The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Connected Car Market. The growth sectors of the Connected Car Market are identified with precision for a better growth perspective.
Market Research Future (MRFR) has announced a new release on the global connected car market. The report talks about the global connected car market’s probable future growth trajectory over the forecast period from 2016 to 2027 based on a detailed review of the market’s historical growth patterns and key drivers and restraints.
The connected car market has been driven mainly by the growing demand to make navigation and on-road management of traffic safer through the use of IoT (Internet of Things) technology and other related accessories. Connected cars contain sensors that help the driver gain a comprehensive picture of the environment around him on the road, including elements that the driver can’t see. These sensors help deliver a real sense of the on-road proximity to other objects, including other cars and other road users, such as pedestrians and bicyclists. Connected car systems are expected to make road driving much safer, as drivers can get a digital feedback on their nearest objects instead of relying on visual cues, which can be warped by distance and weather factors.
Connected car systems not only help drivers avoid collisions with their nearest objects, but also help deliver a thorough picture of the weather and traffic conditions across an area, such as a city. This requires a wide-scale adoption of connected car systems, which can communicate with each other regarding conditions such as weather and traffic obstructions. The growing clamor around autonomous cars is likely to be a major driver for the connected car market, as connected car systems play the vital role in managing autonomous driving. The use of connected car systems on a sufficiently large scale can help avoid congestions on the street, as mass-scale communication between cars can help create a virtual picture of the city’s overall traffic condition, which can make it easier to manage and ameliorate traffic.
The varied advantages of connected car systems have been acknowledged by major car companies, several of which are engaged in bringing the latest in connected car tech to their models. However, the connected car systems also present a threat to cybersecurity, as the wireless connection between two cars or between a user’s mobile phone and the car can be hacked. This has been a key factor holding back the adoption of connected car systems in recent years. As a result, many automotive manufacturers and automotive accessory manufacturers have initiated research and development efforts into introducing secure, hack-proof connected car systems. This is likely to be a key feature of the global connected car market over the forecast period.
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.
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.
Connected Car Market has grown rapidly in last decade, the Connected Car industry analysis by…
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