Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- A new research report by the market intelligence agency Transparency Market Research titled Connected Car Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019 articulates the global connected car market which is projected to be worth USD 131.9 billion by the end of the year 2019.
Connected cars are vehicles equipped with internet access and also with a Wireless Local Area Network (WLAN) that can be shared with the navigation and infotainment systems, as well as with the passengers inside. These cars are equipped with technologies which provide additional benefits to the driver such as security, emergency call, traffic information, weather information among others.
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Connected cars are equipped with a wireless local area network (LAN), infotainment unit, head unit, and an in-dash system with a monitor. The monitor helps the user to manage and control various functions in the car. Growing need for connectivity has propelled the growth of the global connected cars market. Government mandates regarding automobile safety across nations will further augment the market growth. However, the report points out that the global connected car market will be restricted by the high hardware and communication cost as well as complex user interfaces. Growing concerns about safety caused by driver distraction in connected cars will negatively impact the market. Advancements in network technology will open new opportunities for the global connected car market.
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On the basis of connectivity technology, the report segments the global connected car market into 2G (GSM, GPRS, EDGE), 3G (UMTS, HSPA, HSPA+), and 4G (LTE). Of these, 4G is the fastest connectivity technology and in 2012 it held more than 30% of the market with users preferring it to download newest apps and services in a vehicle. In terms of application, the report categorizes the connected car market into telematics, navigation, and infotainment. Growing demand for real time updates about traffic made navigation as the most sought after application in 2012. A navigation system with voice commands and real-time traffic data helps the user to navigate easily.
According to connectivity solution, the global connected car market has been divided into integrated, tethered, and embedded. Integrated segment accounted for more than half of the overall market share in 2012.The report studies the global connected car market across four key regions: Asia Pacific, Europe, North America, and Rest of the World. In 2012, North America dominated the overall connected car market owing to the technological advancements in the entertainment head units and growing usage of smartphones. During the forecast horizon, the report estimates that there will be a growing demand for luxury and high-tech vehicles from the U.S. and Europe.
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The report profiles some of the major players in the global connected car market such as BMW AG, General Motors, Ford Motor Company, Sierra Wireless, Gemalto, Audi, Mercedes-Benz, Hyundai Motor Co., Toyota Motor Corporation, Delphi Automotive, Verizon Communications, and Microsoft Corporation.
The research study has been segmented as below:
Connected Car Market, by Connectivity Technology:
- 4G technology
- 3G technology
- 2G technology
Connected Car Market, by Connectivity Solutions:
Connected Car Market, by Application:
Connected Car Market, by Geography:
- North America
- Asia Pacific
- Rest of the World (RoW)
Other Reports Published By Transparency Market Research:
Car Rental Market
Car Air Fresheners Market
NEV Taxi Market
Transportation Management Systems Market
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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Source:Transparency Market Research