Dallas, Texas, United States, Oct. 26, 2021 (GLOBE NEWSWIRE) -- Globally Connected Car Market size was valued at USD 64.55 billion in 2020 and is projected to reach USD 225.16 billion by 2027, registering a CAGR of 17.1% during the forecast period.
A connected cars are the vehicles that can communicate bidirectionally with other systems external to the car. It is equipped with internet connectivity and, in most cases, a WLAN and allows the car to access and share data, download software, communicate with other Internet of Thing’s devices, and provide Wi-Fi for onboard passengers.
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Impact of the COVID-19
The COVID-19 pandemic had a partial impact on the connected cars market. The pandemic situation created major impact of the customer’s financial incomes as people are now looking to complete needs rather than going after wants and desires such as buying a connected car. Car has almost become a vital part of the human life and automotive industry has witnessed strong decline in sale or zero sale at the end of the first quarter. Although the lockdown and social distancing norms affected the market indirectly by reducing the number of vehicle sales registered during pandemic, the pandemic has also forced people to prefer private transport, which is expected to raise car sales, worldwide, and consequently, the connected cars market.
Key Players
Various companies in Global Connected Car Market are BOSCH, CONTINENTAL, HARMAN, VISTEON, AIRBIQUITY, CLOUDMADE, TESLA, BMW, FORD MOTOR COMPANY, and AUDI
Key Development
Recently, BMW, a German multinational corporation, adopted SIM card-based connected drive technology for the global connected cars.
The smartest companies like Toyota and Tesla have also involved their work process in the connected car market.
In September 2019, Continental launched CoSmA Solution, a digital door opener for Honda e. This is a smartphone-based access solution that will enable Honda e owners to open their vehicles or share the key with others using just their smartphone.
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Market Segmentation
By Technology
- 3G
- 4G/LTE
- 5G
By Connectivity Solutions
- Integrated
- Embedde0064
- Tethered
By Services
- Driver Assistance
- Safety
- Entertainment
- Well-being
- Vehicle Management
- Mobility Management
By End Users
- Original Equipment Manufacturers
- Aftermarket
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Regional Analysis
Giving to the regional classification, the Connected Car Market is broadly spread across various global locations. North America region dominates the connected car market followed by Europe. Satisfactory regulation imposed by the US government to curb vehicle collision is favoring the acceptance of connected cars. With the global connected car impeccable demands and key players' collective efforts, the market has improved its supply and production all over the regions.
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