Westford USA, June 19, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Connected Car Market will attain a value of USD 143.72 Billion by 2031, with a CAGR of 19.50% over the forecast period (2024-2031). Individually connected cars provide performance, convenience, safety, peace of mind, and connection. Drivers and passengers can use cutting-edge technology to communicate in real-time while on the go with a variety of internet platforms. Consumer expectations, the ongoing need for connectivity, our growing reliance on technology, and the rise of tech-savvy individuals will probably drive industrial expansion in the upcoming years. Furthermore, telematics mandates—both current and future—from different governments are important factors driving the global market.
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Browse in-depth TOC on the " Connected Car Market "
- Pages - 223
- Tables - 89
- Figures – 76
Connected Car Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $41.29 Billion |
| Estimated Value by 2031 | $143.72 Billion |
| Growth Rate | Poised to grow at a CAGR of 19.50% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Service, Hardware, Form Type, End Market, Transponder, Network, Electric Vehicle |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Integration of AI and machine learning |
| Key Market Opportunities | Emergence of various technologies such as 5G and AI |
| Key Market Drivers | Increased demand for enhanced user comfort, safety, and convenience |
Technological Synergy Enhances Vehicle Safety Helps Integrated Systems to Dominate the Market
OEM channels control a substantial portion of the world connected car market as they are able to introduce state-of-the-art connection technologies in the manufacture of their products, which translate into reliable and high-quality systems. This integration also increases market share while promoting consumer confidence in factory-installed options as manufacturers’ ability to offer top-notch connected car technologies is strengthened through it.
Ensuring High-Quality and Reliable Systems of OEM Channel is Growing at a Rapid Pace
OEM channels control a substantial portion of the world connected car market as they can introduce state-of-the-art connection technologies in the manufacture of their products, which translate into reliable and high-quality systems. This integration also increases market share while promoting consumer confidence in factory-installed options as manufacturers’ ability to offer top-notch connected car technologies is strengthened through it.
Technology Hubs are Emerging, Allowing North America to Dominate Connected Car Market
The connected car market has its greatest market region worldwide, and that is now North America. North America is leading the way in the linked car space as the region's automotive industry is strong, technology hubs are growing, and customers are embracing deployed connected car technologies quickly.
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Connected Car Market Insight
Drivers:
- Increased Demand for Enhanced User Comfort and Convenience
- Emergence of Various Technologies Such as 5G and AI
- Rising Need for Vehicle Safety
Restraints:
- Cybersecurity Remains a Major Challenge to be Tackled
- Lack of Infrastructure for Proper Functioning of Connected Cars
- Rising High Cost of Raw Materials
Prominent Players in Connected Car Market
The following are the Top Connected Car Companies
- Continental (Germany)
- Bosch (Germany)
- HARMAN (US)
- Airbiquity (US)
- Visteon (US)
- Cloudmade (UK)
- Intellias (Ukraine)
- Tesla (US)
- Ford Motor Company (US)
- Audi (Germany)
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Key Questions Answered in Global Connected Car Market Report
- What is the expected market value by 2031 and what is the predicted compound annual growth rate (CAGR) for the global connected car market from 2024 to 2031?
- What are the variables that will propel the connected car market's industrial growth in the next years?
- Which region is at the top of the worldwide connected automobile market right now, and what causes have led to this dominance?
This report provides the following insights:
- Analysis of key drivers (Innovative solutions related to artificial intelligence, real-time navigation, sophisticated telemetric and vehicle theft detection system), restraints (High costs related to connected car technologies, complexity of integrating numerous system and increasing concerns about data confidentiality), opportunities (All connected cars depends on wireless connectivity, safety & efficiency of connected cars and funding has been commissioned for a 5G research facility), and challenges (Vulnerable to cyberattacks and Hackers took control of the cars’ infotainment system) influencing the growth of connected car market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the connected car market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the connected car market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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