The
global Connected Car Market is accounted to expand the market share
at USD 63.2 Billion in the first half of 2020. However, this global market is
projected to meet at USD 180.9 Billion during the forecast period of 2027.
Presently,
the innovations of advanced cars are enhancing the user’s convenience, safety,
and comfort, which is fueling the demand for the Connected Car Market.
Moreover, the increased demand for advanced and modified cars, increasing ADAS
features in cars, and diverse applications to commercial firms are some of the
important factors driving the global market growth in the forecast
period.
The
global Connected Car Market has lucrative growth opportunities in the upcoming
years due to the emergence of different new technologies likes AI and 5G. Many
commercial industries widely adopt these new technological services as it is
essential to enhance their sales and productivity. However, the global market
growth might get hindered due to the limited network connectivity and lack of
infrastructure for the functioning of connected cars.
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Market Segmentation
The Connected Car Market Size value is
driving its growth rapidly with the market segmentations, including the
technology, connectivity, service, and component. Further, the global Connected
Car Market has been segmented into 2G, 3G, WiFi, Bluetooth, and LTE based on
the technology segment. Based on the customers' requirements and industries,
these technological segments of the connected car are used for different
applications.
The connected cars also have some differentiating factor that
is highly preferred by the customers based upon their capacity and connectivity
services. The globally connected car market share has been
classified into integrated, tethered, and embedded depending on the
connectivity segment. Hence, most industries are focusing on improved capacity
and connectivity services to grow their business operation.
Based on the services segments, the connected car market
share has been segmented into OEM Services, Autonomous driving and Vehicle
management, Entertainment, Safety, and Well-Being. In addition, the global
market has been categorized into different components such as Processors,
Cellular, Sensors, and wireless modules in terms of components segments. Thus,
the worldwide market is eventually predicted to achieve impeccable heights with
the addition of components. Also, these components throw light on the benefit
of the product or technology.
Regional Analysis
The Connected
Car Market Share is relatively spread across different geographical
locations such as Europe (France, Italy, Western Europe, Germany, Spain, and
others), Americas (Canada, North America, US), The Middle East & Africa,
and Asia– Pacific (Asia, South Korea, China, Japan, India, and others).
Among all, the North American region is dominating the global
market by generating the maximum connected car market value during the
analysis period. This region is growing widely because of several factors,
including the collective efforts of the key market players, the increasing
production and supplies, and impeccable demands of the global connected
car.
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Industry News
Nowadays, most companies are trying to involve with the
connected car market to grow their work process. Similarly, the smartest
companies like Tesla and Toyota have also adopted the same strategies to
enhance their business. Recently, SIM card-based connected drive technology has
been adopted by a German multinational corporation named BMW for the worldwide
connected cars.
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