Connected vehicles are taking over the conventional vehicles. The market of connected cars is essentially complex and still in its introductory phase. These facts make it a potential market for budding businesses and established players, who can find a lot to explore in this market. Connected cars or vehicles are nothing bit the vehicles that have internet access. These vehicles are connected with a wireless local area network or WLAN; hence, they are called as connected cars or vehicles. Such cars can easily share internet access to various other devices and can enjoy advanced technologies that enable their experience of smart transportation. Connected cars could be both advanced luxury cars and basic electric cars that provide the added intelligence to the drivers and users of these cars.
Threats and Opportunities in Connected Cars Market
Both existing and expected demands for connected cars are growing from strength to strength. This fact creates greater opportunities for the business owners and manufactures for growth and profit. Market research analysis for connected vehicles shows great prospects for economic growth in this field. The global market for connected vehicles is segmented based on products and services, the technologies that are used for internet access, applications, form factors and geographic locations. All these are major factors to study, while contemplating about the future prospects for growth in the connected cars market.
Wi-Fi, LTE or long-term evolution, 3G and HSPA or high-speed package access are the major connectivity technologies that are used for connected vehicles across the globe. According to research, the LTE is likely to be used as the main solution for connectivity, especially, when the cars are in motion. In current scenario, mobile network provide powerful solution in terms of connectivity. However, these networks create major problems in rural areas, where there are not network towers. This fact affects the cloud service, to which LTE could be a great solution. Vehicles can be connected by various techniques such as tethering, integrating or embedding.
The Connected Car Market provides direct channels for revenue from its applications, content and various services. Expert researchers believe that the market of connected vehicles will be highly driven by software updates. Future growth of this industry including its components largely depends on the system of various automotive companies and car manufacturers and their openness to include third party devices and application in their vehicles. There could be a common solution to all the leading vehicle manufactures to bring peace amongst application developers and their own business.
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