Connected Car Market to Register a CAGR of 13.28% Until 2027
Rising concern for the road safety and development in the
technology is the driving force for global connected car market.
According to the TechSci
Research report, "Connected Car Market- Global Industry Size, Share,
Trends, Competition, Opportunity and Forecast, 2017-2027F", the global
connected car market is anticipated to reach USD 149.49 billion at a CAGR of 13.28%
by 2027. With the development of connected and autonomous vehicles,
road transportation is changing. The drivers now have access to entertainment,
navigation, and telematics applications thanks to connected cars. Technology
firms and software developers are essential to the evolution of the automotive
sector. Vehicle-to-Vehicle (V2V) and Vehicle-to-Infrastructure (V2I)
communication technologies have made it possible for cars to establish seamless
contact with other vehicles and infrastructure. The industry has grown as a
result of the increasing use of artificial intelligence (AI) technology, which
enables smarter interactions between the driver and the vehicle. Customers can
experience fully autonomous driving owing to the technology's wide range of
structural and electronic properties, including voice recognition, gesture
recognition, driver monitoring, virtual assistance, and Natural Language
Understanding (NLU). Customers will receive a fully autonomous driving experience
thanks to language understanding.
The Original Equipment
Manufacturers (OEMs), digital & data suppliers, telecommunication and data
management service providers, as well as third-party telematics platform
providers, are forming more relationships within the connected car ecosystem.
Browse more than145 market data Figures spread through 110 Pages and an in-depth TOC on "Global Connected Car Market"
The
Global Connected Car Market is segmented on the basis of technology, connectivity,
communication, service, region, and company. Based on technology type, the 4G
segment currently dominates the global connected car market with highest share
among all technology type. During the forecast period, 5G technology is the
fastest growing segment as it is the latest technology and provides much better
internet services, that’s why the automotive industry is shifting their
preference for the 5G.
The major factors driving the Global
Connected Car Market are-
5G Technology in Connected Cars- A major
development in the market for connected cars is the use of 5G technology. The
term "5G" pertains to the fifth generation of wireless service
technology, which aims to digitally connect all things, including machines,
objects, and gadgets. The ability of 5G connected cars to share data with one
another about their current locations, speeds, and past road conditions as well
as link to a city's smart network to find services and parking spaces is
transforming the automobile industry.
Installation of Cybersecurity Systems - Installing
cybersecurity solutions is a crucial trend that is becoming more and more
popular in the connected automobile market. Systems for protecting networks,
programs, devices, networks, and personal information from threats are known as
"cyber security systems." Since the user's personal information,
including location and financials, are synced with the car's system when
connecting their smartphones, new cyberattack shields have been created by
network-centric technologies and applications such as cellular, satellite,
Wi-Fi, Bluetooth, and eSIM-based telematics that are integrated in connected
cars.
Some of the major players operating in
the Global Connected Car Market include:
- pple Inc.
- AT&T Inc.
- Ford Motor Company
- General Motors Company
- BMW Group
- Google Inc
- Audi AG
- Delphi Automotive PLC
- NXP semiconductors N.V
- CarForce.
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“Many companies are
investing in research and development of connected cars, which will introduce
the innovative services, that in turn is expected to bolster the growth of the
connected car market through 2027., "said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“Connected Car Market - Global Industry By
Technology Type (3G,4G,5G), By Connectivity (Embedded, Tethered, Integrated),
By Communication (Vehicle To Vehicle, Vehicle to Infrastructure, Vehicle to
cloud, Vehicle to Pedestrian, Vehicle to Everything), By Service (Driving
Assistance, Connected Safety, Well Being, Vehicle Management, Intersection
Assistance, Emergency Braking, Others) , By Region, By top 10 states
Competition Forecast & Opportunities, 2018- 2028F, has evaluated
the future growth potential of Global Connected Car Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the Global Connected Car Market.
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