Market Analysis
Market Research Future (MRFR) predicts the global connected car market to achieve USD 166.0 billion at a CAGR of 25.2% from 2020 to 2027 (forecast period).
A car with connected service incorporates advanced technologies and sensors that assist the driver in gathering real-time information about the location. To operate the car with the smart device's connection from inside and outside the car, connected cars need internet connectivity. Furthermore, the connected car is intended to communicate with nearby cars on the same road about travel information such as roadblocks, traffic, accidents, weather, and so on.
The main market driver for the connected car market is growing ADAS features in cars to ensure enhanced safety levels. Furthermore, the growing demand for modified and advanced cars improves user safety, comfort, and convenience.
In the current scenario, the COVID breakdown has lost importance in terms of market production pace; key players are working to improve connected cars in order to drive market growth. The connected car service is intended to provide commercial companies with a variety of applications. As a result, the market is expanding, and new prospects for improved work efficiency are emerging.
One of the main constraints of the connected car market could be a lack of infrastructure for connected car operation. The limited network connectivity could cause the entire system of connectivity services to fail. The main players focus on the primary concerns of the connected cars industry in order to find optimal solutions to these constraints.
To ensure that commercial enterprises can increase productivity, connected cars must be enhanced. As a result, the demand for connected cars will boom in the forecast years as key players find appropriate ways to circumvent these constraints.
Read more@ https://www.marketresearchfuture.com/reports/connected-car-market-1140
COVID-19 Impact on the Global Connected Car Market
The current pandemic has had an impact on almost every industry, including the connected car market. Because of the lockdown, the availability of raw materials and products has been interrupted in the supply chain. As a result, global vehicle production has decreased, and the connected car industry has also come to a halt. Japan, China, and India accounted for the vast majority of global passenger car demand. It had dropped by 15%, 17%, and 14%, respectively, in 2020 as compared to the previous year.
The manufacturers plan to capitalize on the increased demand for connected car services by employing cutting-edge technology to boost revenue generation. COVID19 slowed the market's economic growth, but the key players have now taken the necessary steps to re-energize it for more successful outcomes. Thus, connected cars have seen tremendous growth with striking CAGR in the connected car market.
Market Segmentation
The global connected car market has been segmented into technology, connectivity, components, and services.
By technology, the global connected car market has been segmented into WiFi, Bluetooth, 2G, 3G, and LTE.
By connectivity, the global connected car market has been segmented into tethered, integrated, and embedded.
By components, the global connected car market has been segmented into cellular, sensors, processors, and wireless modules.
By services, the global connected car market has been segmented into autonomous driving and vehicle management, OEM services, safety, entertainment, and well-being.
Regional Analysis
Region-wise, the global connected car market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America has the leading spot and the largest connected car market share in the world. With the global connected car market's impeccable demand and the combined efforts of key players, the market has increased supply and production in all regions. According to the report, it makes the greatest possible contribution to increasing market revenue generation.
Key Players
Ford Motor Company (U.S.), Texas Instruments Incorporated (U.S.), Honda Motor Co. Ltd. (Japan), General Motors (U.S.), NXP Semiconductors (Netherlands), BMW (Germany), Sierra Wireless (Canada), Apple Inc. (U.S.), Audi AG (Germany), Microsoft Corporation (U.S.), Freescale Semiconductor Inc. (U.S.).
Summary
The global connected car market is set to achieve USD 166.0 billion at a CAGR of 25.2% from 2020 to 2027 (forecast period). The growing demand for automated driving technologies, passenger safety features, and smartphone features in connected cars will boost the connected car market during the forecast period.
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