Connected Car Market: Industry Size and Share Expected to Grow Rapidly by 2028

As per the TechSci Research report titled "Connected Car Market- Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027F", the global connected car market will attain USD 149.49 billion at a CAGR of 13.28% by 2027. Connected cars have transformed road transportation by offering drivers access to entertainment, navigation, and telematics applications. The automotive industry relies heavily on technology firms and software developers for its evolution. Vehicle-to-Vehicle (V2V) and Vehicle-to-Infrastructure (V2I) communication technologies have enabled cars to communicate seamlessly with other vehicles and infrastructure, thereby propelling industry growth. Additionally, the use of artificial intelligence (AI) technology has increased, which has resulted in smarter interactions between drivers and their vehicles. Thanks to various structural and electronic features such as voice recognition, gesture recognition, driver monitoring, virtual assistance, and Natural Language Understanding (NLU), customers can experience fully autonomous driving.

The Original Equipment Manufacturers (OEMs), digital & data suppliers, telecommunication and data management service providers, as well as third-party telematics platform providers, are forming more relationships within the connected car ecosystem.

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The Global Connected Car Market is segmented on the basis of technology, connectivity, communication, service, region, and company. Based on technology type, the 4G segment currently dominates the global connected car market with highest share among all technology type. During the forecast period, 5G technology is the fastest growing segment as it is the latest technology and provides much better internet services, that’s why the automotive industry is shifting their preference for the 5G.

The major factors driving the Global Connected Car Market are-

The use of 5G technology is a major development in the connected car market. 5G refers to the fifth generation of wireless service technology which aims to connect all devices digitally. 5G connected cars can share data with each other about their current locations, speeds, and past road conditions, and can also link to a city's smart network to find services and parking spaces, transforming the automobile industry.

 

Another significant trend in the connected automobile market is the installation of cybersecurity systems, which is becoming increasingly popular. Cybersecurity systems are designed to protect networks, programs, devices, and personal information from threats. Since users sync their personal information, including location and financials, with the car's system when connecting their smartphones, network-centric technologies and applications such as cellular, satellite, Wi-Fi, Bluetooth, and eSIM-based telematics have been integrated into connected cars to create new cyberattack shields.

Some of the major players operating in the Global Connected Car Market include:

  • pple Inc.
  • AT&T Inc.
  • Ford Motor Company
  • General Motors Company
  • BMW Group
  • Google Inc
  • Audi AG
  • Delphi Automotive PLC
  • NXP semiconductors N.V
  • CarForce.

 

“Many companies are investing in research and development of connected cars, which will introduce the innovative services, that in turn is expected to bolster the growth of the connected car market through 2027., "said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Connected Car Market - Global Industry By Technology Type (3G,4G,5G), By Connectivity (Embedded, Tethered, Integrated), By Communication (Vehicle To Vehicle, Vehicle to Infrastructure, Vehicle to cloud, Vehicle to Pedestrian, Vehicle to Everything), By Service (Driving Assistance, Connected Safety, Well Being, Vehicle Management, Intersection Assistance, Emergency Braking, Others) , By Region, By top 10 states Competition Forecast & Opportunities, 2018- 2028F, has evaluated the future growth potential of Global Connected Car Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Connected Car Market.

Browse more than 145 market data Figures spread through 110 Pages and an in-depth TOC on   "Global Connected Car Market" - https://www.techsciresearch.com/report/connected-car-market/14176.html

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About TechSci Research:

TechSci Research is a research based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and an increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.

 

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