The global connected mobility solutions market is expected to exhibit a robust 19% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global connected mobility solutions market is mainly driven by the growing demand for connected mobility solutions from the automotive industry and the growing demand for the Internet of Things (IoT) in the global manufacturing and industrial sector. The global connected mobility solutions is likely to be driven by the growing array of applications being developed for connected mobility solutions in a number of end-use sectors.
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The automotive industry is likely to be a major consumer in the global connected mobility solutions market over the forecast period due to the growing demand for multimedia entertainment in passenger cars and the growing demand for intelligent automotive transport management solutions that can facilitate easy communication between cars to enable smooth traffic management. The growing demand for easing the problem of vehicular congestion is likely to be a major driver for the global connected mobility solutions market over the forecast period.
A number of vehicle manufacturers have entered into collaboration and research agreements with major connected mobility solution developers in recent years to develop convenient connected mobility suites for automotive applications. This is likely to be major driver for the global connected mobility solutions market over the forecast period, as the demand for automotive intelligence and communicability is likely to grow over the forecast period. The steady development of autonomous cars and the growing commercial potential of the autonomous cars sector in developed parts of the world is likely to further present the global connected mobility solutions market with a slew of potential end-use opportunities over the forecast period.
The growing demand for IoT solutions for facilitating ease in manufacturing operations in the industrial sector is also likely to be a major driver for the connected mobility solutions over the forecast period. The applications of IoT are likely to extend to the residential end-use sector as well due to their immense utility in controlling household appliances and other electronic systems remotely, which is also likely to be a major driver for the global connected mobility solutions market over the forecast period.
Leading players in Connected Mobility Solutions Market include NXP Semiconductors NV, HUBER+SUHNER, Deutsche Telecom AG, Molex Inc., Nokia Networks, Cisco System Inc., Siemens AG, Robert Bosch GmbH, and Mitsubishi Motors Corporation.
In March 2019, BMW entered into a partnership agreement with Daimler AG to merge their mobility services businesses into one entity. This collaboration will allow both companies to expand on their connected mobility solutions product catalog, offering significant commercial prospects and growth opportunities over the forecast period.
In February 2018, Robert Bosch GmbH, a leading German engineering company, launched a new connected mobility solutions unit that develops and deploys digital mobility services.
The global connected mobility solutions market is segmented by technology, application, connectivity, and region.
By technology, the global connected mobility solutions market is segmented into Wi-Fi, Bluetooth, 4G/LTE, and 5G.
Based on application, the connected mobility solutions market is segmented into navigation and telematics. The navigation segment includes road and vehicle monitoring and real-time data capturing and management, while telematics includes in-car, car-to-car, and car-to-infrastructure telematics.
Based on connectivity, the connected mobility solutions market is segmented into tethered connectivity, integrated connectivity, and embedded connectivity.
The North America market is likely to remain the leading player in the global connected mobility solutions market over the forecast period. The growing number of leading connected mobility solutions market players plying their trade in North American countries such as the U.S. and Canada is likely to be a major driver for the connected mobility solutions market in the region over the forecast period. Europe is also a major regional market for connected mobility solutions due to the growing demand for advancements in autonomous cars and traffic management platforms that can enable easy communication between vehicles.
In contrast, Asia Pacific is likely to lag behind the North America and Europe markets due to the lack of demand for autonomous vehicles, though the growing demand for premium passenger vehicles is likely to drive the connected mobility solutions market in the region at a steady growth rate over the forecast period
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