The emerging Hybrid and Electric Car Market is on full swing as environmentally conscious vehicle legislations are boosting the growth of the industry. The Internet of Things is also having a major impact on the automotive sector as connectivity is expected to be a major driver in the electric car industry. Finally, the increasing number of vehicles in urban areas will have a significant impact on the Integrated Traffic Systems Market.
Hybrid and Electric Cars Market Highlights
The global hybrid and electric cars market has grown strongly in recent years. It is looking set to continue with strong double-digit growth in the forecast period. This is largely due to more countries committing to targets to combat CO2 emissions, as well as developing their charging networks.
Only a few countries worldwide have developed an extensive network of charging stations. The most prominent examples are the US, Germany, the Netherlands, Norway and Japan, all of which are lucrative markets. The global Hybrid & Electric Cars market had total revenues of USD 134.2bn in 2018, representing a compound annual growth rate of 20.6% between 2014 and 2018. The hybrid and electric market is heavily influenced by the environmental policy within each country; population density and high fuel costs mean that hybrid and electric cars are becoming increasingly popular.
A number of countries worldwide are members of the Electric Vehicles Initiative (EVI), which is a multi-government policy forum established in 2009 to accelerate the deployment of electric vehicles worldwide. By promoting energy security, economic development and environmental awareness the initiative has helped drive the demand for electric cars worldwide.
For more details, please visit: Hybrid & Electric Cars Global Industry Guide 2014-2023
Internet of Things and Automotives : Trends and Forecast
The automotive sector represents the largest opportunity for operator IoT revenue growth but is subject to fierce competition. The sector is well-positioned to benefit from Iot and 5G solutions because it will generate a large number of connections and some automotive applications require high bandwidth (for example, in-car entertainment).
China will be the largest connected car market by 2027, and will have over 290 million connected passenger cars (using both embedded and aftermarket connectivity). Both North America and Western Europe will continue to be large connected car markets in 2027, and will have 80 million and 153 million connected cars, respectively.
Connected car contracts tend to be regional; manufacturers will sell vehicles in several different countries and will require regional coverage. Operators that are competing for these deals need to be able to provide this coverage in a cost-effective manner, while pricing their B2B connectivity offering competitively. Connectivity contracts for Chinese coverage are negotiated separately. Vehicle manufacturers have embedded SIMs into high-end passenger cars for over a decade, but penetration growth has been slower than anticipated for low-end vehicles.
For more details, please visit: IoT in the automotive sector: trends and forecast 2018–2027
Integrated Traffic Systems Market Forecast
Integrated traffic systems comprise functions such as traffic monitoring, traffic control, and information provision. In traffic monitoring, the movement of road traffic is captured using vehicle detection system, number plate recognition system, and journey time measurement system. As traffic monitoring inputs decide the optimal way to control the traffic, traffic monitoring accounts for the largest share of the integrated traffic systems market. Additionally, vehicle detectors use a number of sensors, radars, and surveillance cameras that play a crucial role in integrated traffic systems.
Traffic monitoring provides essential information about the current traffic condition and uses algorithms to predict the traffic movement in the future. Systems such as journey time measurement system enable the traffic controller to decide the optimal way to direct the road traffic. Thus, traffic monitoring accounts for the largest share of the integrated traffic systems market.
Surveillance cameras are estimated to account for the largest share of integrated traffic systems market by 2025 while sensors are estimated to be the fastest growing segment, by hardware type, during the forecast period. Surveillance cameras are used for controlling and monitoring functions in various applications such as traffic movement capturing, number plate recognition, and vehicle classification.
For more details, please visit: Integrated Traffic Systems Market by Function, Sensors, Hardware Type And Region – Global Forecast to 2025