The future of transportation is completely going to depend upon exchange of information between cars, which is likely to avoid any road incidents. Similarly, additional information can be obtained from connected mobility, such as in-vehicle data can be utilized for traffic management system. Connected mobility is being connected to the internet, while moving simultaneously. This includes vehicle-to-vehicle and vehicle–to-other (V2X) communication. In the connected mobility mode, vehicles are able to connect with traffic signals and signs and other modes of transport such as railways and aircraft. Increasing level of automation in transport vehicles makes it mandatory to know the precise position of the vehicle in order to drive it in an efficient manner. For driverless vehicles, which are predicted to hit the roads very soon, network connection is essential.
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Increase in demand for driver assistance system, rise in fatalities across the globe are prompting governments to emphasize on connection of modes of public transport in order to increase passenger convenience. Connected mode in public transport adds several features and facilities, such as cruise control, avoids traffic congestion and enhances safety by avoiding accidents for travelers. All these factors are likely to boost the connected mobility market during the forecast period. However, vehicles that are connected over the network can be hacked and misused. Moreover, chances of malfunctioning of electronic components do exist, which is anticipated to hinder the connected mobility market during the forecast period.
The global connected mobility market can be segmented based on technology, connectivity, vehicle type, and region. In terms of technology, the connected mobility market can be segregated into vehicle to vehicle (V2V), vehicle to infrastructure (V2I), vehicle to network (V2N), and others. V2V is the dominant segment, and it is expected to expand at a significant rate due to its additional features over those of V2I and V2N. Its advantages include road safety improvements, accident prevention, and e-call capability. Furthermore, it provides additional security, it is also helpful for disabled person and its give edge on economical saving owing to which V2V is likely to expand during forecast period and expected to drive the connected mobility market during the forecast period.
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Based on connectivity, the connected mobility market can be classified into Wi-Fi, Bluetooth, 5G, and others. Most users are shifting toward Wi-Fi in order to connect their devices to the internet. Ease of connectivity, technical superiority, reliable network as compared to Bluetooth, and establishment of highly secure connection are prompting consumers to adopt Wi-Fi technology. 5G technology provides data rates up to 20 Gbps, is ultra-reliable, offers smooth transitions period, and enhances safety to the vehicle by providing additional support to technologies such as ADAS, blind spot monitoring, and lane departure control. Demand for 5G technology is likely to rise during the forecast period owing to its advantages.
In terms of vehicle type, the connected mobility market can be split into passenger vehicle and commercial vehicle. The passenger vehicle segment of the market is anticipated to expand during the forecast period which is primarily attributed to the increased demand for passenger vehicles. Production of passenger vehicles is increasing across the globe owing to better financial conditions, availability of bank loans at lower interest rates, and high rate of adoption of modern technologies in passenger cars. This, in turn, is anticipated to propel the passenger car segment of the connected mobility market during the forecast period.