Pune, India, March 01, 2021 (GLOBE NEWSWIRE) – According to the report, Connected car market size It is expected to reach USD 48.77 billion by 2027, showing a CAGR of 26.3%. The connected car industry was valued at 14.34 billion USD in 2019. The launch of electronic car accessories will allow this market to rise higher in the coming years. Wireless connection systems in cars are a trend that is gaining a lot of traction in the automotive industry.
Recognizing the potential that these changing dynamics offer, a number of startups specializing in automotive electronics and communications have emerged and are advancing connected car technologies. For example, Connexion, an Internet of Things (IoT) startup based in Melbourne, Australia, provides infotainment systems, fleet management solutions, and cloud-based telematics to car manufacturers. Savari, a California-based startup company, offers software and hardware solutions for automotive manufacturers to arm their vehicles with all-in-one (V2X) vehicle systems and Dedicated Short Range Communications sensors ( DSRC). The number of startups offering innovative automated communication solutions is expected to open new expansion avenues for this market.
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Rising number of road accidents around the world to accelerate growth
The sudden explosion of the COVID-19 pandemic has created unprecedented turmoil across all economic systems across the globe, reducing the already widespread uncertainty in the business world. Across the globe, governments have been taking urgent steps to get their economies out of this crisis. Private sector organizations are also exploring alternatives to survive these challenging times. At Fortune Business Insights ™, we make strong efforts to obtain market intelligence and equip it with up – to – date information to help you fight this crisis. We offer detailed market reports based on our knowledge and experience in the field of market research.
One of the key drivers of connected growth in the car market is the growing number of road accidents across the globe. According to the World Health Organization (WHO), road accidents kill approximately 1.35 million people worldwide each year. In addition, between 20 million and 50 million people suffer non-fatal injuries from road accidents, with several victims of accidents with a temporary or permanent disability. The most common causes of road accidents, major WHO incidents, include driving under the influence, speeding, driving away, and dangerous vehicles.
Connected cars have the ability to deal with all of these issues as these vehicles operate on real-time data received from various sensors connected to the cars. For example, IoT-enabled cars collect real-time data for traffic and crash, alerting drivers to changes in surrounding traffic conditions, road hazards, and impending obstacles such as pedestrians and cyclists . Smart technologies increase the size of car safety and thus can reduce the likelihood of road accidents.
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Growing demand for advanced car technologies to boost the Asian Pacific market
Asia Pacific took control of the connected car market share in 2019 with a market size of 8.37 billion USD as a result of the increased preference for advanced advanced technologies in the sector. This volatile aspect of the car industry in Asia Pacific is reinforced by the disposable income level among buyers, which allows them to demand better safety features and infotainment in cars.
In Europe, major manufacturers such as BMW and Volkswagen are partnering with car technology experts to bring luxury safety features to their cars. The North American market is expected to benefit from the rapid adoption of next-gen connectivity technologies such as 5G by car manufacturers in the region.
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Demand for high-end cars and vehicle components is growing in the emerging market in Asia and Africa. Recognizing the vast industry area that the countries in these regions offer, car giants are deepening their presence in these countries by launching innovative solutions.
February 2020: Ford India introduced the FordPassTM, their complete mobile app that allows owners to access their cars remotely, a call for help to break down, and perform many of these tasks, in India . Every BS-VI Ford car will have a cloud-based device that connects the car with the FordPass app.
January 2020: Audi of America and Verizon Business Group collaborated to develop and deliver embedded in-vehicle Wi-Fi and advanced connections to future Audi cars. Audi’s CARE® connection will be pre-installed in Audi’s A4 and A5 lines and Verizon will have an unlimited data connection powered by Verizon’s 4G LTE network.
Key players:
- Volvo (Gothenburg, Sweden)
- Ford Motor Company (Michigan, United States)
- TomTom Inc. (Amsterdam, The Netherlands)
- Daimler AG (Stuttgart, Germany)
- AT&T (Texas, United States)
- Harman International (Connecticut, United States)
- HYUNDAI MOTOR Group (Seoul, South Korea)
- General Motors (Michigan, United States)
- Audi (Ingolstadt, Germany)
- Robert Bosch GmbH (Gerlingen, Germany)
- Continental AG (Hanover, Germany)
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Global connected car market classification:
By type of application:
- Movement Management
- Telematics
- Infotainment
- Driver support
By network type:
By type of technology:
- Embedding
- Tethered
- Integrated
By type of sales channel:
By type of communication:
- Vehicle to vehicle
- Vehicle to Infrastructure
By Geography
- North America (USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and the rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and the rest of Asia Pacific)
- Latin America (Brazil, Mexico, and the rest of Latin America)
- Middle East & Africa (South Africa, GCC and the rest of the Middle East & Africa)
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