Connected cars are
characterized by the presence of devices which can connect to other
devices within the automobiles and/or networks, services and devices
outside the automobile including other vehicles, infrastructure, home
or office. These cars are equipped with internet access and the
internet can be shared with devices both outside and inside the cars.
The global connected car devices market is being primarily driven by
increased demand for premium passenger cars globally and changing
buyer preferences coupled with electrification of vehicles and
stringent legislations related to vehicle safety globally. Changing
government approach globally towards passenger, pedestrian, driver
and vehicle safety is imposing various regulations that mandate auto
makers to develop automobiles with installed safety features and this
is steadily driving the global connected car devices market. Further,
growth in information and telecommunication infrastructure and
increasing penetration of such services in the automotive industry is
boosting the global market growth. However, privacy issues related to
data generated by automobiles and lack of infrastructure to support
vehicle connectivity are posing to be hindrances to the growth of the
global connected car devices market.
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The global connected car
devices market can be segmented on the basis of communication type,
connectivity mode, product type, vehicle type, electric vehicles and
region. Based on communication the global market can be segmented
into vehicle to vehicle, vehicle to infrastructure, vehicle to
pedestrian and others. By connectivity mode, the connected car
devices market can be segregated into dedicated short range
communication and cellular network/Wi-Fi. Dedicated short range
communication is anticipated to acquire larger share of the market
during the forecast period, as the short range communication
technologies (Radar and LiDar) used by this technique allows swift
communication between connected car networks and are used for several
applications in the modern automobiles. On the basis of product type,
the global market can be classified as driver assistance system,
telematics and others. Driver assistance systems include adaptive
cruise control, blind spot detection, intelligent parking assist,
lane departure warning, pedestrian detection system and road side
recognition among others. Telematics is set to record swift growth
from 2017 – 2025, as it has been mandated in most of the advanced
economies of North America and Europe and this mandate is anticipated
to be followed from 2019.
The global connected car
devices market can be further segmented by vehicle type into
passenger vehicles, light commercial vehicles and heavy commercial
vehicles and by electric vehicle type into hybrid electric vehicle,
plug-in hybrid electric vehicle, battery electric vehicle and fuel
cell electric vehicle. Additionally, the market can be classified
geographically into North
America, Europe, Asia Pacific, South America and Middle East and
Africa. Among these regions, Asia Pacific is expected to witness the
highest growth rate during the forecast period, owing to stringent
government regulations and rapidly increasing vehicle production in
countries such as China, India and Japan among others. Improving
socio-economic condition in this region has resulted in augmented
demand for premium segment passenger vehicles, which is in turn
expected to steadily bolster the growth of the connected car devices
market in the coming years.
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