The Splendid Eventual Fate of Connected Car Devices Market- in Fast Lane

You will most likely be unable to leave all the heading to your vehicle yet, however you absolutely will inside over the next five to ten years. That is because carmakers are building up an assortment of new innovations that will make vehicles much more carefully associated than they are presently.

Product Overview:

Connected car device are the products used in a vehicle which can optimize its own operation and maintenance as well as the convenience and comfort of passenger enabled with onboard sensors and internet connectivity.

This game-changing concept is called the “connected car.” It can be suitably characterized as a vehicle using telematics and artificial intelligence technologies to communicate with the environment to provide safety, entertainment and importantly, a connected-life understanding.

The Growing Connected Car Devices Market:

Increasing inclination towards vehicle safety and continuously growing fleet, Global Connected Car Devices market is expected to grow at a CAGR of 20.27%, in value terms, during 2017-2022. Improving economic conditions, demand for improvisation of transport system coupled with rising traffic congestions are prominent factors expected to drive the Global Connected Car Devices market during forecast period.

Global connected car devices market is segmented into four categories based on communication type– Vehicle-to-vehicle (V2V), Vehicle-to-Infrastructure (V2I), Vehicle-to-Pedestrian (V2P) and others. In 2016, the global connected car devices market was dominated by V2V market which accounted for a value share of around 38% in global connected car devices market.

What’s Hot in the Connected Car Devices Market?

• Collaboration of Automotive & Technology Giants:

Recently Toyota collaborated with largest domestic carrier NTT to explore various features of the connected vehicle technology. Moreover, together they will study the best possible deployment of data centres and connectivity infrastructure. Minda iConnect Pvt. Ltd. and Microsoft India are engaged in strategic collaboration to develop the connected car technology in India. Ford and Google have planned to work together on self-driving technology, equipped with connected devices. Moreover, General Motors and Lyft, Mercedes and Car2Go have also collaborated to make ridesharing more comfortable and safe. These collaboration of different tech and auto giants is anticipated to provide better technology innovations and safe features for connected car devices.

Guangzhou Auto and Tencent will work together to develop internet-connected cars and artificial intelligence.

Samsung announced a strategic enterprise to develop connected-car technology with Harman, the auto and audio product maker.

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• Growing Demand for Infotainment: Infotainment basically provides information & entertainment to vehicle’s passengers. Examples of infotainment services in the connected cars include music, video, dining, traffic, fuel, and city information, etc. With the upgradation of infotainment technology, many more features are projected to be in-built in the vehicles.

Top gaints of infotainment systems are working aggressively to introduce more technologies to provide better and best features and safety.

Delphi also introduced several new technologies that will continue to drive the market for connected car devices. Delphi’s multi-layer, 3D displays, when connected to the

Infotainment systems, then it will transform vehicle interiors with dynamic and content-rich experiences.

In 2016, Harman’s connected car division also introduced next-generation accessible and complete infotainment platform called Life-Enhancing Intelligent Vehicle Solution.

• Favourable Regulatory & Policy Framework:

Demand for safety and security of drivers and passengers along the roadside is increasing, the demand for connected car devices is also rising globally. There is a significant potential for the products that are helpful in saving lives and detect problem with the vehicle, therefore, different governments are also designing regulatory and policy framework to implement more advanced and helpful connected car technologies.

Projects such as GALILEO, EGNOS, European Emergency Call in Europe, Brazil’s SINIAV & SIMRAV, Russia’s ERA GLONASS United States Dynamic Speed Harmonization (SPD-HARM), Queue Warning (Q-WARN), Cooperative Adaptive Cruise Control (CACC), etc. will be enhancing the demand for connected car devices across the globe.

• Vehicle to Vehicle Communication:

V2V (short for vehicle to vehicle) is an automobile technology designed to allow automobiles to “communicate/talk” to each other.

NHTSA (National Highway Traffic Safety Administration) reported in 2016 that 35,092 people were lost in clangs on U.S. roadways during 2015, an increase from 32,744 in 2014. The In nearly 50 years, 7.2% increase is the largest percentage increase.

New vehicle innovation, for example, connected and autonomous and driving automation frameworks are distinct advantages. Advanced traffic management and Vehicle-to Infrastructure (V2I) communications can level traffic flow as well as reduce pollution and crashes.

Conclusion: Global connected car devices market stood at USD24.65 billion in 2016 and is projected to reach USD74.22 billion by 2022, exhibiting a CAGR of 20.27%, in value terms, during the forecast period. Increasing demand for connected devices, both for the passenger cars and commercial vehicle across various applications, backed by rapidly evolving policy and regulatory framework is forecast to propel growth in the global connected car devices market.