RISING INCLINATION TOWARDS COMFORT, SAFETY & SECURITY TO FUEL THE CONNECTED CAR MARKET GROWTH

Connected Car Market Size, Share, Trends, Growth, Analysis, Research

Global Connected Car Market: Key Highlights

  • According to the new market research report Connected Car Market by Technology (Wi-Fi, Bluetooth, Global Positioning System (GPS), 3G, 4G LTE, and Others), by Components (Hardware, Software, and Services), by Connectivity Solution (Integrated, Tethered and Embedded), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2019 to 2027)”, the global connected car market is estimated to reach USD 204 Billion by 2027 at a CAGR around 20.5% during the review period
  • Rising demand towards comfort, safety & security is a key factor driving the demand for the connected car market.
  • However, threats of cyber-attacks remain a major restraining factor for the growth of the connected car market.

Connected Car Market

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Global Connected Car Market: Key Market Dynamics

  • Due to changed customer’s preferences, automotive manufacturers are focusing more on innovations for providing connectivity solutions as the consumers want the vehicles to work like smartphones or computers. Thus, the rising trend of connectivity solution is expected to boost the connected car market growth
  • Connected car safety service helps to exchange critical information with infrastructure and other vehicles which helps in avoiding accidents and human error, thereby resulting in enhanced driving experience and security measures
  • The rising trend of Vehicle-to-Everything (V2X) technology in the automotive industry is expected to open up substantial opportunities for the connected car market in the future
  • Connectivity issues in remote places and challenges from the upgraded software and technologies are likely to act as a challenge for market growth

Global Connected Car Market: Regional Overview

  • Asia-Pacific

The connected car market in the Asia-Pacific region is projected to witness high demand due to the growing vehicle production. The growth in this region is mainly attributed to the increasing demand for luxury vehicles and consumer’s preference for new technologies. Furthermore, the Asia-Pacific region has witnessed high usage of connected car technology due to the presence of major automotive hubs in countries such as Japan and China. 

  • Europe

In Europe, the rising demand for high-end vehicles by automotive manufacturers present in countries such as Italy and Germany and advancement in connected car technology has boosted the market growth. Moreover, European Government is focusing more on road safety and vehicle design. For instance, according to European Union (EU) and the United Nations, Economic Commission for Europe (UNECE) imposed strict regulations for the safety and protection of vehicle occupants is further promoting the growth of the connected car market.

Global Connected Car Market: Key Players Overview

  • Continental AG:

Continental AG is an automotive manufacturing company and is engaged in developing a brake system, interior electronics, safety solutions, and automotive components. In May 2017, the company started a joint research and development collaboration with NTT DOCOMO, Inc., a Japanese telecommunications company.  This collaboration will help Continental AG to build up the foundation for cellular-based vehicle-to-everything (V2X) wireless communications systems and connected infotainment functions by using 5G technology for connected cars.

  • Qualcomm Technologies, Inc.:

Qualcomm Technologies, Inc. is a telecommunications equipment and semiconductor company that designs digital wireless communications products and services.

In January 2018, Qualcomm Technologies, Inc. (QTI), a subsidiary of Qualcomm Incorporated announced to support telematics and infotainment systems with advanced connected car technologies in the 2018 Honda Accord.

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Published : 2020-03-06