Report Ocean recently released a research report on the Connected Car Market, which covers the market’s historical growth, cost structure, revenue, trends, and potential prospects for the period 2023-2031. The report provides an extensive coverage of the market across various categories and includes a detailed analysis at the national level, along with an evaluation of the key drivers, restraints, trends, and opportunities in the market.
The global connected car market size was US$62.03 billion in 2019. The global connected car market is forecast to reach the value of US$ 345.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 17.1% during the forecast period from 2021-2030.
A connected car enables connectivity on wheels and offers comfort, convenience, and safety to the passengers. It enables real-time communication by connecting to online platforms.
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Factors Influencing
- Trending use of connectivity solutions for safety purposes is forecast to fuel the market growth in the coming years. Considering the growing demand for connectivity worldwide, automobile manufacturers have begun adopting effective connectivity solutions to accelerate the trade. Thus, the new era of smart vehicles would ultimately fuel the demand for connected car services.
- Beneficial features like advanced diagnostic systems are forecast to propel market growth in the coming years.
- The problems related to the internet network and connectivity may act as a significant challenge for market growth.
- The growing cases of accidents may propel market growth in the coming years. Safety has always been a major concern for drivers and passengers. Connected car technology can enhance the safety of people. Thus, the market may witness a significant rise in the coming years.
Geographic Overview
Geographically, North America is dominating the global connected cars market. The region is home to various prominent automobile manufacturers, which can contribute to revenue generation. Moreover, the mounting demand for technology advancements mainly from the automotive sectors may fuel the market growth in North America.
The Asia-Pacific region would maintain the second leading position in the global connected car market. It is due to the expanding adoption of digital services and the growing demand for advancements in the automobile sector.
Covid-19 Impact Analysis
The global automotive industry witnessed many challenges during the COVID-19 pandemic. The epidemic has caused a severe decline in the demand for cars and other vehicles. As a result, the demand for connected car services abruptly decreased.
The unavailability of raw materials has been another challenge for the market players. Most of the countries in the Asia-pacific region were affected by the spread of the deadly virus. Governments had to introduce stringent lockdown regulations to curb the spread. Thus, the ban on import-export activities and travel restrictions have been a major cause of the severe decline in market growth.
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Market Segmentation
By Technology
- 3g
- 4g/LTE
- 5g
By End Market
- Original Equipment Manufacturer (OEMs)
- Aftermarket
By Service
- Driver Assistance
- Safety
- Entertainment
- Well-Being
- Vehicle Management
- Mobility Management
By Connectivity Solutions
- Integrated
- Embedded
- Tethered
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
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- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
Competitors in the Market
- Airbiquity Inc.
- Continental AG
- Intellias Ltd.
- Luxoft
- Qualcomm Technologies Inc.
- Sierra Wireless
- Tesla Zubie Inc.
- Audi AG
- Bmw Group
- Daimler AG (Mercedes-Benz)
- Ford Motor Company
- Samsung Electronics Co. Ltd.
- Telefonica, S.A.
- Tomtom International N.V
- Verizon Communications Inc.
- Vodafone Group Plc
- Other Prominent Players
Table of Content
Chapter 1: Global Connected Car Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Connected Car market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Connected Car Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Connected Car market Size Forecast (2023-2031).
Continue….
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Connected Car market revenues on a global, regional, and country level, projecting trends until 2031. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Connected Car market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Connected Car market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Connected Car business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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