The global connected car market size is projected to reach USD 191.83 billion by 2028, exhibiting a CAGR of 18.1% during the forecast period. Emergence of automotive electronic startups will enable this market to reach greater heights in the coming years, postulates Fortune Business Insights™ in its report, titled “Connected Car Market, 2021-2028”. The market size stood at USD 55.56 billion in 2020.
Wireless connectivity systems in cars are a trend that
is gaining considerable traction in the automotive industry. Recognizing the
potential offered by these changing dynamics, several startups specializing in
automotive electronics and communications have come up and are advancing
connected car technologies.
List
of Key Companies Profiled in the Connected Car Market Report:
- Volvo (Gothenburg, Sweden)
- Ford Motor Company (Michigan,
United States)
- TomTom Inc. (Amsterdam, Netherlands)
- Daimler AG
(Stuttgart, Germany)
- AT&T (Texas, United States)
- Harman International (Connecticut,
United States)
- HYUNDAI MOTOR GROUP (Seoul, South
Korea)
- General Motors (Michigan,
United States)
- Audi (Ingolstadt, Germany)
- Robert Bosch GmbH (Gerlingen,
Germany)
- Continental AG (Hanover, Germany)
The main features of the report include:
- Tangible analysis of the various market drivers, trends, and restraints;
- Holistic evaluation of the regional prospects of the market;
- Microscopic study of all market segments; and
- In-depth examination and profiling of the prominent players and their strategies.
Driving
Factor
Rising
Number of Road Accidents Worldwide to Accelerate Growth
One of the leading factors propelling the connected
car market growth is the rising number of road traffic accidents around the
globe. According to the World Health Organization (WHO), road traffic crashes
kill approximately 1.35 million people worldwide every year. Furthermore,
between 20 million and 50 million people suffer non-fatal injuries from road
accidents, with several accident victims getting afflicted with a temporary or
permanent disability. The most common causes of road accidents, the WHO
highlights, include driving under influence, speeding, distracted driving, and
unsafe vehicles. Connected cars have the potential to address all these issues
as these vehicles operate on real-time data acquired from various sensors
attached to the cars. For example, IoT-enabled cars gather real-time traffic
and crash data, alerting drivers to changes in surrounding traffic conditions,
road hazards, and upcoming obstructions such as pedestrians and cyclists. Smart
technologies enhance the safety quotient of a vehicle and can thus reduce the
probability of road accidents.
Read a Detailed Summary of This Report: https://www.fortunebusinessinsights.com/industry-reports/connected-car-market-101606
COVID-19 Impact
The sudden explosion of the COVID-19 pandemic has
created unprecedented turmoil across all economic systems around the globe,
aggravating the already widespread uncertainty in the business world.
Worldwide, governments have been taking emergency measures to wade their
economies out of this crisis. Private sector entities are also exploring
alternatives to survive these challenging times. At Fortune Business Insights™,
we are taking solid efforts to gain market intelligence and equip you with
updated information to aid your fight against this crisis. We are offering
precise market reports based on our expertise and experience in the field of
market research.
Regional
Insights
Growing
Demand for Advanced Automotive Technologies to Boost the Asia Pacific Market
Asia Pacific dominated the connected car market share
in 2020 with a market size of USD 32.90 billion on account of the rising
preference for high-end, advanced automotive technologies in the region. This
evolving dimension in the automotive industry in Asia Pacific is underpinned by
the increasing level of disposable incomes among buyers, which is enabling them
to demand enhanced safety and infotainment features in cars. In Europe, major
automakers such as BMW and Volkswagen are partnering with automotive technology
specialists to equip their cars with sophisticated safety features. The market
in North America, on the other hand, is set to benefit from the rapid adoption
of next-gen connectivity technologies such as 5G by carmakers in the region.
Competitive
Landscape
Key
Players to Deepen Footprint in Emerging Markets
The demand for premium cars and vehicular components
is escalating in the emerging market of Asia and Africa. Acknowledging the huge
business scope offered by the countries in these regions, automotive giants are
steadily deepening their presence in these countries by launching innovative
solutions.
Industry
Developments:
February
2020: Ford India introduced the FordPassTM, its comprehensive
mobile connectivity solution that enables owners to remotely access their cars,
call for breakdown assistance, and perform many such functions, in India. All
BS-VI Ford cars will have a cloud-based device that connects the car with the
FordPass app.
Read Press Release: https://www.fortunebusinessinsights.com/press-release/connected-cars-market-9347
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