- The global connected car market was valued over US$ 24.07 Bn in 2020
- It is estimated to expand at a CAGR of 22.70% from 2021 to 2031
- The global connected car market is expected to reach the value of US$ 228.43 Bn by the end of 2031
The rapid spread of coronavirus across the globe and enforced lockdown in many countries had a negative impact on the global connected car market. This has hampered the supply chain, leading to shortage of raw materials and halting manufacturing and production of new connected cars, globally. Manufacturers operating in the automotive & transportation industry are recovering from the losses caused due to disturbed ecosystem and reduction in sales of connected cars. After the successful recovery of businesses, manufacturers operating in the global connected car market are targeting on increasing their production capabilities by making use of smart technological features. Technological advancement in the automotive industry help manufacturers to design and develop safe, comfortable, and convenient connected cars.
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The connected car market is driven by the growing deployment of advanced automatic electronics in the vehicle. These electronic devices help improve road safety, offer greater comfort, and include entertainment options for people traveling from the vehicle. Automotive digital technologies are improving the overall in-car experience for consumers. The adoption of these advanced technologies in automobiles is fueling the growth of the global connected car market.
Adoption of Connectivity Solutions in Automotive Vehicles Boost Market Growth
The increasing penetration of smartphones and wireless connectivity to stay connected with the outer world even, while travelling is driving the global connected car market. Market players are adopting this trend to increase their sales of the automotive vehicles. The Internet access in cars allow them to communicate and transmit data with other vehicles, which are around them. Such communications are supported by the dedicated short-range communications (DSRC). This network allows them to connect with other connected devices, including smartphones and other devices-based on Internet of Things (IoT). These connectivity solutions are integrated in modern cars to perform their respective functions. Connectivity can be provided in a car using embedded, integrated, or tethered connectivity solutions.
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The growing demand for services that enable vehicles to connect and continuously enrich with the outer surrounding is creating lucrative opportunities for growth of the global connected car market. Additionally, the trend of this connectivity among passengers of high-end cars is expected to boost demand in the upcoming years. Companies in the connected car market are increasing their efforts to increase the production capacity to increase the revenue opportunities in the global market. Manufacturers are focusing on the production of technologically advanced, and luxurious connected cars owing to surging demands from consumers.
Key players operating in the global connected car market include
- Qualcomm Technologies, Inc.
- Robert Bosch GmbH
- Continental AG
- Airbiquity Inc.
- CloudMade
- Daimler AG
- Intellias Ltd.
- Sierra Wireless
- Tesla
- LUXOFT
- Ford Motor Company
- Audi AG
- BMW Group
- TomTom International
- AT&T Inc., etc.
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North America Manufacturers Creating Profitable Avenues in Connected Car Market
North America accounts for the largest share of the global connected car market due to rapidly growing economies. The market is growing rapidly in North America countries due to lucrative presence of automobiles manufactures, technological advancement in automobiles, increasing popularity of comfortable and luxurious vehicles, etc. Consistent developments of autonomous and connected cars by automakers and the assistance provided by government agencies in these regions drives the global connected car market growth. In addition, rapidly expanding smart city projects in San Jose, Seattle, and several other cities across North America are aimed at creating connected infrastructure. These programs are further boosting application of automotive connectivity technologies to enable communication between vehicles and the environment including buildings and traffic lights. Manufacturers operating in the Europe are also gaining profitable growth opportunities.
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