Connected Car Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2022 - 2032
Upsurge in the tech-savvy population and increasing dependency on technology are anticipated to propel novel revenue generation opportunities in the connected car market. Moreover, the connected car market is predicted to reach the valuation of US$ 225.16 Bn and register a CAGR of 17.1% in the forthcoming years from 2022 to 2032. Growing consumer demand for the advanced connectivity solutions has also been predicted to boost growth avenues in the market.
Connected cars facilitate connectivity on wheels that offer security, safety, performance, convenience, and comfort with the powerful network technology. The technology also facilitates real-time communication to connect the driver with the online platform. This feature is further estimated to serve as one of the pivotal factors to bolster growth impetuses in the market.
At the present time, connected cars are adopted at an increased rate across the globe due to the availability of various processors and sensors in these vehicles. This equipment further provides real-time and accurate information to the driver in order to improve the driving facility.
In recent years, there has been a noteworthy increase in the demand for comfort and luxury in vehicles. In addition to this, rising production of vehicles and technological advancements are also estimated to serve as significant factors to bolster growth opportunities in the market during the forecast period.
On the flip side, the high cost of maintenance of these advanced suspension systems and improvements in the standards for vehicles are projected to restrict growth avenues in the connected car market. However, development of the advanced suspension systems and the growing requirement for the lightweight suspension system are anticipated to serve as noticeable factors to create opportunities for market growth.
The definition of connectivity has changed over time due to technological advancements in smartphones. While people have wished to connect with the outer world. Automobile manufacturers are adopting advanced connectivity solutions in order to stimulate the sales of automobiles. Along with this, global consumers, in recent years expect their vehicles to perform the tasks that are similar to smartphones and computers. These factors are expected to work as revenue generators in the connected car market in the years to come.
The players serving in the connected car market are adopting a lot of strategies for the stimulation of different novel expansion opportunities in the near future. Acquisitions & mergers, collaboration, novel product launches, agreements, portfolio expansion, and various other strategies are some of these strategies to help industry players to gain a competitive edge in the market.
The key players dealing in the connected car market include:
Based on geographical locations, the connected car market has been analyzed primarily into North America, Asia Pacific, Europe, and LAMEA. Europe is likely to hold the dominating position in the market in the following years.
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