BANGALORE, India, June 4, 2020 /PRNewswire/ -- Connected cars are
primarily vehicles that are equipped with internet access. They
have an integrated wireless LAN, and are enabled to connect with
entities both inside and outside the vehicle. Connected cars are
designed to receive remote over-the-air ( OTA) software updates,
and to transmit on-board systems and components diagnostic and
operational data. By leveraging vehicle connectivity in this way,
automakers can significantly reduce recall expenses , better
infotainment and location aware services, improve cybersecurity
response times, enhance product quality and operational efficiency,
and deliver vehicle post-sale performance and feature
improvements.
The global connected car market size in 2019 was estimated at
USD 63.03 billion and is projected to
hit USD 225.16 billion by 2027, with
a 17.1 percent CAGR during the forecast period.
In general, factors such as advancements in technology,
increased vehicle production, and increasing demand for luxury
& comfort in vehicles are expected to increase the connected
car market size.
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TRENDS INFLUENCING THE CONNECTED CAR MARKET
SIZE
Car manufacturers and service providers have developed numerous
networking solutions, such as the Machine-to-Machine (M2M) network.
This M2M feature in a car enables interconnectivity between two
connected cars. The car has numerous sensors and processors to
provide the driver with accurate and real-time information. This
feature is expected to increase the connected car market size.
'Connected Roads' is an important trend that disrupts the
voluminous take-up of connected cars. Smart roads will allow cars
to communicate with traffic lights, signals, and emergency service
centers via the V2X platform (vehicles to everything). Integrated
with the Machine-to-Machine (M2M) network for networking and
telematics, it can send real-time alerts to motorists about traffic
hurdles and emergency services in the event of road accidents.
Thus, the increase in connected roads will, in turn, increase the
connected car market size.
The integration of augmented reality, artificial intelligence,
and ADAS (advanced driver-assistance system) enhance the potential
of connected cars towards autonomous vehicles.
Connected car manufacturers are going beyond pure Internet
connectivity to create a competitive market. Startups and
automakers are incorporating computer vision and augmented reality
(AR) apparatuses into the dashboard to enhance a supplementary
layer of safety and personalization to the driving experience. This
integration of AR and AI is expected to fuel the growth of the
connected car market size.
Advanced infotainment devices with fast wireless network
connections are a key factor that is projected to boost the
connected car market size over the forecast period.
Furthermore, stringent government policies for automotive safety
standards and growing demand for convenient features such as
multimedia streaming and remote diagnostics are key factors
expected to drive the connected car market size. Connected cars can
maintain a backup of where the vehicle is going, how many stops it
has made, medical history, and occupant details due to vehicle
telematics installation.
Factors such as constantly improving vehicle standards and high
maintenance costs of advanced suspension systems are anticipated to
impede the growth of the connected car market
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CONNECTED CAR MARKET SHARE ANALYSIS
The Asia Pacific and
Europe are the major regions
dominating the connected car market share. This dominance can be
attributed to various government vehicle safety regulations. In
addition, ongoing R&D, network, and service provider
partnerships with automotive companies in these regions are
expected to accelerate the development of the connected car market
during the forecast period.
It is anticipated that demand for the connected car market will
grow at the highest rate in North
America, especially the US, due to the increased consumer
demand for advanced connected car services and the availability of
smart infrastructure. Prevailing advanced traffic management and
mobility management infrastructure provide compatibility for
North America 's sophisticated
connected car market adaptation.
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Key Market Players
- Airbiquity Inc.
- CloudMade
- Continental AG
- Intellias Ltd.
- LUXOFT
- Qualcomm Technologies, Inc.
- Robert Bosch GmbH
- Sierra Wireless
- Tesla
- ZUBIE, INC.
- AT&T
- Audi AG
- BMW Group
- Daimler AG
- Ford Motor Company
- Samsung Electronics
- Telefonica S.A.
- TomTom International
- Verizon Communications
- Vodafone Group Plc
By Technology
By Connectivity Solutions
- Integrated
- Embedded
- Tethered
By Services
- Driver Assistance
- Safety
- Entertainment
- Well-being
- Vehicle Management
- Mobility Management
By End Market
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SIMILAR REPORTS :
- Connected Car Device Market
The global connected car device market size is projected at
USD 28.920 Billion in 2020 to cross
USD 54.070 Billion by the end of
2026, at a CAGR of 9.2 percent in 2021-2026.
The growth of Connected Car Device Market size can be attributed
to the technological advances and the growing demand for the
integration of intelligent features in vehicles. In addition, major
corporations are expecting massive developments in connected car
technology to assist the worldwide demand for connected car systems
in the coming years.
View Full Report:
https://reports.valuates.com/market-reports/QYRE-Auto-31T1178/global-connected-car-device
- Connected Car Softwares Market
This report focuses on the status of global Connected Car
Softwares market size, future forecasts, opportunities for growth,
key market and key players. The goals of the study are to present
the development of Connected Car Softwares in North America , Europe, China
, Japan, Southeast Asia , India and Central & South America.
View Full Report:
https://reports.valuates.com/market-reports/QYRE-Auto-4F1324/global-connected-car-softwares
- Automotive Connected Car Platform Market
This report explores the Automotive Connected Car Platform
market size, focusing in particular on key regions such as
the United States, the European
Union, China, and other regions
(Japan, Korea, India, and Southeast
Asia). This study also presents the production, revenue,
market share, and growth rate of the Automotive Connected Car
Platform for each key enterprise, as well as the breakdown data
(production, consumption, revenue, and market share) by region,
type, and application.
View Full Report:
https://reports.valuates.com/market-reports/QYRE-Auto-32Z258/global-united-states-european-union-and-china-automotive-connected-car-platform
- Connected Car Safety Solutions Market
Connected Car Safety Solutions help to send real-time crash
information to emergency first responders to improve outcomes and
provide emergency services to passengers with a direct
lifeline.
The focus of this report is on the global status of Connected
Car Safety Solutions market size, future forecast, growth
opportunity, key market, and key players. The objective of the
study is to present the development of Connected Car Safety
Solutions in North America,
Europe, China, Japan,
Southeast Asia, India, and Central & South America.
View Full Report:
https://reports.valuates.com/market-reports/QYRE-Auto-4V2465/global-connected-car-safety-solutions
- Connected Car Mobility Solutions Market
Vehicles are increasingly linked to the digital world. As car
designers develop ways of transmitting big data, vehicle antennas
are becoming even more critical than they already are. This leads
to two critical needs for the future vehicle: seamless connectivity
that shares high-volume data both inside and outside the vehicle,
and a clean design that makes antenna technology invisible to
end-users. This increasing need for a well-connected infrastructure
inside the car is fueling the growth of Connected Car Mobility
Solutions Market size.
View Full Report:
https://reports.valuates.com/market-reports/QYRE-Auto-0X2557/global-connected-car-mobility-solutions
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