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What is the Anticipated CAGR of the Connected Cars Market Over the 2024-2033 Forecast Period?

The market size for connected cars has experienced significant expansion in the past few years. The market value is projected to increase from $80.04 billion in 2023 to $92.59 billion in 2024, showcasing a compound annual growth rate (CAGR) of 15.7%. The considerable growth in the past is ascribed to the growth of emerging markets, amplified demand for improved user comfort, security, and convenience, alongside an augmented incidents of vehicle theft in the connected cars sector.

Anticipated to witness a significant surge in the forthcoming years, the connected cars market is projected to reach a valuation of $165.72 billion by 2028, growing at a compound annual growth rate (CAGR) of 15.7%. Key contributors to this projected growth during the forecast period include the increasing global population, the advent of new technologies such as 5G and artificial intelligence, a rise in Internet reach, Internet of Things (IoT), growing preference towards in-car Wi-Fi hotspots and data services, and escalating demand for smart mobility solutions. Observations for the forecast period suggest that manufacturers of connected cars should concentrate their efforts on incorporating 5G connectivity in their vehicles to broaden their connected technologies. Additionally, the integration of artificial intelligence to improve features of connected car operating systems should also be a priority. The installation of cybersecurity systems to mitigate the threat of cyber-attacks, launching cloud platforms to stay competitive, designing hybrid personalized in-vehicle infotainment systems to augment in-vehicle capabilities for an enhanced driving experience, and creating advanced driver-assistance systems to assist drivers with progressive technologies are other areas that manufacturers should focus on.

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What Are the Driving Forces Behind the Growth of the connected cars Market?

The growth of the connected car market can be attributed to the increasing efforts by governments in pursuing the advancement of intelligent transport systems. During this period, efforts from governments in nurturing the growth of autonomous and connected vehicles have positively impacted the market’s growth. The UK government, for instance, has made hefty investments and significant contributions towards the development of the connected car industry, having invested £40 million (US$50 million) in schemes aimed at boosting commercial autonomous vehicle (AV) services, like delivery vehicles and passenger shuttle services. Additionally, several trials have been run and new legislation introduced to facilitate the expansion of connected cars. It has been estimated that, by 2030, the UK could reap economic benefits up to £62 billion ($74.36 billion) from the deployment of these connected and autonomous vehicles.

What Are the Core Segments of the Connected Cars Market?

1) By Product Type: Embedded, Tethered, Integrated

2) By Application: Navigation, Infotainment, Telematics, Combination

3) By Services: Driver Assistance, Safety and Well-Being, Entertainment, Vehicle Management, Mobility Management, Other Services

What Are the Key Innovations Reshaping the Connected Cars Market?

Companies involved in the connected car sector are actively exploring new technologies like autonomous vehicle map software to boost their earnings and stay ahead of their competition. For instance, NVIDIA Corporation, a US-based tech firm, introduced its autonomous vehicles map software, DRIVE Map, in 2022. This multi-modal mapping engine is tailored to expedite the deployment of Level-3 and Level-4 autonomous vehicles, which can function without any human input. Following its acquisition of HD mapping startup DeepMap in the previous year, Nvidia hastened the development process of DRIVE Map. The mapping technologies of the acquired startup were integrated into the DRIVE Map. Nvidia’s DRIVE Map effectively combines the precision of DeepMap’s survey mapping and the scalability of AI-based crowdsourcing.

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What Regions Are Influencing the Dynamics of the Connected Cars Market?

Asia-Pacific was the largest region in the connected cars market share in 2023. Western Europe was the second largest region in the global connected cars market. The regions covered in the connected cars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Connected Cars Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the connected cars market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Connected Cars Market Include

1. Connected Cars Market Executive Summary

2. Connected Cars Market Segments

3. Connected Cars Market Size And Template Market Growth Rate

4. Key Connected Cars Market Trends

5. Major Connected Cars Market Drivers

……

25. Key Mergers And Acquisitions In The Connected Cars Market

26. Top Connected Cars Companies

27. Connected Cars Market Opportunities And Strategies

28. Connected Cars Market, Conclusions And Recommendations

29. Appendix

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