ALBANY, New York, September 26, 2013 /PRNewswire/ --
According to a new market report published by Transparency Market Research "Connected Car Market -Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013- 2019," the global connected car market is expected to reach USD 131.9 billion by 2019, growing at a CAGR of 34.7% from 2013 to 2019. 4G/long-term evolution (LTE) technology is in a commanding position due to its lower operating costs associated with high data transmission volumes as compared to other technologies.
Browse the full report with complete TOC at http://www.transparencymarketresearch.com/connected-car.html
The global connected car market is primarily driven by factors such as growing awareness about safety and security and need for connectivity. Safety and security services such as emergency call (eCall) and stolen vehicle tracking (SVT) are becoming popular among consumers. Demand for other services such as gaming, entertainment, traffic information, and weather and location information is further supporting the growth of this market.
Among the major connectivity technologies, 4G held more than 30% of the entire connected car market in 2012 due to its high speed and simplified network architecture. In terms of connectivity solution, integrated solution dominated the global connected car market in 2012. This is because it eliminates the requirement of costly hardware in vehicles unlike tethered solution. The demand for integrated solution is driven by government mandates in developed regions namely U.S. and Europe. China is expected to be the largest consumer for this solution in coming years owing to growing usage of web-based applications. Due to the growing demand for traffic information services among consumers, navigation application is popular among masses. Among all the application segments, navigation dominated the global connected car market with more than 40% share in 2012.
North America was the biggest consumer of connected cars and held more than 50% share of the entire connected cars market in 2012. The reason behind this is the heavy internet usage, especially online mobility in the region. Asia Pacific will be the fastest growing region in coming years, fueled by the increasing demand from China, India, and Australia.
This industry is concentrated with many multinational players across different categories such as vehicle manufacturers, wireless module providers, technology platform provider, connectivity software developers and network service providers. Vehicle manufacturers namely General Motors, Hyundai Co., Ford Motor Company, Mercedes-Benz, and Audi among others sign agreements with other category players such as, application providers, wireless module developers, platform providers, and connectivity network providers. Microsoft Corporation, Verizon Communications, AT&T, Intel, Sierra Wireless, Broadcom Corporation, Gemalto, T-Systems, T-Mobile, and Delphi Automotive LLP, among others are few market leaders across aforementioned categories.
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The report segments the global connected car market as:
Connected Car Market, by Connectivity Technology:
- 4G technology
- 3G technology
- 2G technology
Connected Car Market, by Connectivity Solution:
Connected Car Market, by Application:
Connected Car Market, by Geography:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Rest of the World (RoW)
- Middle East
- Latin America
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