis for tethered solutions
8) Value proposition for connected passenger car services
9) Value proposition for original equipment manufacturers (OEMs)- connected passenger car services
10) Total number of global and regional fleet management solutions by value (USD Bn) and volume (Mn units) 2018-2023 and CAGR
11) Value proposition for connected truck services
12) Modular strategy - truck manufacturers and OEMs
13) Key opportunities in the global connected vehicle market
14) Key market trends in global connected vehicle market
15) Analysis of companies profiles of major public and private players operating in the market
1. Understand the demand for connected vehicle products and services to determine the viability of the business.
2. Determine the developed and new markets where connected vehicle technology is consumed.
3. Formulate a product market strategy – based on the position in the value chain and determine the optimal product/service placement.
4. Identify the gap areas and address them.
5. Develop strategies based on the industry and economic factors for each of the segments.
6. Define the competitive positioning by comparing the products and services with the key players in the market.
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