Pune, Oct. 13, 2020 (GLOBE NEWSWIRE) -- Fortune Business Insights™ published a premium research report on the global connected car market size, trends, analysis, company shares, and in-depth forecast by the year 2026. The report summarizes key aspects of the market, with a focus on leading product types, areas that have witnessed the highest demand, leading regions, and applications. The report encompasses several factors that have contributed to market growth. Additionally, leading companies have been analyzed and studied in detail through extensive research analysis methods.
The connected car market was valued at USD 45.25 billion in 2018 and is projected to reach USD 142.49 billion by 2026, thereby exhibiting a CAGR of 16.4% from 2019-2026.
Connected cars are vehicles that are integrated with internet access, intending to ensure a communication medium with users as well as other cars over a defined network. They are used to provide information derived from real-time sources to users, to improve the overall user experience. As connected cars operate over a wireless network, factors such as reliability and safety of the network are of utmost importance. There are increased efforts taken to minimize software hacks and malfunctioning of the device. The increasing initiatives taken to minimize and resolve safety-related issues, coupled with the high investment to better device safety will aid the growth of the market in the coming years.
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Driven by Growing Connectivity Equipment, Asia Pacific Will Dominated the Market
The report segments the market based on regional demographics into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, the market in Asia Pacific will emerge dominant, driven by the huge product adoption. Advancements in technologies and equipment associated with connected cars will contribute to the growing demand. Moreover, increasing number of company collaborations will yield high investments in product R&D, which will subsequently aid the growth of the market in Asia Pacific.
Technological Interventions Have Played a Key Role in Market Growth
Technology has played an important part in the growth of the connected car market in recent years. Incorporation of concepts such as data integration and machine learning has opened up a huge potential for market growth. The potential offered by connected cars has attracted several investors.
Moreover, technological advancements have drawn the attention of government organizations as well as public organizations. The advent of smart connected electric cars has fuelled the demand for the product, which in turn will account for the rapid growth of the market in the coming years. In February 2018, TomTom Audio Traffic announced the launch of a personalized traffic information system that allows communication with the driver over voice-programs. This concept will provide details related to traffic as well as the condition of the route ahead, thereby providing a seamless driving experience for drivers. The benefits offered by such technologies will fuel the demand for the product in the forthcoming years.
List of the Leading Companies Profiled in the Global Connected Car Market are:
- TomTom International B.V
- AT&T
- Harman International
- Audi (Germany)
- BMW (Germany)
- Continental AG (Germany)
- Bosch (Germany)
- General Motors (U.S.)
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Key Industry Development:
September 2019: Harman International partnered with Spotify to develop advanced connected technologies for the automotive & consumer market.
February 2018: TomTom (TOM2) Inc. launched personalized traffic information conveyed to the driver by over the voice. This feature acknowledges the driver, exact personalized traffic information about the route ahead.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Mergers, Acquisitions and Partnerships
- Distributor Analysis – For Major Players
- Growth and Penetration Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Vendor landscape
- Global Connected Car Market Analysis, Insights and Forecast, 2015-2025
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Service Type
- Mobility
- Telematics
- Infotainment
- Driver Assistance
- Market Analysis, Insights and Forecast – By Connectivity Type
- Embedded
- Tethered
- Integrated
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Car
- LCV
- HCV
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the World
TOC Continued!
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