Market Overview
The global Connected Car Market is accounted to expand the market share at USD 63.2 Billion in the first half of 2020. However, this global market is projected to meet at USD 180.9 Billion during the forecast period of 2027.
Presently, the innovations of advanced cars are enhancing the user’s convenience, safety, and comfort, which is fueling the demand for the Connected Car Market. Moreover, the increased demand for advanced and modified cars, increasing ADAS features in cars, and diverse applications to commercial firms are some of the important factors driving the global market growth in the forecast period.
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The global Connected Car Market has lucrative growth opportunities in the upcoming years due to the emergence of different new technologies likes AI and 5G. Many commercial industries widely adopt these new technological services as it is essential to enhance their sales and productivity. However, the global market growth might get hindered due to the limited network connectivity and lack of infrastructure for the functioning of connected cars.
Market Segmentation
The connected car market value is driving its growth rapidly with the market segmentations, including the technology, connectivity, service, and component. Further, the global Connected Car Market has been segmented into 2G, 3G, WiFi, Bluetooth, and LTE based on the technology segment. Based on the customers' requirements and industries, these technological segments of the connected car are used for different applications.
The connected cars also have some differentiating factor that is highly preferred by the customers based upon their capacity and connectivity services. The globally connected car market share has been classified into integrated, tethered, and embedded depending on the connectivity segment. Hence, most industries are focusing on improved capacity and connectivity services to grow their business operation.
Based on the services segments, the connected car market share has been segmented into OEM Services, Autonomous driving and Vehicle management, Entertainment, Safety, and Well-Being. In addition, the global market has been categorized into different components such as Processors, Cellular, Sensors, and wireless modules in terms of components segments. Thus, the worldwide market is eventually predicted to achieve impeccable heights with the addition of components. Also, these components throw light on the benefit of the product or technology.
Regional Analysis
The Connected Car Market is relatively spread across different geographical locations such as Europe (France, Italy, Western Europe, Germany, Spain, and others), Americas (Canada, North America, US), The Middle East & Africa, and Asia– Pacific (Asia, South Korea, China, Japan, India, and others).
Among all, the North American region is dominating the global market by generating the maximum connected car market value during the analysis period. This region is growing widely because of several factors, including the collective efforts of the key market players, the increasing production and supplies, and impeccable demands of the global connected car.
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Industry News
Nowadays, most companies are trying to involve with the connected car market to grow their work process. Similarly, the smartest companies like Tesla and Toyota have also adopted the same strategies to enhance their business. Recently, SIM card-based connected drive technology has been adopted by a German multinational corporation named BMW for the worldwide connected cars.