Dallas, Texas, Oct. 27, 2022 (GLOBE NEWSWIRE) -- The connected cars market is predicted to expand as a result of the rising need for automotive cyber-security solutions, linked cars becoming more prevalent, and rising demand for entertainment and safety features in automobiles. The market for connected cars is anticipated to have increased growth as a result of the introduction of 5G technology. Increased capacity, minimal latency, and quick speeds are features of 5G, the next generation of wireless technology. It can support a lot of devices and provide data rates of up to 10 Gbps, which makes it perfect for connected cars.
The term "connected cars" refers to a vehicle that wirelessly communicates data with other devices. Sensors and technologies that gather information about the vehicle's performance, position, and surroundings are included in connected cars. Other devices, like smartphones, tablets, infotainment systems, and navigation systems, receive this data after that. A range of advantages, including improved safety, increased productivity, and superior infotainment, is provided by connected cars.
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Connected Cars Market Report Profiles The Following Companies:
- Audi
- Products Portfolio
- Denso
- Bosch
- Mercedes-Benz
- Honda Motors
- General Motors
- Fiat Chrysler Automobiles
The connected cars market has many prominent companies, rendering it one of the most thriving and promising businesses right now. Furthermore, this industry is backed by the governments of many nations because it aids the elderly and those with impairments, lessens traffic jams and accidents, and helps the disabled.
At a CAGR of 18.7% over the period of the projected year, it is expected that the market for connected vehicles will grow from USD 54.5 billion in 2020 to approximately USD 198.9 billion by 2030.
A few of the key reasons propelling the expansion of this market are the increased demand for safety and infotainment features in automobiles, the rise of connected vehicles, and the expanding need for automotive cybersecurity solutions.
On the basis of types, the Connected Cars market is primarily split into:
- Satellite
- 3G
- 4G
- 5G
On the basis of End User, the market covers:
- Commercial
- Residentials
On the basis of applications, the market covers:
- Telematics
- Infotainment
- Mobility Management
- Driver Assistance
The technology that will expand with the highest CAGR over the projected period is 5G. This is due to the increasing demand for high-speed data communication and low latency in connected cars. The segment that includes integration is anticipated to expand at the highest CAGR throughout the projected period. This is due to its benefits over other types, such as reduced cost and improved performance as well as reliability.
The largest CAGR growth for the driver assistance service is anticipated as a consequence of the increasing use of advanced driver assistance systems (ADAS). ADAS are intended to increase traffic safety and productivity. Sensors and cameras are a part of these systems to detect potential risks and alert drivers.
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Among the numerous industry end users, the Original Equipment Manufacturer (OEM) segment is anticipated to experience the greatest CAGR growth. This is a result of OEMs using linked automobile technologies more frequently. The development of new connected automobile technologies is also receiving significant investment from OEMs. Throughout the projected period, the North American region is expected to hold the largest market share. This is because there are many automotive businesses in this area and linked cars are being used there more frequently.
The first 5G-enabled vehicle in the world, the Samsung Galaxy S10 5G, was released in 2019 by Samsung Electronics Co., Ltd. For data transmission with other devices and internet connections, the phone makes advantage of 5G technology.
A connected automobile platform will be released by Volkswagen AG in 2020, the company said in 2019. The platform will enable customers to control their cars using only a cell phone or smartwatch thanks to the platform. Additionally, several services, including infotainment, navigation, and auto diagnostics, will be available.
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