Connected Cars Market Growth Analysis And Indications – Includes Connected Cars Market Trends
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Major players in the connected cars market include Volkswagen, Toyota Motor Corporation, General Motors, Daimler AG, BMW Group.
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The connected cars market is expected to reach from $76.45 billion in 2021 to $186.89 billion in 2026 at a rate of 19.6 %. The global connected cars market size is then expected to grow at a CAGR of 21.7% from 2026 and reach $499.23 billion in 2031.
North America was the largest region in the global connected cars market.
The connected cars market consists of sales of connected cars by entities (organizations, sole traders and partnerships) that manufacture and sell connected cars to the end users or customers. Connected cars are cars empowered with internet access and/or local area network (LAN) which helps to communicate with other vehicles or help with the navigation and easy access of the vehicle. These cars have a wide range of sensors that transmit and receive signals to and from the manufacturer and other service providers, to enhance the consumer experience in real time interaction with the vehicle. These cars onboard hardware can be connected with smartphones or other mobile phones, allowing the driver to remotely monitor the performance of the car.
The emergence of technologies such as 5G and AI drives the growth of connected cars market in the forecast period.
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The 5G technology in connected cars is a key trend gaining popularity in the connected cars market. 5G refers to the 5th generation wireless mobile network technology that is designed to connect everything including objects, machines, and devices virtually. 5G connected cars are changing automotive experiences as they allow cars to communicate with each other for data sharing from current destination and speed to previous road conditions, to connect to a city’s smart network to locate access services and available parking. Tethered connected cars have the modem and the UICC (SIM) brought in whereas the intelligence/applications is embedded, and the vehicle interface that is used is the vehicle HMI (human machine interface). Automotive HMIs allow drivers and passengers to interact with their vehicles in a far more natural way.
TBRC’s Connected Cars Market Report Segments:
By Product Type: Embedded, Tethered, Integrated, Others
By Service: Driver Assistance, Safety, Entertainment, Well-Being, Vehicle Management, Mobility Management, Others
By Application: Navigation, Infotainment, Telematics
By Geography: North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
The Connected Cars Market Report 2022 –Opportunities And Strategies – Global Forecast To 2031 is one of a series of new reports from The Business Research Company that provides an overview of the connected cars market globally and regionally, analyzes and forecasts market size, share, connected cars market players, connected cars market segments, leading competitor revenues, profiles and market shares.
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