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Global Connected Vehicle Market: By Type: Embedded Solutions, Integrated Solutions, Tethered Solutions; By Vehicle Type: Passenger Car, Truck, Others; Industry Opportunities and Challenges; Regional Analysis; Historical Market and Forecast (2016-2026); Market Dynamics; Competitive Landscape; Industry Events and Developments
Global Connected Vehicle Market Outlook
The global connected vehicle market stood at a value of around USD 77.1 billion in 2020. The market is further expected to grow at a CAGR of 17% in the forecast period of 2021-2026 to attain a value of around USD 209.9 billion by 2026.
Rising Demand for Passenger Cars to Augment the Market Growth of the Global Connected Vehicle Industry
Based on vehicle type, the passenger car segment is expected to hold a significant share in the connected vehicle industry during the forecast period. This growth can be attributed to the rising population across the globe and the increased demand for vehicles. In addition, the increasing disposable incomes, improved living standards, and heightened accessibility to passenger vehicles are also expected to aid the market growth. In this regard, the growing dependency on technology is also propelling the adoption of connected vehicle technology to provide connectivity solutions such as machine-to-machine connectivity systems. These factors are predicted to drive the market growth in the coming years.
North America to Occupy a Significant Market Share in the Connected Vehicle Industry Globally
North America is predicted to hold a significant market share in the connected vehicle industry. The presence of advanced technology and the high consumer purchasing power in the region have been aiding the industry growth with the increased adoption of connected vehicles. Moreover, the growing research and development activities by the leading domestic players to innovate advanced vehicle technology are expected to further aid the market in the forecast period.
Connected Vehicle: Industry Definition and Segmentation
Connected vehicle technology is an emerging phenomenon wherein vehicles are able to connect with other nearby devices through wireless networks such as entertainment devices, smartphones, or other car systems. This concept is increasingly being utilised to formulate Intelligent Transportation Systems (ITS). In addition, this technology also provides parking and road safety assistance, infotainment, and global positioning system facilities, among others.
By type, the market is distributed into:
- Embedded Solutions
- Integrated Solutions
- Tethered Solutions
On the basis of vehicle type, the industry can be categorised into:
- Passenger Car
- Truck
- Others
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Increased Demand for Improved Vehicle Safety to Augment the Growth of the Global Connected Vehicle Industry
The rising demand for improved vehicle safety in order to reduce road accidents is anticipated to aid the industry growth in the forecast period. According to the UN statistics, approximately 1.3 million people succumb to road accidents every year, with around 20-50 million non-fatal injuries. In this regard, the connected vehicle technology helps connect digital devices nearby with the vehicle to provide the driver with information such as the density of pedestrian population or two wheelers ahead in the route. Moreover, the increasing technological dependency is driving consumers to invest in vehicles that provide connectivity features, for instance, to engage with music streaming applications or audiobooks, or attend a call safely while on the go. Furthermore, this technology is estimated to help reduce traffic jams and road congestion by diverting oncoming vehicles from areas observing high traffic density. These factors are expected to aid the market growth in the coming years.
Key Industry Players in the Global Connected Vehicle Market
The report gives a detailed analysis of the following key players in the global connected vehicle market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Airbiquity Inc.
- CloudMade Holdings Limited
- Robert Bosch GmbH
- Intellias Ltd.
- The Luxoft Holdings, Inc.
- Others
The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model and SWOT analysis.
*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Connected Vehicle Market Analysis
8.1 Key Industry Highlights
8.2 Global Connected Vehicle Historical Market (2016-2020)
8.3 Global Connected Vehicle Market Forecast (2021-2026)
8.4 Global Connected Vehicle Market by Type
8.4.1 Embedded Solutions
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2016-2020)
8.4.1.3 Forecast Trend (2021-2026)
8.4.2 Integrated Solutions
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2016-2020)
8.4.2.3 Forecast Trend (2021-2026)
8.4.3 Tethered Solutions
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2016-2020)
8.4.3.3 Forecast Trend (2021-2026)
8.5 Global Connected Vehicle Market by Vehicle Type
8.5.1 Passenger Car
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2016-2020)
8.5.1.3 Forecast Trend (2021-2026)
8.5.2 Truck
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2016-2020)
8.5.2.3 Forecast Trend (2021-2026)
8.5.3 Others
8.6 Global Connected Vehicle Market by Region
8.6.1 Market Share
8.6.1.1 North America
8.6.1.2 Europe
8.6.1.3 Asia Pacific
8.6.1.4 Latin America
8.6.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2016-2020)
9.1.2 Forecast Trend (2021-2026)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2016-2020)
9.2.2 Forecast Trend (2021-2026)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2016-2020)
9.3.2 Forecast Trend (2021-2026)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2016-2020)
9.4.2 Forecast Trend (2021-2026)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2016-2020)
9.5.2 Forecast Trend (2021-2026)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 EMR’s Key Indicators for Demand
10.4 EMR’s Key Indicators for Price
11 Value Chain Analysis
12 Competitive Landscape
12.1 Market Structure
12.2 Company Profiles
12.2.1 Airbiquity Inc.
12.2.1.1 Company Overview
12.2.1.2 Product Portfolio
12.2.1.3 Demographic Reach and Achievements
12.2.1.4 Certifications
12.2.2 CloudMade Holdings Limited
12.2.2.1 Company Overview
12.2.2.2 Product Portfolio
12.2.2.3 Demographic Reach and Achievements
12.2.2.4 Certifications
12.2.3 Robert Bosch GmbH
12.2.3.1 Company Overview
12.2.3.2 Product Portfolio
12.2.3.3 Demographic Reach and Achievements
12.2.3.4 Certifications
12.2.4 Intellias Ltd.
12.2.4.1 Company Overview
12.2.4.2 Product Portfolio
12.2.4.3 Demographic Reach and Achievements
12.2.4.4 Certifications
12.2.5 The Luxoft Holdings, Inc.
12.2.5.1 Company Overview
12.2.5.2 Product Portfolio
12.2.5.3 Demographic Reach and Achievements
12.2.5.4 Certifications
12.2.6 Others
13 Industry Events and Developments
List of Figures and Tables
1. Global Connected Vehicle Market: Key Industry Highlights, 2016 and 2026
2. Global Connected Vehicle Historical Market: Breakup by Type (USD Billion), 2016-2020
3. Global Connected Vehicle Market Forecast: Breakup by Type (USD Billion), 2021-2026
4. Global Connected Vehicle Historical Market: Breakup by Vehicle Type (USD Billion), 2016-2020
5. Global Connected Vehicle Market Forecast: Breakup by Vehicle Type (USD Billion), 2021-2026
6. Global Connected Vehicle Historical Market: Breakup by Region (USD Billion), 2016-2020
7. Global Connected Vehicle Market Forecast: Breakup by Region (USD Billion), 2021-2026
8. North America Connected Vehicle Historical Market: Breakup by Country (USD Billion), 2016-2020
9. North America Connected Vehicle Market Forecast: Breakup by Country (USD Billion), 2021-2026
10. Europe Connected Vehicle Historical Market: Breakup by Country (USD Billion), 2016-2020
11. Europe Connected Vehicle Market Forecast: Breakup by Country (USD Billion), 2021-2026
12. Asia Pacific Connected Vehicle Historical Market: Breakup by Country (USD Billion), 2016-2020
13. Asia Pacific Connected Vehicle Market Forecast: Breakup by Country (USD Billion), 2021-2026
14. Latin America Connected Vehicle Historical Market: Breakup by Country (USD Billion), 2016-2020
15. Latin America Connected Vehicle Market Forecast: Breakup by Country (USD Billion), 2021-2026
16. Middle East and Africa Connected Vehicle Historical Market: Breakup by Country (USD Billion), 2016-2020
17. Middle East and Africa Connected Vehicle Market Forecast: Breakup by Country (USD Billion), 2021-2026
18. Global Connected Vehicle Market Structure
Key Questions Answered in the Report
In 2020, the global connected vehicle market attained a value of nearly USD 77.1 billion.
The market is projected to grow at a CAGR of 17% between 2021 and 2026.
The market is estimated to witness a healthy growth in the forecast period of 2021-2026 to reach USD 209.9 billion by 2026.
The major drivers of the industry, such as the increased demand for passenger cars, the rising concerns of road accidents, the rapidly growing global population, rapid technological advancements, rising demand for on-the-go digital connectivity solutions such as music streaming services, and rising investments to develop enhanced vehicle technology, are expected to aid the market growth.
The key market trends guiding the growth of the industry include the increased demand for improved vehicle safety.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The significant segments based on type include embedded solutions, integrated solutions, and tethered solutions.
The significant vehicle types include passenger car, truck, and others.
The major players in the industry are Airbiquity Inc., CloudMade Holdings Limited., Robert Bosch GmbH, Intellias Ltd., The Luxoft Holdings, Inc., and others.
Analyst Review
The global connected vehicle market attained a value of USD 77.1 billion in 2020, driven by the increased demand for passenger cars among consumers. Aided by heightened demand for vehicle safety, the market is expected to witness a further growth in the forecast period of 2021-2026, growing at a CAGR of 17%. The market is projected to reach USD 209.9 billion by 2026.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. On the basis of type, the market can be segmented into embedded solutions, integrated solutions, and tethered solutions. By vehicle type, the industry can be segmented into passenger car, truck, and others. The major regional markets for connected vehicle are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Airbiquity Inc., CloudMade Holdings Limited., Robert Bosch GmbH, Intellias Ltd., The Luxoft Holdings, Inc., and others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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