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The globally Connected Car Market size is projected to reach USD 166.0 billion by 2025, from an estimated value of USD 53.9 billion in 2020, at a CAGR of 25.2%.
The market is expected to witness rapid growth due to an increase in demand for connectivity solutions/services and safety and security features. Additionally, an increase in internet penetration and integration of driver-assist technology in vehicles are expected to boost the connected car market during the forecast period.
The connected car market is dominated by globally established players such as Continental (Germany), Bosch (Germany), HARMAN (US), Airbiquity (US), and Visteon (US), among others.
Demand for high capacity ECUs due to an increase in electronic components in a connected car is expected to drive the ECU hardware market during the forecast period
The ECU plays a critical role in the connected car system and helps control different electronic systems of connected cars. The data generated through the hardware components are integrated into the ECU and transmitted to the cloud platform. Due to the increase in the number of electronics systems, the number of ECUs has increased, and thus, the demand for ECUs is growing for the connected car market.
However, the increasing number of ECUs per vehicle reduces efficiency, and various automotive giants are collaborating with OEMs to consolidate ECUs without affecting the functionalities. For instance, in 2017, Sasken Technologies Ltd. demonstrated its hypervisor-based consolidator that virtualizes infotainment and cluster systems. The key purpose of ECU consolidation is to converge various ECUs into a single, advanced ECU that can control multiple hardware functions.
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The autopilot market is expected to grow at the fastest CAGR.
The introduction of autopilot would minimize driver intervention. As autonomous technology nears Level 3 & above, it would help achieve the automaker’s goals of commercializing fully autonomous vehicles for consumers by 2022. For instance, the upcoming model of the Cadillac CT6 will be equipped with the semi-autonomous “Super Cruise” feature that will essentially allow fully autonomous single-lane travel on divided highways.
Similarly, Audi will also be including its Level 3 semi-autonomous technology in the upcoming model of the A8. Audi’s AI-based traffic jam pilot would enable highly automated driving at Level 3. With all the developments in the autopilot or autonomous driving fields, the demand for connected services related to autopilot is expected to rise in the coming future.
Embedded form of connectivity is expected to grow at the fastest CAGR
Embedded form connectivity is expected to exhibit the fastest growth within the globally connected car market. The growth of embedded connected solutions is attributed to various disruptive factors such as government mandates, cost optimization of service plans, and growth of cloud-based services. There are many connected car services that cannot be used without an embedded connectivity solution in the car, such as eCall and remote diagnostics, among others, which is increasing the adoption of embedded connected cars.
Government regulations are the key reason for the growth of the embedded connected car market. Europe has already mandated eCall since March 2018. Brazil and Russia will start mandating the fitment of embedded telematics. In the longer run, it is expected that China will also introduce similar mandates for telematics, which, coupled with rising car sales, would ensure that it becomes the leading market for embedded telematics globally.
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The aftermarket segment is expected to grow at the highest CAGR rate within the connected car market
Aftermarket connected car services are expected to become the largest connected car market segment in terms of revenue generation. OEMs offer many services, such as remote diagnostics, navigation, multimedia streaming, and on-road assistance, as a monthly subscription that the customer could renew as per need. Due to the increase in demand for safety and comfort features in cars, the demand for these services in the aftermarket is expected to increase during the forecast period.
