WESTFORD, Mass., July 22, 2024 /PRNewswire/ -- According
to SkyQuest, the global Connected Car Market size was
valued at USD 34.56 Billion in 2022
and is poised to grow from USD 41.29
Billion in 2023 to USD 143.72
Billion by 2031, growing at a CAGR of 19.50% during the
forecast period (2024-2031).
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Connected cars are witnessing momentum owing to the speedy adoption
of improved technologies and growing sales of vehicles embedded
with these technologies. Dynamic developments in vehicle technology
and connectivity are changing the automotive market. Improved
technologies like (ADAS) advanced driver assistance systems,
artificial intelligence, and V2X infrastructure are considerably
making independent driving functionality. In addition, improvements
witnessed in telecommunication are also majorly driving the market
growth, since they connect vehicles. Furthermore, IT equipment is
making major contributions to deliver a wide range of services like
telematics, entertainment, after-sales diagnostics and more.
Besides, rising number of government initiatives like fixing of
communication devices in the new vehicles and support for
autonomous driving are helping the market grow.
Download a detailed overview:
https://www.skyquestt.com/sample-request/connected-car-market
Connected Car Market Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
USD 41.29
Billion
|
Estimated Value by
2031
|
USD 143.72
Billion
|
Growth Rate
|
Poised to grow at a
CAGR of 19.50%
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Brillion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Service, Hardware, Form
Type, End Market, Transponder, Network, Electric Vehicle Type, and
Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, Latin America
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Expanding Use of
Technologies like AI and IoT in Connected Vehicles
|
Key Market
Drivers
|
Growing Spending Power
of Consumers in the Developing Economies
|
Segments covered in Connected Car Market are as
follows:
- Service
- Navigation, Remote Diagnostics, Multimedia Streaming,
Social-Media and Other Apps, OTA Updates, On Road
Assistance, E-call And SOS Assistance, Cybersecurity, Remote
Operation, Collision Warning, Auto Parking/ Connected Parking,
Autopilot, Home Integration, Vehicle Management, Asset
Tracking
- Hardware
- Head Unit, Central Gateway, Intelligent Antenna, Electronic
Control Unit, Telematic Control Unit, Keyless Entry Systems, and
Sensors
- Form Type
- Embedded, Tethered, and Integrated
- End Market
- Original Equipment Manufacturer, and Aftermarket
- Transpondero
- On Board Unit, and Roadside Unit
- Network
- Electric Vehicle Type
Request Free Customization of this report:
https://www.skyquestt.com/speak-with-analyst/connected-car-market
Growth of Cloud Services and Supporting Government
Initiatives to Lead the Embedded Segment
Currently, the embedded segment is registering a majority share
of the connected car market. The growth of cloud services,
increasing government regulations, and cost upgrading of service
plans are the key focus areas. The embedded systems are commonly
seen in the United States,
supported by consumer demand and improved infrastructure of
superior technology. Integration of such embedded systems helps
mature utilities including real-time diagnostics, OTA (over the
air) updates, and ADAS.
The integrated segment is projected to be fastest growing since
they offer better access of the internet and several other
intelligent features. They deliver abundant features for sharing of
data and are economic in nature.
5G Segment to Continue Dominating Due to Increased Adoption
of Communication Networks to Reduce Road Accidents
Based on network, the 5G segment is projected to hold major
share of the market since most telecommunication companies are
actively focusing on launching improved 5G networks for enhanced
communication between external devices and connected vehicles.
Studies show that with unified 5G network, more than 60% of road
mishaps can be avoided.
The satellite segment is projected to grow considerably over the
coming years due to the rising adoption of Wi-Fi and cellular
networks—these networks function only in places of mobile towers in
the cities. In places of no connectivity, this may lead to road
accidents damaging the occupants and the driver. To avoid
this scenario, satellite operators, OEMs, and mobile operators are
focusing on introducing hybrid networks that will offer
uninterrupted connectivity, thereby driving the market growth.
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/connected-car-market
OEM Segment to Lead Due to Focus on Delivering Enhanced
Connected Technology in New Vehicles
By End Use, the OEM segment is holding maximum share of the
market since Original Equipment Manufacturers are increasingly
offering improved connected vehicle technology in modern vehicles.
This technology also delivers smooth connectivity, several advanced
characteristics, and safety features, which assist the driver in
better driving, thereby driving the demand. Vehicle makers are
constantly engrossed in offering improved systems like
infotainment, ADAS and more that make the vehicle stronger,
high-quality, and support its prominence. The implementation
of these solutions, along with efforts by OEMs will propel the
connected car market in the future.
The aftermarket segment is expected to be the leading segment
since the installation of improved technologies is done after the
car is purchased. Hence, consumers are highly demanding vehicles
with in-built connectivity solutions. Also, consumers are speedily
installing these systems in their existing old cars, thus driving
the aftermarket segment. The growth of the aftermarket segment will
largely impact the connected car market.
Streamlining Purchase Decisions for Consumers
With the development of hi-performing computing, modern cars
will swiftly process more information from the sensors. Constant
improvements in AI, sensor technologies, and deep learning will
significantly drive the performance of the self-driving cars. In
addition, implementation of IoT in infrastructure of public will
offer enhanced situational awareness, thereby improving safety on
roads. The market is further expected to improve technologies like
sensor fusion and 5G, and these trends will unbelievably transform
the market. Hence, vehicle makers should be updated with the
emerging developments and identify fresh opportunities to gain
strong foothold in the coming years.
Related Report:
Electric Vehicle (EV) Market
Electric Vehicle (EV) Charging Infrastructure Market
Smart Transportation Market
Lidar Market
Automotive Sensor Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and
Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
Communication Technology.
We work closely with innovators, inventors, innovation seekers,
entrepreneurs, companies and investors alike in leveraging external
sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization has expanded our
reach across North America,
Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj
Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/
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