DALLAS, Texas, - According to a new market research report, "Connected Car Market (2013-2018): By Connectivity Technology (LTE, Wi-Fi, 3G, HSPA); Form Factor (Tethered, Embedded, Integrated); Product and Service (OEM and Aftermarket), Application (Navigation, Telematics, Infotainment) and Geography," published by MarketsandMarkets, the total connected car market is expected to reach shipments of 59.86 million units by 2018, growing at an estimated CAGR of 41.2% from 2013 to 2018.
Thanks to the rapid technological advancements in network and mobile technology such as LTE and WiFi, providing Internet in-car has caught up as an emerging trend. Connectivity in-car is increasingly becoming a must-have feature and key driver to the industry. Consumers' demands and mandates (both - existing and expected) are the prime drivers. Most of the major economies have already introduced one mandate or the other such as eCall in Europe and GLONASS in Russia. Future generations will rely more on cloud-based backend systems for content, information and services. This turning of car into a huge data repository will open new avenues of business opportunities for service industries.
The major companies include General Motors, BMW, Ford, Audi, Diamler AG, Harman International, TomTom, Luxoft, Sierra Wireless, Apple Inc., AT&T, Alcatel Lucent, Verizon, China Mobile, Microsoft, QNX Software, Delphi Automotive and Intel Inc., among others.
The report describes the market trends, drivers and challenges with respect to the connected car market, and forecasts the market to 2018, based on connectivity technology, form factors, products and services, applications and geography. North America is the largest geography in terms of connected car unit shipments and market revenue. APAC has been identified as the fastest growing region, with China leading the way. Europe and the rest of the world also sound promising, with Brazil, Germany and Russia providing impetus to the growth. The report profiles 26 promising players in the connected car market ecosystem.
The competitive landscape of the market presents a very interesting picture, where large number of small players has become a force to reckon with. The market is witnessing large scale collaboration and partnership across the value chain apart from numerous consortiums being formed.