Connected Car Market Size to Hit USD 48.77 Billion at 26.3% CAGR; Dominant Players Such as Audi and Ford Motors to Focus on Promoting the Adoption of Advanced Automotive Technologies: Fortune Business Insights(TM)
Pune, India, March 01, 2021 (GLOBE NEWSWIRE) — According to the report, Connected Car Market size is projected to reach USD 48.77 Billion value by 2027, exhibiting a CAGR of 26.3%. The Connected Car Industry was valued at USD 14.34 billion in 2019. Emergence of automotive electronic startups will enable this market to reach greater heights in the coming years. Wireless connectivity systems in cars are a trend that is gaining considerable traction in the automotive industry.
Recognizing the potential offered by these changing dynamics, several startups specializing in automotive electronics and communications have come up and are advancing connected car technologies. For example, Connexion, an internet of things (IoT) startup based in Melbourne, Australia, provides infotainment systems, fleet management solutions, and cloud-based telematics to carmakers. Savari, a California-based startup, offers software and hardware solutions for vehicle manufacturers to arm their vehicles with vehicle-to-everything (V2X) systems and Dedicated Short Range Communication (DSRC) sensors. The proliferation of startups offering innovative automotive communication solutions is expected to open new expansion avenues for this market.
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Rising Number of Road Accidents Worldwide to Accelerate Growth
The sudden explosion of the COVID-19 pandemic has created unprecedented turmoil across all economic systems around the globe, aggravating the already widespread uncertainty in the business world. Worldwide, governments have been taking emergency measures to wade their economies out of this crisis. Private sector entities are also exploring alternatives to survive these challenging times. At Fortune Business Insights™, we are taking solid efforts to gain market intelligence and equip you with updated information to aid your fight against this crisis. We are offering precise market reports based on our expertise and experience in the field of market research.
One of the leading factors propelling the connected car market growth is the rising number of road traffic accidents around the globe. According to the World Health Organization (WHO), road traffic crashes kill approximately 1.35 million people worldwide every year. Furthermore, between 20 million and 50 million people suffer non-fatal injuries from road accidents, with several accident victims getting afflicted with a temporary or permanent disability. The most common causes of road accidents, the WHO highlights, include driving under influence, speeding, distracted driving, and unsafe vehicles.
Connected cars have the potential to address all these issues as these vehicles operate on real-time data acquired from various sensors attached to the cars. For example, IoT-enabled cars gather real-time traffic and crash data, alerting drivers to changes in surrounding traffic conditions, road hazards, and upcoming obstructions such as pedestrians and cyclists. Smart technologies enhance the safety quotient of a vehicle and can thus reduce the probability of road accidents.
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Growing Demand for Advanced Automotive Technologies to Boost the Asia Pacific Market
Asia Pacific dominated the connected car market share in 2019 with a market size of USD 8.37 billion on account of the rising preference for high-end, advanced automotive technologies in the region. This evolving dimension in the automotive industry in Asia Pacific is underpinned by the increasing level of disposable incomes among buyers, which is enabling them to demand enhanced safety and infotainment features in cars.
In Europe, major automakers such as BMW and Volkswagen are partnering with automotive technology specialists to equip their cars with sophisticated safety features. The market in North America, on the other hand, is set to benefit from the rapid adoption of next-gen connectivity technologies such as 5G by carmakers in the region.
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The demand for premium cars and vehicular components is escalating in the emerging market of Asia and Africa. Acknowledging the huge business scope offered by the countries in these regions, automotive giants are steadily deepening their presence in these countries by launching innovative solutions.
February 2020: Ford India introduced the FordPassTM, its comprehensive mobile connectivity solution that enables owners to remotely access their cars, call for breakdown assistance, and perform many such functions, in India. All BS-VI Ford cars will have a cloud-based device that connects the car with the FordPass app.
January 2020: Audi of America and Verizon Business Group collaborated to develop and deliver embedded in-vehicle Wi-Fi and advanced connectivity to future Audi cars. Audi’s connect® CARE will preinstalled in Audi’s A4 and A5 lines and will feature Verizon’s Unlimited data connection powered by Verizon’s 4G LTE network.
- Volvo (Gothenburg, Sweden)
- Ford Motor Company (Michigan, United States)
- TomTom Inc. (Amsterdam, Netherlands)
- Daimler AG (Stuttgart, Germany)
- AT&T (Texas, United States)
- Harman International (Connecticut, United States)
- HYUNDAI MOTOR GROUP (Seoul, South Korea)
- General Motors (Michigan, United States)
- Audi (Ingolstadt, Germany)
- Robert Bosch GmbH ( Gerlingen, Germany)
- Continental AG (Hanover, Germany)
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Global Connected Car Market Segmentation:
By Application Type:
- Mobility Management
- Driver Assistance
By Network Type:
By Technology Type:
By Sales Channel Type:
By Communication Type:
- Vehicle to Vehicle
- Vehicle to Infrastructure
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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