Connected Car Technology Market Analysis
The connected car market will develop at a favorable CAGR between 2016- 2027, reveals the latest Market Research Future (MRFR) report. Connected cars help to facilitate connectivity on wheels offering safety, security, comfort, performance, and convenience with powerful network technology. These cars enable drivers to get connected to online platforms and also facilitate real-time communication. They come with advanced sensors and technologies. These cars can be communicated with another car that travels on the same road and exchange information related to traffic, accidents, road blocks, weather, and others.
Several factors are adding to the global connected car technology market growth. Some of these factors as per the MRFR report include the need for continuous connectivity, the burgeoning need of the consumers, rise in tech-savvy people, rising dependency on technology, development of connectivity solutions like machine-to-machine connectivity platforms by car manufacturers and service providers, advanced infotainment systems, and fast connection to the wireless network.
On the contrary, the increased risk of cybersecurity for smart vehicles and lack of strong network infrastructure may impede the connected car market growth over the forecast period.
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The prominent players profiled in the global connected car market report include Sierra Wireless (Canada), Texas Instruments Incorporated (U.S.), Freescale Semiconductor Inc. (U.S.), Microsoft Corporation (U.S.), BMW (Germany), NXP Semiconductors (Netherlands), Honda Motor Co. Ltd. (Japan), Ford Motor Company (U.S.), Audi AG (Germany), Apple Inc. (U.S.), and General Motors (U.S.).
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The MRFR report highlights an inclusive segmental analysis of the global connected car market based on connectivity, services, components, and technology.
By technology, the connected car market is bifurcated into Bluetooth, Wi-Fi, LTE, 3G, and 2G. Of these, the 2G segment will lead the market over the forecast period for the advent of faster and reliable networks and changing telecommunication technology.
By components, the global connected car market is segmented into wireless modules, cellular, processors, and sensors.
By services, the global connected car market is segmented into OEM services, autonomous driving and vehicle management, well-being, entertainment, safety, and others.
By connectivity, the global connected car market is segmented into embedded, tethered, and integrated. Of these, the integrated segment will dominate the market over the forecast period for the consumer freedom of choice to customize their connectivity devices and data plans.
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By region, the global connected car market covers the growth opportunity and recent trends across Europe, North America, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, North America will be the driving force in the market over the forecast period for the need for safe cars coupled with constant technological advances.
The global connected car market in Europe will have the second-largest share over the forecast period for high investments in the automotive and a high standard of living.
The global connected car market in the APAC region is predicted to grow at a fast pace over the forecast period and at a high CAGR.
The global connected car market in the MEA is predicted to have sound growth over the forecast period.