According to a new report published by UnivDatos Markets Insights, the Connected Car Market is expected to reach at USD 58 billion in 2027, growing at a CAGR of 18% from 2021-2027. The analysis has been segmented into Technology (3G, 4G, and 5G); Connectivity Solution (Integrated, Embedded, and Tethered); Service (Driver Assistance, Safety, Entertainment, Vehicle Management, and Mobility Management); Sales Channel (OEMs and Aftermarket); Region/Country.
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The Connected Car market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Connected Car market. The Connected Car market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Connected Car market at the global and regional levels.
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Automobile manufacturers have made integrating connection solutions into their vehicles a key focus. Many networking options are included in current cars, and they all require internet access to function properly. Embedded, integrated, and tethered connection options can all be used to give connectivity in a car. One of these connectivity options is utilized to provide Internet access to both the driver and the passengers in the car. With the use of a smartphone, modem, or connectivity device, an in-car hotspot can be constructed to enable Internet access to any devices within the vehicle. As a result, the market for connected cars is growing due to an increase in the popularity of connectivity solutions.
Some of the major players operating in the market include Daimler AG, Visteon Corporation, Robert Bosch GmbH, Airbiquity Inc., Ford Motor Company, Continental AG, ATT Inc., Harman International Industries, Audi AG, Intellias Ltd.
The whole automobile sector has been severely impacted by a drop in production during the COVID-19 epidemic. As a result of government-imposed lockdowns, the supply of car components has been disrupted. Due to the epidemic, major automakers such as Fiat, Volkswagen, PSA Group, General Motors, and BMW have halted manufacturing. This scenario is projected to have an impact on the connected car market, as the market's growth is closely related to vehicle manufacturing. However, the expansion of this industry will be aided by a sustained recovery in car production after 2020. The connected car industry will benefit from increased government initiatives to establish intelligent transportation systems, rising demand for smartphone functionality in the car, and autonomous driving technology combined with passenger safety measures.
The global Connected Car market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on technology, the market is segmented into 3G, 4G, and 5G. The 5G segment is projected to be the most lucrative segment, as several telecommunications firms are working on improved 5G networks to improve connectivity between connected automobiles and other devices. According to the 5G Automotive Association, a seamless 5G network can save more than 60% of traffic accidents. For example, South Korea and the EU have invested more than USD 1.5 billion to construct a 5G network for local initiatives.
· Based on connectivity solution, the market is segmented into Integrated, Embedded, and Tethered. The embedded segment is projected to be the largest segment during the forecasted period, as various disruptive causes, such as government regulations, cost optimization of service plans, and the expansion of cloud-based services, can be credited to the long-term growth of embedded connected solutions. Automakers are expected to use embedded solutions to meet regulatory requirements and as a foundation for providing vehicle-centric telematics services, according to the GSMA.
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Connected Car Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, South Korea, and the Rest of Asia-Pacific)
· Rest of the World
APAC region to lead the growth in the global market during the forecast period. The Consumer demand for in-vehicle integrated connectivity technologies, as well as the growing trend toward connected automobiles, have fueled the expansion of connected vehicles in this region. One of the important factors driving demand for advanced connected car features is the introduction of autonomous vehicle technology in the Asia Pacific connected car industry. In addition, the connected car services market will be driven in the coming years by the increased demand for aftermarket services as a result of the renewal of connected car service subscriptions.
The major players targeting the market include
· Daimler AG
· Visteon Corporation
· Robert Bosch GmbH
· Airbiquity Inc.
· Ford Motor Company
· Continental AG
· ATT Inc.
· Harman International Industries
· Audi AG
· Intellias Ltd
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Connected Car Market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Connected Car market?
• Which factors are influencing the Connected Car market over the forecast period?
• What are the global challenges, threats, and risks in the Connected Car market?
• Which factors are propelling and restraining the Connected Car market?
• What are the demanding global regions of the Connected Car market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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