The Connected Cars Market Is Estimated To Reach $143.27 Billion By 2027 At A CAGR Of 15.7% – Includes Connected Cars Market Analysis
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An increase in efforts by governments to develop intelligent transportation systems are expected to drive innovation in connected cars manufacturing, thus driving the market during the forecast period.
The global connected cars market is expected to grow from $69.20 billion in 2022 to $80.04 billion in 2023 at a compound annual growth rate (CAGR) of 15.7%. The global connected cars market size is expected to grow to $143.27 billion in 2027 at a CAGR of 15.7%.
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- By Product Type: Embedded, Tethered, Integrated, Other Product Types
- By Services: Driver Assistance, Safety, Entertainment, Well-Being, Vehicle Management, Mobility Management, Other Services
- By Application: Navigation, Infotainment, Telematics
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global connected cars market in 2021.
Major Market Players in the connected cars market include Robert Bosch GmbH, Ford Motor Company, BMW, Audi AG, General Motors, Delphi, AT&T Inc., Airbiquity, Visteon, and Mercedes-Benz.
Connected car companies are increasingly developing new technologies such as digital and autonomous technologies to increase their revenue and also to gain a competitive edge over their rivals. For instance, in 2022, NVIDIA Corporation, an American technology company launched an autonomous vehicles map software, ” DRIVE Map”. It is a multi-modal mapping engine designed to accelerate the deployment of autonomous Level-3 and Level-4 vehicles that can operate without human intervention. After acquiring HD mapping startup, DeepMap last year, Nvidia accelerated the development of DRIVE Map. These startup’s mapping technologies were incorporated into DRIVE Map. The DRIVE Map by Nvidia combines the accuracy of DeepMap survey mapping with the scale of AI-based crowdsourcing.
The Connected Cars Global Market Report 2023 provides a connected cars market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The connected cars market forecast analyzes connected cars market size, connected cars market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Connected cars are cars empowered with internet access and a local area network that helps to communicate with other vehicles. These cars have a wide range of sensors that transmit and receive signals from the manufacturers in conjunction with the services to enhance the consumer experience with the real-time interaction of the vehicles. These cars can be connected with smartphones or other mobile phones and allow the driver to mechanically monitor the performance of the car.
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