The increasing concerns regarding vehicular security and safety amongst end users, original equipment manufacturers (OEMs), and the governments of several countries is a key factor propelling the demand for connected cars throughout the world. The integration of advanced technologies like automatic braking, lane assist, and advanced driver assistance systems (ADASs) in vehicles enhance the safety of the vehicles and significantly reduce traffic rule violations, which in turn, causes a sharp decline in the incidence of road accidents and fatalities. Furthermore, the implementation of strict safety regulations is fuelling the surge in the popularity of connected cars all over the globe.
Due to the above-mentioned factors, the global connected car market attained a valuation of $51.9 billion in 2017 and is predicted to reach a value of $156.1 billion by 2023. The connected car market is also expected to demonstrate a CAGR of 20.7% during the forecast period (2018—2023). There are mainly three types of connected systems used in vehicles— integrated, tethered, and embedded. Out of these, the integrated systems recorded the highest usage in 2017 and are expected to dominate the connected car market from 2018 to 2023 as well.
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Globally, Asia-Pacific (APAC) is predicted to observe the fastest growth in the utilization of connected cars during the forecast period. As a result, the connected car market is expected to exhibit the fastest growth in the APAC region from 2018 to 2023. In APAC, the connected car market is booming in Japan, on account of the country being one of the largest manufacturers of connected vehicles in the world, due to the development of advanced technology, surging manufacturing capacity of the passenger car companies, and the changing government regulations and policies regarding vehicular safety in the country.
Therefore, it can be said with complete surety that the sales of connected cars will increase tremendously throughout the world in the coming years, due to the growing requirement of advanced safety features in vehicles and the increasing popularity of vehicles equipped with AI-based navigation and infotainment systems.
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The research offers market size of the global connected car market for the period 2013 – 2023.
GLOBAL CONNECTED CAR MARKET
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