Global connected car market revenue to reach $180.3bn by 2022
A new research report from Grand View Research predicts that global connected car market revenue will reach $180.30 billion (£138.2bn) by 2022.
The report argues the increase in consumer demand, the constant need for connectivity, as well as increased dependency on technology and a growing number of tech-savvy people are some of the reasons expected to boost worldwide connected car market growth.
The study lays down further key findings that suggest:
- The inclusion of safety technologies such as danger warning systems, automatic emergency calling, blind spot alerts, and anti-collision systems accounted for over 34% of the market share in 2014. These technologies are expected to result in an overall reduction in road mishaps and accidents thus reducing the overall on road fatalities.
- Driver assistance systems are expected to grow at a CAGR of 31% by 2022, owing to recent developments in driver assistances systems such as Volkswagen’s Emergency Assist, which automatically applies the brakes and stops a car in case of an emergency; and BMW’s autonomous parking valet, which automatically parks a car even after the passenger’s exit have set benchmarks for driver assistance systems in the connected vehicle industry.
- The Asia-Pacific region will likely to grow at a CAGR of over 29% by 2022 due to considerable automobile demand in the region coupled with a relatively untapped market for sophisticated automotive communications in the region. China and India are expected to drive the industry growth during the next seven years.