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The global connected car market size is projected to reach USD 48.77 billion by 2027 as a result of the growing presence of automotive original equipment manufacturers (OEMs) in developed economies, shares Fortune Business Insights™ in its report, titled “Connected Car Market Size, Share & COVID-19 Impact Analysis, By Application Type (Mobility Management, Telematics, Infotainment and Driver Assistance), By Network Type (3G, 4G, 5G and Satellite), By Technology Type (Embedded, Tethered and Integrated), By Sales Channel Type (OEM and Aftermarket), By Communication Type (Vehicle to Vehicle and Vehicle to Infrastructure) and Regional Forecasts, 2020-2027”. The report states that the global market value stood at USD 14.34 billion in 2019 and the market is expected to register a stellar CAGR of 26.3% from 2020 to 2027.
The connected car market growth is likely to be negatively impacted by the outbreak of the COVID-19 pandemic as the unhindered transmission of the infection has disrupted vehicle production. In addition, the sudden downturn in the global economy has contracted the demand for cars worldwide, which has further diminished the outlook of this market.
BMW to Upgrade Connected Car Services with New Features
In July 2020, BMW announced that it will be releasing several new software upgrades to its cars, improving vehicle connectivity and navigation. For example, BMW Maps will be more accurate and faster than its previous versions and will not be equipped with cloud-based route calculation. The Connected Parking ability will allow drivers to find parking spots easily, especially in crowded and busy areas. Even more exciting is the BMW Digital Key, which converts an iPhone into a fully digital and secure car key. These upgrades will come preinstalled in BMW’s fresh-from-the-factory cars such as the new BMW 5 Series, while those produced before July will get over-the-air upgrades.
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Increasing Presence of Automotive Cyber Security Companies to Support Growth
The growing demand for cyber security mechanisms in connected cars has led to steadily expanding presence of companies specializing in the development of cyber security solutions for connected vehicles. For example, Seattle-based Centri installs its IoTAS on mobile apps and chips to protect the sensors on vehicles and the data generated from them and requires no internet connection. Similarly, Israel-based Argus Cyber Security equips commercial vehicles with anti-cyber-attack mechanisms that protect all connected components of a car. The success of the company’s offerings has been recognized by large automotive organizations, with Germany-based Continental AG integrating Argus’s cyber security systems in all of its connected vehicle electronics. Another notable example is Aptiv, an auto parts maker based in Michigan that develops cyber security tools for self-driving cars. The trend of equipping connected vehicles with cyber security technologies is accelerating the growth of this market.
Joint Ventures between Key Players to Enhance Market Potential
Dominant players in this market are forming joint ventures to deepen the penetration of communication technologies in automobiles. These ventures are aimed at rapidly enhancing the innovation capabilities of the involved companies to develop and introduce game-changing solutions for connected cars. Moreover, with high-end safety features gaining popularity in emerging economies, the business horizons for the key players in this market are set to broaden in the forthcoming years.
List of Key Players Covered in this Market Report:
Further Report Findings:
Table of Segmentation
Value (USD billion) & Volume (Thousand units)
By Application Type
By Network Type
By Technology Type
By Sales Channel Type
By Communication Type