The market projected to be almost US$ 42.6 billion by 2018. The market for it in Europe is estimated to be worth US$ XXX.XX million in 2015 and it is expected to grow at XXX.XX% CAGR to US$ XXX.XX mn by 2022. The connected car market in Europe competes with that of North America. This market consists of hardware (like memory devices, processors & sensors), technologies (HSPA, LTE, Wi-Fi), and services (safety, post-purchase, etc.)
According to Cisco, one of the leading smart car technology makers of the world, the Internet of Cars can unlock about US$1400 in benefits each year per vehicle. Higher connectivity through a maingrid knowledge frame will make smart car technology-fitted automobiles cognizant of which routes to take, and which to avoid, for greater time saving, and even safety. There are a slew of benefits from this – less traffic, more productivity, lesser accidents, lower insurance costs, immediate and automatic crisis notification and response, and much more.
Other benefits include remote sensing between cars – the smart automobiles of the future will be able to drive themselves, staying connected through smart networks with adjacent vehicles on the road, sharing information about road safety pooled and accessed through Big Data, and much more. Transportation would no longer be restricted to manual attention on the road, but can actually be used for productive purposes. Furthermore, transport infrastructure will benefit from an automated and well organized transport system. Fuel savings will culminate from timely reminder for servicing, taxation and pricing for vehicles. Most easily scalable benefits of connectivity desired by customers include accessing mobile applications without a jeopardizing life on the road, and tethering of mobile phone connections to the car to access internet while driving.
The ecosystem for such a transportation system will be difficult to instate, but will guarantee efficiency, savings, and high returns. Moreover, an enthusiastic range of smart car vendors, outdoing each other in terms of technologies offered are testing cars of the future. Technology, as well as automobile bigwigs are pooling in their R&D to make prototypes which have been launched, and others which are slated to be launched soon. Some of technology players leading the game are Google, Canada based QNX, Delphi, Cisco, AutoTalks, NVidia, Mobileye, and others.
The added advantage to these new generation cars, fitted to perform almost all connectivity and technological functions without manual intervention is the freedom to use clean/bio fuel for powering the cars, opening the door to another related and extremely relevant market.
High and increasing demand for connected electrical vehicles for a slew of benefits will drive the connected car market in Europe.
High cost, issues related to privacy online, security, fear of malfunction & breakdown were the top challenges expected to form the bottlenecks for this market in Europe.
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