The Global Connected Car Market size is projected to reach USD 212.7 billion by 2027, from an estimated value of USD 42.6 billion in 2019, at a CAGR of 22.3%, driven by the developments in connected technology.
For instance, Continental announced that it was developing a flexible 5G hybrid platform V2X solution that allows both mobile network communication and rapid and reliable direct exchange of data. This solution integrates technologies not only for 4G and 5G network access but also for Dedicated Short Range Communication (DSRC) and cellular-V2X for direct V2X communication. This enables vehicle manufacturers to overcome a big challenge when deploying V2X on a global scale.
The global connected car market is dominated by major players such as Continental (Germany), Bosch (Germany), HARMAN (US), Airbiquity (US), and Visteon (US).
Opportunities:
- Emergence of Various Technologies Such as 5G and AI
- Increasing Popularity of Automation in Automotive Sector
- Developments of Ride Sharing and Mobility Services
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The ECU plays a vital role in the connected car system and helps control different electronic systems of connected cars. The data generated through the hardware components are integrated into the ECU and transmitted to the cloud platform. Due to increase in number of electronics systems, the number of ECUs has increased, thereby adding to the complexity of vehicles. Hence, to reduce the complexity of ECUs, companies have started to consolidate many ECUs and focused on their R&D efforts to develop and standardize ECUs with higher capacity range.
Aftermarket connected car services are expected to become the largest connected car market segment in terms of revenue generation. OEMs offer many services, such as remote diagnostics, navigation, multimedia streaming, and on-road assistance, as a monthly subscription that the customer could renew as per need. Due to increase in demand for safety and comfort features in cars, the demand for these services in the aftermarket is expected to increase during the forecast period.
Many OEMs offer free service subscription for a specified time. For instance, Hyundai offers a free subscription for three years. The monthly subscription charges differ based on packages. The average monthly subscription cost is approximately USD 50–60, depending on the type of package selected. OnStar customers pay USD 24.99 for its safety & security services, including automatic crash response and emergency services; and USD 59.99 for the safety and security package plus unlimited access.
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North America is estimated to be the fastest market due to growth in the US market. With the advent of IoT and vehicle-to-vehicle (V2V) connectivity solutions, the North American connected car market is witnessing impressive growth. The NHTSA is promoting connected car safety technologies such as dynamic brake support, crash imminent braking, and pedestrian automatic energy braking, to help improve road safety. This has also compelled the US connected car market players to take strategic measures, such as partnerships and acquisitions, to strengthen their existing connected car portfolios and introduce enhanced technologies with better safety and security protocols. For instance, in 2017, DENSO Corporation entered into a partnership with FotoNation, an image recognition technology developer, to use FotoNation’s technology to improve the performance of its Driver Status Monitor for enhanced driver safety in connected cars. In 2018, DENSO acquired a stake in the US startup, Metawave Corporation, to deploy Metawave’s radar-sensing technology in its automated radar system for connected cars to help detect pedestrians and vehicles in the path.
Recent Developments:
- In September 2019, Continental launched CoSmA Solution, a digital door opener for Honda e. This is a smartphone-based access solution that will enable Honda e owners to open their vehicles or share the key with others using just their smartphone. Using the My Honda+ App, customers can unlock the car remotely via Bluetooth Low Energy (BLE). The new Honda e would be available from 2020 onward in Europe.
- In July 2019, Bosch developed a new cloud-connected software service to manage and monitor the battery life of electric vehicles. The new connectivity would enable companies to remotely monitor and manage the battery status to reduce wear and tear on the batteries by up to 20%.
- In June 2019, HARMAN unveiled a new Dual-Mode V2X system aimed at enhancing automotive safety. The flexible telematics system features both software and hardware and taps into DSRC and cellular (5G) Vehicle-to-Everything (C-V2X) networks, removing the guesswork for numerous safety system setups.
- In January 2019, Visteon cooperated with Chinese internet technology leader Tencent to develop autonomous driving and intelligent cockpit solutions, initially for the Guangzhou Automobile Group (GAC) R&D Center in China.
- In June 2019, Airbiquity partnered with Wind River, a leader in delivering IoT software for critical infrastructure, to develop an end-to-end software lifecycle management solution for connected and autonomous vehicles, one that spans vehicle to cloud. The solution would enable secure and intelligent over-the-air (OTA) software updates and data management.
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