GLOBAL INDUSTRY INSIGHT:
Global Connected Car Market Analysis, Development and Demand
Forecast to 2020
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Global Connected Car Market to Witness 27% CAGR during 2015 – 2020
The global connected car market is expected to grow from $25,263.3 million in 2014, and reach
$137,780.8 million by 2020, growing at a CAGR of 26.9% during 2015 – 2020. The global
connected car market, comprising sensors, processors, wireless & cellular modules, fleet manager,
OEM services and aftermarket services is driven by the availability of fast and advanced
communication & connectivity solution. With the enhancement for safer driving experience fueled
with favorable rules & regulations in different countries would also favors the growth of connected
car market across various geographic regions.
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The adoption of connected car in North America is high owing to the widespread connectivity
solutions and ease in availability of products and services with government regulations for driver
safety. The European region is showing huge market potential for the adoption of connected car.
This growth is highly complimented with the eCall regulations, mandated by the European
Parliament for the installation of eCall systems in the cars manufactured from the year 2015. Other
regions such as Asia-Pacific would become the prominent market for connected cars owing to high
growth in automotive market and enhancing connectivity infrastructures.
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The advancement in infotainment systems and increasing connectivity through wireless networks
are the two main factors, which would help enhancing the market growth for connected cars.
Furthermore, rising consumer demands in accordance with growing number of tech savvy people,
increasing...