Connected Car Market Revenue to close at USD 286.1 billion by 2027
Posted On October 13, 2021
The Global Connected Car Market is foreseen to grow at a remarkable CAGR of 25% during the year 2021-2027 as estimated by the report from Value Market Research wherein the market value is expected to grow to USD 286.1 billion by 2027. The globally connected car market is projected to grow at a healthy rate with technological advancements and innovation. Increased demand for enhanced safety, user comfort, and convenience are few factors expected to drive the market growth. The North American market is expected to witness the most rapid growth, especially in the US, as the US market has primary demands of improved vehicle security norms, V2V connectivity, and IoT incorporation in the automotive industry. The growing percentage of consumers concerned with the security of biometric data shared with third parties will be the primary constraint hampering the market growth.
Connected cars communicate with other systems outside of the car using LAN and connectivity. It shares data with other devices using the internet and cellular radios to ease technologies such as shared mobility, automated driving, etc. Connected cars, referred to as future cars, provide technology to connect vehicles to infrastructure, cloud, and pedestrians. Information about traffic, safety, mobility, congestion, energy-saving, speed, and the position of vehicles solve problems for energy, transportation, and the environment and connect it to smart homes. It works on the principle of IoT and offers a broader range of communication possibilities. Connected cars hardware establishes a connection using GSM module and helps the car be aware of its surroundings and issue alerts regarding emergency brake light warning, intersection movement assist, road works warning, automatic fleets of crashes, and entertainment.
The geographical and segmentation study covered in the report "Global Connected Car Market Report By Form Type (Embedded, Tethered, Integrated), By End Market (OEM, Aftermarket), By Application (Vehicle Management, Driver Assistance, Mobility Management, Safety, Entertainment, Others) And By Regions - Industry Trends, Size, Share, Growth, Estimation And Forecast, 2021-2027" helps in understanding the upcoming trends of the market.
On the basis of form type the market is segmented into Embedded, Tethered, Integrated. By end market the connected car market is categorised as OEM, Aftermarket. By application the connected car market is categorised as Vehicle Management, Driver Assistance, Mobility Management, Safety, Entertainment, Others. Geographically the research study provides data on North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa regions. This section provides the estimates of market by segment, thus providing valuable data to take strategic decisions.
The Report Segments Global Connected Car Market -
By Form Type
By End Market
- Vehicle Management
- Driver Assistance
- Mobility Management
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Players Profiled In the Report:
Alcatel Lucent, Apple Inc., AT&T Inc., Audi AG, BMW, Delphi Automotive, Ford Motor, General Motors Company, Google Inc., and NXP Semiconductors N.V.
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