Safety and Security Concerns is Driving the Connected Car Market Growth: P&S Market Research

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NEW YORK, April 18, 2018 (GLOBE NEWSWIRE) -- According to the new market research report published by P&S Market Research, global connected car market size is projected to cross $329.2 billion by 2023, growing at a CAGR of 33.8% between 2017-2023. Newly introduced navigation systems embedded inside a car and growing smartphone accessibility of cars are fueling the demand of connected cars to a whole new level.

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In terms of products and services, the connected car market is categorized into fleet manager, wireless and cellular modules, OEM services, aftermarket services, processors and sensors. The market for fleet manager has been the largest among the various products and services of connected cars, however, owing to high growth rate of wireless & cellular modules, and OEM services, the market for the two categories is expected to surpass that of fleet manager in near future.

In terms of applications, the connected car market is categorized into navigation, infotainment, and telematics. The navigation had the largest contribution in the 2016 revenue. This is also expected to be the fastest growing segment in the years to come.

Safety and security acts as a driver for the connected car market. This aspect has always been crucial from the consumer’s as well as auto manufacturer’s perspective. In case of accidents, these cars have the ability to send an SOS message along with the coordinates of the driver’s location. In case of theft, the owners will be able to track their vehicle easily using a smart phone app developed for this purpose. Varied alert systems provided by connected cars inform the drivers about speed traps, traffic cameras, permissible speed limit on a certain route and traffic signals. With help of such alerts, drivers will be able to follow traffic rules and regulations strictly.

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India and China, being the most emerging economies in Asia-Pacific are expected to be the key adopters of connected car technology in near future. The Chinese mobile connection technology has expanded significantly in the recent past, thus creating efficiencies and consumer benefits at its center of expansion. The major car manufacturers in the region provide number of applications embedded in car, which ensures comfort and safety. Connected car users get the updated information about their car’s status with the help of connectivity network and embedded hardware. This service enables them to carry out timely maintenance that prevents major car breakdowns. The carmakers in the region are focusing on providing applications that increase utility of vehicles. The automotive market in Asia-Pacific has witnessed a steady rise in the recent past and is approaching global standards in terms of automotive technology adoption. The increase in demand for cars with high data storing capacity in the region would further enhance the Asia-Pacific connected car market growth.

Some of the major players operating in the global connected car market are Google Inc., Telefonica S.A., AT&T Inc., Bayerische Motoren Werke (BMW) Group, IBM Corporation, Vodafone Group Plc. and Intel Corporation.

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