LONDON--(BUSINESS WIRE)--The global in-car Wi-Fi market is expected to grow at a CAGR of close to 28% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the global in-car Wi-Fi market by technology, including 3G and 4G. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: wide range of data plans for in-car Wi-Fi to suit individual needs
There has been an intense competition among telecom network providers to provide unlimited data plans at the best price. The automotive OEMs have also become a part of it. Data plans range from daily to monthly to yearly subscriptions based on the usage. The OEMs and network providers are also making efforts to attract consumers to subscribe to in-car Wi-Fi service. On an average, the plans vary from USD 5 for daily usage, USD 20 for monthly usage, and USD 150 to USD 250 for a yearly subscription.
According to a senior analyst at Technavio for automotive electronics research, “The potential of in-car Wi-Fi remains untapped as consumers still prefer using their smartphone as a portable hotspot for in-car usage. The OEMs have been trying to adopt in-car Wi-Fi by offering various attractive data plans, which is expected to drive the market for in-car Wi-Fi during the forecast period. As the data plans will be comparable to mobile data packs, consumers are expected to switch to in-car Wi-Fi data rather than using their smartphone.”
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Market trend: Big data platform provided by connected cars to push further developments
The growth of connectivity solutions in the automotive industry is offering huge opportunity, such as the availability of real-time data, for the OEMs to offer effective products to the consumers. The increasing acceptance of connected cars is expected to increase the adoption rate during the forecast period. For example, telematics devices will produce data for the information like date, time, speed, acceleration, deceleration, cumulative mileage, fuel consumption, and navigation details. Annually, the data is expected to be in the range of 6 MB to 20 MB per customer. This will lead to the total data being more than 1TB per year for 100,000 vehicles. This will prove to be crucial for stakeholders in order to increase their revenue stream.
Market challenge: consumer reluctance to adoption of in-car Wi-Fi
Consumers willing to pay for the data for in-car Wi-Fi is a major issue that the OEMs are facing. Smartphones easy use for making in-car Wi-Fi hotspot adds to that challenge. It will use the same smartphone data that can be used for in-car Wi-Fi as well, which will cost less than paying additional charges for in-car Wi-Fi service. Security and privacy are also major concerns among the consumers that might pose a challenge for the in-car Wi-Fi services.
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