Market Research Report
North America Connected Car Market - Growth, Trends, and Forecast (2020 - 2025)
|Published by||Mordor Intelligence LLP||Product code||938144|
|Published||Content info||70 Pages
Delivery time: 2-3 business days
|North America Connected Car Market - Growth, Trends, and Forecast (2020 - 2025)|
|Published: May 1, 2020||Content info: 70 Pages||
The North America Connected Car Market is poised to register a CAGR of over 25 % during the forecast period (2020 - 2025).
Software Advancements Driving the Market
The connected cars are the result of a partnership of different sectors which are previously not been the participant in the automotive industry, where vehicles are now becoming more software governed. Over the past two years, the involvement of software giants and electronics companies has been increasing significantly in the automotive industry towards growing connected vehicles trend. For instance,
The Microsoft Connected Vehicle Platform includes its edge technology, cloud infrastructure, AI, and IoT services, along with that regulatory compliance with Microsoft Azure. It supports vehicle manufacturers to provide safety, comfort and connected driving experiences to the customers. Whereas in January 2020, Luxoft announced that they are expanding their partnership with Microsoft for connected vehicle solution, with this technology development strategy, the software engineering firm Luxoft is planning to develop new features such as advanced diagnostics, remote repair, and preventive maintenance. Similarly, in 2019, Otonomo has partnered with Microsoft for connected vehicle technologies.
In 2018, Hyundai and Cisco entered into a partnership to develop hyper-connected cars. This collaboration has created a Software Defined Vehicle platform that provides enhanced security and networking.
Growing Electric Vehicles Witnessing Market Demand
Globally, trends like autonomous driving, connectivity, and electrification in vehicles are driving the automotive industry. For electrification to get into the mainstream, there should be connectivity between charging infrastructure and electric vehicles. Connectivity helps the EV owner to get important information such as location and availability of charging stations, battery monitoring, and smart charging. For instance, in 2019, Ford launches North America's largest electric vehicle public charging network, Ford Connected Charge Station comes with many connectivity features and the network will include more than 12,000 charging stations which will have nearly 35,000 plugs.
Similarly, EV Connect, a cloud-based software company for electric vehicle charging stations that are currently joined hands with DTE Energy to fund EV charging infrastructure in Michigan. Under this partnership, the target is to add around 1,000 charge ports in the state of Michigan.
Currently, Electric vehicles have captured nearly a 2% share in the total United States car fleet. With the active participation of industry players and government organizations towards EV industry development, the growth of electric vehicle adoption is expected to improve in the future. Vehicle manufacturers are launching new electric models with the connection and bandwidth capabilities to handle consumer new demands.
For instance, in 2019, VOLVO launched its electric XC40 Recharge in Los Angeles. It comes with a range of nearly 200 miles and has a new infotainment system built on Google's embedded android automotive software.
The North America connected car market is dominated by major players like General Motors, BMW AG, Daimler AG, Volkswagen AG, etc. The companies are making partnerships for developing more advanced technology, and for being ahead in the competition, as OEMs have started offering connected car features in their new respective models. For instance,