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Latin America Connected Car Market to Exhibit 16.9% CAGR 2016-2021 due to High Rates of Car Robberies

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Published on : May 09, 2017

Albany, New York, May 09, 2017: As per the report, the Latin American connected car market will witness a high CAGR of 16.9% between the forecast period of 2016 and 2021. The market is slated to be worth US$2 bn by 2021, say the expert analysts. The high growth rate for the connected car market is attributed to increasing number of car robberies in the region. This high rate of car theft is boosting the demand for security and thus, connected car applications are highly in demand in Latin America. The presence of technology savvy customers and a rise in the spending on connected technologies will help boost the market in the coming years.  

As per the report, not only the connectivity required by connected cars can be provided by mobile operators, but also, they are uniquely well positioned to offer supporting applications, which help in the enhancement of service, thereby driving the demand for connectivity. Some of the factors boosting the growth of this market include growing demand for embedded infotainment system, use of intelligent transportation system (ITS), usage-based insurance (UBI), and government mandates on the application of telematics. It has been found that young people and working adults are showing a higher inclination towards connected cars. The sales of luxury cars are high in the region and thus, the adoption rate for connected car technologies is also high. All these factors are expected to drive the market in Latin America. 

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The market for connected car in Latin America is fragmented. However, partnerships between OEMs, MNOs, ITSPs, network vendors, and application developers are creating a more cohesive ecosystem, and this is helping mobile operators to play a major role in the connected car value chain, thereby resulting in profit from value added connected car services. Players in the market are striving to integrate Smartphone with cars so as to enhance the experience while inside the car. A large number of players are also concentrating on expanding their market shares so as to survive the competition. 

The report describes in detail, the various factors boosting the growth of the market and also does an impact analysis. The probable threats facing the connected car industry and the recommendations on how to overcome them have also been included in the study. The recent trends in the connected car market in Latin America and how these trends are shaping the future of this market is also given. The report helps readers gain competitive intelligence about market leaders. It helps new entrants and those established to track key industry trends and opportunities, while also identifying the threats. The contents of the report are valuable and help in shaping the marketing and brand strategy for companies or investors. 

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