3rd March 2020: The connected car market is expected to grow due to remarkable advances in telecommunication technology over the last few years. Demand for smart transportation has fueled connected car industry and has provided other advantages such as high speed internet, navigation tools, HD touch screens, and varied applications.
Safety Concerns fuel demand for smart transportation
In terms of revenue, the safety systems segment accounted for over 35% in 2014. It is anticipated to grow due to increasing government and transport authority regulations around the world. Safety technologies include dangers and warnings about road and weather conditions, along with the vehicle’s own emergency functions and internal autonomous collision protection. This has resulted in considerable reduction in accidents and road mishaps thus reducing overall on road fatalities.
The inclusion of safety technologies such as anti-collision systems, blind spot alerts, automatic emergency calling, and danger warning systems prevent accidents and has made modern vehicles accident-proof and safer. For instance, Volkswagen’s Emergency Assist System automatically applies the brakes and stops a vehicle in case of an emergency.
Market insights
Product innovations and technological advancements are major factors driving the market growth. Demand from consumers, increased dependency on technology, constant need for connectivity, and increasing amount of technology usage has fueled the growth of the market. The connected car has the potential to boost revenues of automobile manufacturers over the years. On the other hand, unavailability of internet may hamper the growth of the market in the years to come.
The connected car system offers comfort, convenience, safety, and security by connecting drivers to online platforms thus establishing real time communication. Increased dependency on technology and rise in consumer demand for connectivity solutions are the major factors that contribute to the growth of the connected cars industry. Manufacturers and service providers are keen to offer machine-to-machine (M2M) connectivity platform, which enables interconnectivity between two connected cars. Vehicles are equipped with processors and sensors that provide accurate information to the driver, thus propelling the demand and contributing to the growth of the market.
Key strategies of major companies include mergers, acquisitions, and strategic alliances with technological and network service providers to gain an edge over the competitors. Major companies of the connected car market include Alcatel Lucent; Audi AG; BMW; Apple Inc; Ford Motors; and Google Inc.
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