Global Connected Cars Market: Growth Forecast and Demand Analysis
Disruptions in the automotive sector are a result of changing consumer preferences and technological inventions. In the automotive industry, innovative automakers, software developers, and technology companies are leading intrinsic transformation. This shift will expand automotive perquisite with new business models. They are refining and redefining exiting technologies with artificial intelligence to give the safest driving experience to their buyers. The focus from the vehicle’s internal functions is now shifting to developing the car’s ability to connect with the outside world and enhance the in-car experience. This new upcoming technology in the automotive industry is connected cars that is able to optimize its own operation and maintenance along with passenger’s convenience and comfort using onboard sensors and internet connectivity.
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(2018 - 2023)
Connected cars market players are developing vehicles that are equipped with internet access or wireless local area network. This allows them to share data with other devices both inside as well as outside the vehicle. The shift will expand revenue of the industry as it is induced by new orientation such as connectivity services, advanced driver assistance systems, electric vehicles, and feature upgrades. This advancement is also encouraging new players to enter the connected cars market with innovative products and services. Additionally, new vehicle safety norms are encouraging automakers to secure vehicle data from remote hacking and malfunctioning, which in turn is increasing the demand for connected cars.
OICA Lauds Prospects of Connected Cars Market
The President of International Organization of Motor Vehicle Manufacturers (OICA) declared that “Modern automobiles have already made tremendous advances in terms of safety and environmental performance. A next, giant step could well be possible with the deployment of Intelligent Transport Systems technologies, whereby vehicles “talk” to each other as well as with the roadway infrastructure. Vehicles will transmit and receive crucial information to and from other vehicles as well as to and from the roadway infrastructure. Such electronic information, if delivered accurately, reliably and timely, is expected to have major positive implications for the road safety as well as for mobility and the environment.”
Connected Cars Market: Disruptive Trends
- Many technologies are completely transforming the driving experience such as driverless cars that can drive itself with no human intervention under certain circumstances using some communication protocol such as vehicle to vehicle (V2V) and vehicle to infrastructure (V2I) technologies. The artificial intelligence (AI) software in vehicles’ infotainment system serve as a virtual personal assistant with the ability to respond to voice commands and guiding drivers in navigation systems. With increasing use of sensors and other technologies, AI is the key for autonomous driving that requires major enhancements in vehicles and infrastructure. This effort will increase demand in both automobile and construction sector that will automatically increase revenue in the connected cars market.
- Automotive telematics play a vital role in monitoring vehicle infirmity and smart maintenance service. V2V allows vehicles on a road to talk with each other by sharing data on speed, road conditions, and other factors through improvised network created among vehicles. This helps the vehicles to avoid crashes, and ease traffic congestion. The upcoming trend in the automotive industry is vehicle to everything (V2X) technology that will make vehicles to communicate with smart traffic signals. Sensors such as LiDAR, radar, cameras, and ultrasonic in connected cars are impacting auto safety, security, and vehicles maintenance costs.
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Passenger safety is paramount for the automotive industry players and the emergence of AI is giving birth to new prospects such as connected cars wherein vehicles communicate among themselves as well as outside infrastructure to avoid miss-happenings. The automotive original equipment manufacturers and third party sensors and software vendors from the communication industry are aiding the automotive industry and the global connected cars market is poised for a fruitful future.
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