The Global Connected Car Market was estimated at USD 73.81 billion in 2020 and is expected to hit over USD 298.81 billion by 2028 growing at a CAGR of 19.1% during the forecast period 2022 to 2028. Reduction in fuel consumption, increasing popularity of automation and rise in trend of connectivity solutions are driving the market growth. However, lack of infrastructure and threat of data hacking is hampering the growth of the market.
Connected car is a vehicle that can communicate bidirectionally with other systems outside of the car equipped with internet access, as well as have the ability to optimize their operations at regular intervals. Connected cars not only connect with people and services, they can also connect with each other and the road infrastructure.
Based on the form, the embedded segment is going to have lucrative growth during the forecast period due to the adoption of the embedded connectivity solution, such as eCall and remote diagnostics by increasing number of automakers to meet the regulatory compliances are favoring the segment growth.
By geography, North America is going to have high growth during the forecast period due to the increasing vehicle safety and security norms, demand for vehicle-to-vehicle (V2V) connectivity technology, and incorporation of IoT in the automotive industry. Favorable regulation imposed by the US government to curb vehicle collision is favoring the adoption of connected cars.
The connected car market report provides a detailed analysis of global market size, regional and country-level market size, segmentation market growth, market share, competitive Landscape, sales analysis, impact of domestic and global market players, value chain optimization, trade regulations, recent developments, opportunities analysis, strategic market growth analysis, product launches, area marketplace expanding, and technological innovations.
The global connected car market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of connected car market for the base year 2021 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global connected car market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the connected car market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted connected car market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
The study objectives of this report are:
Some of the key players profiled in the Connected Car Market include Continental AG, Airbiquity Inc, Bosch, Qualcomm Technologies, Inc., Audi AG, BMW Group, Samsung Electronics, Vodafone Group Plc, Intellias Ltd., Daimler AG, NXP Semiconductors N.V., Toyota Motor Corporation, DENSO Corporation and Harman International Industries.
By Communication Types
By Sales Channels
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