Development of Secure Connected Car Technology to Dominate Growth of Connected Car Technology Market 2027
Connected Car Technology Market
The global connected car market is predicted to expand at an incredible CAGR over the forecast period (2016-2027) owing to the need for constant connectivity, asserts Market Research Future (MRFR). Connected cars facilitate connectivity on wheels providing convenience, performance, comfort, security, and safety along with powerful network technology. Connected cars allow the drivers to get connected to the online platforms and facilitate real-time communication. Connected cars are equipped with advanced technologies and sensors. The cars can communicated with another car which is travelling on the same road and exchange information regarding weather, road blocks, accidents, traffic, etc.
Drivers and Constraints Impacting the Market
The need for constant connectivity, growing demand of the consumers, increasing number of tech-savvy people, and growing dependency on technology are some of the major factors stimulating the market growth over the forecast period. Several connectivity solutions such as Machine-to-Machine connectivity platforms have been developed by the service providers and car manufacturers. The Machine-to-Machine connectivity provides interconnectivity between two connected cars. This is likely to propel the market growth over the assessment period. Moreover, fast connection to the wireless network and advanced infotainment systems are the two prominent features enhancing the market growth over the years.
On the flip side, lack of strong network infrastructure in developing countries along with increasing risk of cyber security for smart vehicles are hindering the market growth during the assessment period.
Segmentation:
The report on the global connected car market segments the market on the basis of technology, component, service, connectivity, and region in order to provide readers with a comprehensive understanding of the market’s granular structure.
By technology, the global connected car market is segmented into 2G, 3G, WiFi, LTE, and Bluetooth.
By component, the global connected car market is segmented into sensors, processors, cellular, and wireless modules.
By services, the connected car market is segmented into entertainment, safety, well-being, OEM services, autonomous driving and vehicle management, and others.
Regional Analysis:
North America is likely to hold on to the top spot in the global connected car market over the forecast period due to the growing research into autonomous cars and the presence of several leading car manufacturers working on connected car systems. The fertile research environment for in-car technology in North America is likely to ensure steady growth of the regional market over the forecast period.
Europe is also a leading player in the global connected car market due to the widespread adoption of smart city protocols in leading European cities and the strong presence of leading automotive tech industry players in the region.
Competitive Analysis:
Leading players in the global connected car market include General Motors, Audi AG, Honda Motor Co. Ltd., BMW, Freescale Semiconductor Inc., Sierra Wireless, Texas Instruments Incorporated, Microsoft Corporation, NXP Semiconductors, Ford Motor Company, and Apple Inc.
More Information@
Connected Car Market Research Report- Global Forecast 2027 | Market Research Future
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