The global connected cars market is expected to grow 270 percent by 2022 with more than 125 million connected passenger cars with embedded connectivity to be shipped during 2018-2022, a new report said on Tuesday.
According to Counterpoint Research's "Internet of Things Tracker" service, General Motors, BMW, Audi and Mercedes Benz are leading the global connected car market as of 2017.
The market is expected to get a major boost with EU's "eCall" mandate and rising adoption in China.
The "eCall" regulation requires all new cars to be equipped with "eCall" technology from April 2018. In the event of a serious accident, "eCall" automatically dials 112 -- Europe's single emergency number.
"In terms of overall penetration, Germany, the UK and the US are leading the market at present with highest percentage of total shipments with embedded connectivity sold in 2017," Hanish Bhatia, Senior Analyst for IoT and Mobility at Counterpoint, said in a statement.
"The adoption of 'eCall' in Europe is expected to create ripples across other geographies, thereby catalysing the overall car connectivity ecosystem," Bhatia added.
The connectivity platforms such as GM's "OnStar", BMW's "Connected Drive" and "Audi Connect" are offering various services while creating new revenue streams and bridging the gap to stay connected with the consumers.
"Also, much talked about US-based car maker Tesla continues to offer embedded connectivity across its portfolio", Bhatia noted.
"The market is more aligned towards 2G/3G networks as of now. However, it is moving swiftly towards 4G LTE connectivity and we expect 4G LTE network to account for nearly 90 percent of connected passenger cars with embedded connectivity by 2022," informed Neil Shah, Research Director at Counterpoint Research.
"Further, we expect 5G connectivity in cars to kick-in from 2020 onwards," he added.
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