Connected Car Market Size, Share & Trends Report

Connected Car Market Size, Share & Trends Analysis Report By Application (Vehicle Management, Driver Assistance, Mobility Management, Safety, Entertainment, Others), By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: 978-1-68038-648-6
  • Number of Pages: 66
  • Format: Electronic (PDF)
  • Historical Range: 2017 - 2021
  • Industry: Technology

Research Methodology

A three-pronged approach was followed for deducing the connected car market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for connected car market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of connected car market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Connected Car Market Categorization:

The connected car market was categorized into two segments, namely application (Vehicle Management, Driver Assistance, Mobility Management, Safety, Entertainment), and regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).

Segment Market Methodology:

The connected car market was segmented into application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The connected car market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into fifteen countries, namely, the U.S.; Canada; the UK.; Germany; France; China; India; Japan; South Korea; Australia; Brazil; Mexico; United Arab Emirates; Saudi Arabia; South Africa.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Connected Car market companies & financials:

The connected car market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Apple Inc. - Headquartered in the U.S., Apple was founded in the year 1976. The company designs, manufactures, and markets personal computers, media devices and mobile communication, portable digital music players, and sells various related services, software, networking solutions, and accessories. The company provides CarPlay, a service designed for the usage of iPhones in cars. CarPlay connects the phone to the car and enables information on the car’s built-in display.

  • AT&T Inc. - Headquartered in the U.S., AT&T was founded in the year 1984, through an agreement with the U.S. Department of Justice to divest the local telephone operations and retain manufacturing, R&D, and long-distance operations. The company provides wireline and wireless connectivity products and services. The company offers mobile services, connectivity services, next-gen TV, and solutions for businesses. AT&T also provides connectivity solutions such as connected cars, devices, and machines.

  • Audi AG - Founded in the year 1899, Audi AG is headquartered in Germany. The company manufactures cars under its brand name and its scope of work includes design, development, manufacturing, assembling, distribution, and selling vehicles of Lamborghini and Audi worldwide. Audi is a subsidiary of Volkswagen Group and offers cars in its supercar and premium car segment. The company offers Audi connect, a connected car service, to its customers to provide information about weather, traffic, and direction using Google Voice search.

  • BMW Group - Headquartered in Germany, Bayerische Motoren Werke (BMW) was founded in 1916 by Franz Josef Popp. The company manufactures premium brand cars and off-road vehicles under the Rolls-Royce, MINI, and BMW names, as well as motorcycles under the Husqvarna and BMW names. The company has a global reach in more than 140 countries and operates 30 assembly and production facilities in 14 countries. BMW provides its connected drive services & apps that make tasks quicker & easier to perform by connecting with the devices inside the car. BMW ConnectedDrive product portfolio includes features that are convenient during the journey, increase safety levels for passengers, and connect with the infotainment system.

  • CarForce - CarForce is a cloud based enterprise software platform that develops a cloud-based SaaS solution to leverage connected car telematics by provide drivers with real-time updates on customer’s vehicles.

  • Delphi Automotive PLC - Delphi Automotive PLC was established in 1994 headquartered in the UK. Delphi is a global commercial vehicle and automotive company, which markets solutions that help make vehicles safe, green, and connected. The company operates through four business segments including electronics and safety, electrical/electronic architecture, thermal systems, and powertrain systems. Delphi Connect, a wholly owned subsidiary of Delphi Automotive, offers connected products for cars. The connected car is compatible with over 99% of the vehicles from the 1996 model year and the newer ones.

  • Ford Motor Company - Ford Motor Company is headquartered in the U.S. and was established in 1903. It manufactures and distributes automobiles worldwide. Ford’s operating sectors include financial services and automotive. The company’s automotive sector is responsible for the manufacturing and distribution of vehicles; their aligned accessories & spare parts, and vehicle servicing. The vehicles are sold mainly under the Lincoln and Ford brand names. Ford’s internet connected car services include SYNC, SYNC with MyFord Touch, and SYNC 3. These services establish connection between the car and the internet.

  • General Motors Company - Founded in 1908, General Motors (GM) is headquartered in the U.S. The company manufactures cars and trucks along with popular brands such as GMC, Chevrolet, Cadillac, and Buick. General Motors operates through four regional automotive segments, which include GM North America, GM South America, GM Europe, and GM International operations. OnStar, a wholly owned subsidiary of GM, provides in-vehicle security, subscription-based communication, remote diagnostics, navigation, and hands-free calling systems. The service is provided across the U.S., China, Canada, Mexico, and Europe.

  • Google Inc. - Established in 1998, Google Inc. is headquartered in the U.S. The company primarily offers web search services. Google network consists of third-party customers that deliver relevant ads to their websites using Google’s tools and programs. Google is also involved in providing a variety of on and off web tools for business application. Google is involved in developing technology for self-driving cars. The Google self-driving car project by Google X offers technology for automated electric and conventional fuel cars. The self-driving equipment is compatible with Toyota Prius, Lexus RX450h, and Audi TT.

  • NXP Semiconductors N.V. - NXP Semiconductors N.V., headquartered in the Netherlands, is a worldwide semiconductor supplier. The company is categorized into two market segments, namely High Performance Mixed Signal (HPMS) and Standard Products (SP). NXP offers product solutions across a wide range of applications such as identification, wireless infrastructure, lighting, automotive, mobile and industrial, consumer, and computing. The automotive application area comprises automotive lighting, transmission/throttle control, ABS, telematics, car entertainment, in-vehicle networking and car access & immobilizers.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Connected Car Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2017 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Connected Car Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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