Connected Cars To Total 37.7 Mn Units by 2022: Study
Connected car market is expected to grow from 5.1 Million units in 2015 to 37.7 Million units by 2022, at a CAGR of 35.54 percent, states a research by MarketsandMarkets.
Rising demand for embedded infotainment system, usage-based insurance (UBI), implementation of intelligent transportation system (ITS), and government mandates on telematics application are expected to drive the growth of the connected car market.
Moreover, rapid urbanization in Asia Pacific (APAC) countries also contributes to the growth of the connected car market.
North America, which comprises the U.S., Mexico, and Canada, dominates the connected car market on a global level.
Traditional methods of infrastructure expansion are no more a viable solution to address traffic congestion, hence alternative solutions are required. Connected cars, with the additional application of telematics and navigation, present an ideal solution to this issue.
Telematics application which includes eCall, fleet management, remote diagnosis, and usage-based insurance (UBI) services is expected to grow at the highest CAGR during the forecast period.
The government mandates on telematics application, implementation of intelligent transportation system (ITS), rapid urbanization, and rising demand for UBI are expected to drive the connected car market for telematics application during the forecast period.
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