Safe and comfortable driving experience being the most important features of a connected cars contribute equally to the key factors influencing the growth of connected car services market. Over a last few years, technological advancements have remarkably altered the way people traveling. It has been observed that completion has been started to build a fully connected cars is on the way. It is anticipated that till the year 2020 more than half of the cars will be connected through advanced technologies.
Connected car services can include services related to organizational development, vehicle safety, usage of service roadmaps, application software, automotive security, end to end testing and smart phone applications. Mainly Connected car services offerings include Built in components such as advanced infotainment, telematics, in-vehicle networking, Comfort Systems and other electronic components. A great safety experience will make the drive safer with Crash Avoidance, Traffic Updates and Intersection Movements. These connected car services also enable service providers and manufacturers to deliver a range of services such as Remote Diagnostics, Roadside Assistance and Emergency Calls. While infotainment services provide advanced HMI features exceptional user experience (UX) with graphics and 3D animation for in-vehicle infotainment
Connected car services market: Drivers and Restraint
Making the driving safer, more comfortable and more efficient is the main driver of the connected car services market. To achieve this, vehicles must intercommunicate with the traffic infrastructure, with other vehicles and with the mobile devices of the driver. Along the Connected-Car economic value chain Vehicle-OEMs, App developer, infotainment providers as well as content and service provide with a luxurious driving experience. Now this being the most important reason is definitely the key factor to driving the connected car services market. The more technologically advanced connected car advanced connected car services which increase the demand for connected car services in the market. Therefore, companies are majorly providing connected car services services are bound to gather more demand in the market.
However, high implementation cost can prove to be a restraint for developing economies in connected car services market. But rising disposable incomes and luxurious experience will still drive the growth of connected car services market in the developed economies.
The Connected car services market is sub-segmented into 7 key regions- North America, Latin America, East Europe, West Europe, Asia-Pacific excluding Japan, Japan and Middle East & Africa.
Western Europe has the highest CAGR for connected car services and the trend is anticipated to continue for the next few years. Following Western Europe, North America is expected to exhibit a promising CAGR, the main reason for this being the rising disposable incomes as well a significant shift to connected services in this region. U.S. being the primary contributor to the rise in CAGR. Eastern Europe can be expected to show a moderate CAGR. While, Middle east and Africa possessing low CAGR, being developing regions, still strive to witness a significant shift to these luxuries, with the trend expected to continue over the years.
In June 2014, Accenture has signed a contract with Fiat-Chrysler Group to develop the advanced connected car services for its UconnectTM systems in Europe, Middle East and Africa (EMEA).
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