Global Connected Car Market: Size
The Global Connected Car Market size is forecasted to attain $256.2 billion by 2023, rising at a market growth of 31% CAGR during the forecast time period. Rising need for connectivity on the move is the major driver for the connected car adoption. More, developed countries are the major adopters of connected car. However the growing countries have recently started investing in technologically advanced systems including connected car. It will provide wide-range of year on year growth possibilities for the organizations operating in the marketplace to target the emerging economies like India, Malaysia, Brazil or other Middle Eastern countries.
Global Connected Car Market: Growth
The Global Connected Car Market is an important elements driving the development of the market include an increase in vehicle legislation and marketplace compliances regarding safety and also cybersecurity of the vehicle, and increasing requirement for suitable attributes, which include navigation, remote diagnostics, and multimedia streaming.The latest vehicle safety norms are inspiring automakers to make vehicle information more secure from remote hacking also malfunctioning, and this is increasing the demand for connected cars. However, the absence of strong network infrastructure in establishing countries may create challenging to the increase of the connected car market.
Global Connected Car Market: Segmentation
The Global Connected Car Market is advanced infotainment techniques using a fast connection to the wireless network are the two popular features that potentially improve the industry growth. Technology deals and also collaborations are the key ideas adopted by the market players to improve their market share. For example, AT&T is operating with automotive manufacturers to provide contextual voice controls, which would help to make a safer driving experience. TomTom has started the online turn-by-turn navigation service for users, making it feasible to link up over a network. Prominently used connected car platforms are Qnx, Android Auto, Carplay, Mirrorlink, and also Windows Emdbedded Automotive seven, which could obtain infotainment to one more step. Dependent on access technology, the global connected car market is segmented into 2G, 3G, or 4G/LTE. The 2G service used for providing access will gradually fadeout within the next several years, which could be replaced by LTE and also 3G technology. Most of the prime reasons for this technological shift has to be the rapidly changing information technology along with the dawn of faster & reliable communication networks.