Connected Car Market - 35% of Growth to Originate from North America, Technavio

NEW YORK, April 4, 2024 /PRNewswire/ -- The global connected car market size is estimated to grow by USD 172767.39 mn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 27.36% during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 35%.

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North America is expected to play a pivotal role in propelling the global connected car market

Geographic Landscape:

The Connected Car Market in North America is experiencing significant growth, driven by advanced features like lane-keep assist and the adoption of vehicle-to-vehicle (V2V) connectivity. Technology companies, such as Autoliv Inc., Accenture Plc, and Bosch, are investing in the US to develop V2V infrastructure with added security support. The transition to 5G network technology is revolutionizing the Connected Car sector, with 3G and 4G services being phased out due to their limited data transfer speed and bandwidth. Satellite and telematics enable real-time communication, consumer demand for comfort, convenience, performance, safety, and security. Car manufacturers and service providers collaborate to offer connectivity solutions, integrating sensors, processors, and technological advancements into production vehicles. Aftermarket solutions and remote control access via smartphones and internet services are also gaining popularity. The 5G Automotive Association is leading the way in standardizing these services. Maintenance costs are reduced through advanced diagnostics and fleet management. Lightweight and advanced suspension systems further enhance the Connected Car experience. Telecommunication companies play a crucial role in providing reliable network services during this transition phase.

Research Analysis

The Connected Car Market is experiencing significant growth due to the integration of advanced technologies such as ADAS features, Blind Spot Detection, and Lane-keep assist. Technology companies are investing heavily in Vehicle Infotainment systems, enabling real-time communication through 3G, 4G, and soon, 5G networks. Vehicle-to-Vehicle (V2V) communication is also gaining traction, reducing vehicle downtime and enhancing safety and security. Car manufacturers and service providers are collaborating to offer aftermarket connectivity solutions, focusing on performance, safety, and consumer demand. The 5G Automotive Association is leading the charge towards autonomous cars, ensuring seamless network technology integration. Satellite communication is another key area of exploration, providing uninterrupted connectivity. Online platforms are increasingly becoming essential for vehicle production, development, and maintenance. The future of the Connected Car Market lies in delivering superior connectivity solutions to meet the evolving needs of consumers.

Market Drivers

In the rapidly evolving automotive industry, connected cars are revolutionizing the way we drive. Consumer demand for real-time communication and advanced features is driving car manufacturers and service providers to integrate online platforms and connectivity solutions. Sensors and processors are key components of these systems, enabled by technological advancements. During the production of vehicles, 3G/4G services facilitate data transfer between telecommunication companies and cars. High-speed data transfer and ample bandwidth are essential for telematics, enabling remote control access, infotainment, GPS tracking, and advanced diagnostics. Connected car services offer significant benefits, including fleet management, maintenance schedules, and diagnostic systems. Real-time monitoring of smoke emission and fuel consumption helps optimize maintenance cost. Lightweight suspension systems and advanced suspension systems are enhanced by connectivity, improving vehicle performance and reducing production costs. As we transition into this new era, smartphones and internet services become integral components of connected cars, offering seamless integration and convenience. Embedded connectivity solutions ensure reliable and efficient communication between car components and external networks.

Market Overview

The Connected Car Market is experiencing significant growth, driven by advanced technologies such as vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communications. ADAS systems, featuring predictive technology and real-time traffic information, are becoming increasingly common. Autonomous vehicles are also gaining traction, with companies investing heavily in developing self-driving cars. The market is further propelled by the integration of infotainment systems, enabling features like voice recognition and hands-free control. The use of cloud computing and big data analytics is transforming the way cars are maintained and serviced. The future of the Connected Car Market holds promise for enhanced safety, improved efficiency, and a more convenient driving experience.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Website: www.technavio.com/

SOURCE Technavio