Connected Car Market worth $46.69 Billion by 2020, at a CAGR of 10.82%

According to a new market research report “Connected Car Market by Connectivity Form Factor (Embedded, Tethered, Integrated), Connectivity Technology (LTE, 3G, HSPA+, Wi-Fi, Bluetooth), Application (Navigation, Telematics, Infotainment) and Geography – Trends & Forecast to 2014 – 2020″, the connected car market is expected to reach $46.69 Billion by 2020, at a CAGR of 10.82% from 2014 to 2020.

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The increasing consumer demand for smartphone features in a vehicle and the growing number of telematics mandates by various governments (both existing and expected) are key drivers of the connected car market. Most of the major economies have already introduced one mandate or the other such as eCall in Europe, GLONASS in Russia, and Stolen Vehicle Tracking (SVT) in Brazil. The next big thing that is driving the market is the demand for low insurance cost and implementation of Usage-Based Insurance (UBI) from a third party provider. Future generations will rely more and more on cloud-based back-end systems for content, information, and services. This turning of car into a huge data repository will open new avenues of business for service industries such as insurance and content providers such as Spotify (U.K.).

The report’s detailed segmentation by connectivity form factor, connectivity technology, application, and geography cover all existing and emerging technologies in the connected car market. This market is segmented by connectivity form factor which include embedded, tethered, and integrated. The report also covers all major applications of the connected car market such as navigation, telematics, and infotainment with qualitative as well as quantitative industry insights. The scope of the report includes the hardware part of the connected car ecosystem that is the connectivity technology and the form factor.

One of the objectives of the report has been to analyze market trends for each of the connected car market segments and their respective growth rates. Apart from the market segmentation, the report also covers in depth analyses such as the Porter’s five force analysis, supply chain with a detailed process flow diagram, and market dynamics such as drivers, restraints, and opportunities for the connected car market.

The market size for connected cars is included in the report in five geographic splits, namely- North America, South America, Europe, Asia-Pacific, and Rest of the World (RoW). It is expected that Europe would account for a large share in the connected car market, followed by North America and Asia-Pacific. Moreover, the Asia-Pacific market for connected cars is expected to grow at a high rate.

Some of the major players in this market are Apple (U.S.), Alcatel-Lucent (France), AT&T (U.S.), Audi (Germany), Delphi (U.K.), Ford (U.S.), General Motors (U.S.), Google (U.S.), NXP Semiconductors (Netherlands), Sierra Wireless (Canada).