Connected Cars Will Witness High Demand; Availability of Smooth Wireless Networks Will Enable Seamless Operations
The global connected cars market will derive growth from
recent technological advancements. According to a report published b Fortune
Business Insights, titled “Connected Car Market Size, Share
& Industry Analysis, By Service (mobility, telematics, infotainment, driver
assistance), By Connectivity (embedded, tethered, integrated), By Vehicle
(passenger car, light commercial vehicle, heavy commercial vehicle), and
Regional Forecasts, 2019-2025,” the market was valued at 16.3 million units in 2018 and is projected to
reach 84.2 million units by 2025,thereby exhibiting a CAGR of 26.4% from 2019-2025.
List of
prominent companies that are operating in the global connected cars market are:
- ·
TomTom International B.V
- ·
AT&T
- ·
Harman International
- ·
Audi (Germany)
- ·
BMW (Germany)
- ·
Continental AG (Germany)
- ·
Bosch (Germany)
- · General Motors (U.S.)
Connected cars are vehicles that are integrated with internet
access, with an aim to ensure a communication medium with users as well as
other cars over a defined network. They are used to provide information derived
from real-time sources to users, with the aim of improving the overall user
experience. As connected cars operate over a wireless network, factors such as
reliability and safety of the network are of utmost importance.
There are increased efforts taken to minimize software hacks
and malfunctioning of the device. The increasing initiatives taken to minimize
and resolve safety related issued, coupled with the high investment to better
device safety will aid the growth of the market in the coming years.
The report offers insights into the latest connected cars
market trends. It summarizes key aspects of the market, with focus on leading
product types, areas that have witnessed the highest demand, leading regions,
and applications. The report encompasses several factors that have contributed
to market growth. Additionally, leading companies have been analysed and
studied in detail through extensive research analysis methods.
Technological
Interventions Have Played a Key Role in Market Growth
Technology has played an important part towards the growth of
the market in recent years. Incorporation of concepts such as data integration
and machine learning have opened up a huge potential for market growth. The
potential offered by connected cars have attracted several investors.
Moreover, technological advancements have drawn the attention
of government organizations as well as public organizations. The advent of
smart connected electric cars has fuelled the demand for the product, which in
turn will account for rapid growth of the market in the coming years. In
February 2018, TomTom Audio Traffic announced the launch of a personalized
traffic information system that allows communication with the driver over
voice-programs.
This concept will provide details related to traffic as well
as condition of the route ahead, thereby providing a seamless driving
experience for drivers. The benefits offered by such technologies will fuel the
demand for the product in the forthcoming years.
Driven by Growing
Connectivity Equipment, Asia Pacific Will Dominated the Market
The report segments the market based on regional demographics
into North
America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.
Among these regions, the market in Asia Pacific will emerge dominant, driven by
the huge product adoption. Advancements in technologies and equipment
associated with connected cars will contribute to the growing demand. Moreover,
increasing number of company collaborations will yield high investments in
product R&D, which will subsequently aid the growth of the market in Asia
Pacific.
To Gain More Insights into the Market with Detailed
Table of Content and Figures, Click Here:
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