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Connected Car Market Forecasted to
Reach $43,451 million by 2023

enquiry@psmarketresearch.com
www.psmarketresearch.com

Connected Car Market

Connected car market size is projected to crosss $43,451 million by 2023, led by rapid
adoption of IoT and adjacent technologies in the automobile industry. Connected car
in this report refers to a vehicle that is capable of optimizing its own operations and
maintenance as well as the convenience and comfort of passengers using sensors
which are generally onboard and have continuous connectivity to the internet. The
connectivity with network allows connected car to share content with various devices
and applications inside as well as outside a vehicle’s environment.
Browse Report Summary with Detailed TOC on
"Connected Car Market by Products & Services (Fleet
Manager, Wireless & Cellular Modules, OEM Services,
Aftermarket Services, Processors, Sensors), by Connectivity
Solutions (Integrated, Embedded, Tethered), by Technology
(3G, 4G, 2G), by Application (Navigation, Infotainment,
Telematics), by Geography (North America, Europe, AsiaPacific, Latin America, Middle-East, Africa) – Global Market
Size, Share, Development, Growth and Demand Forecast,
2013-2023"at:
https://www.psmarketresearch.com/marketanalysis/connected-car-market

Connected Car Market

Insights on market segments
As per the findings of research, fleet manager was the highest revenue
generating product category in the global market, accounting for more than
40% in 2016. In terms of application, the market is bifurcated into
navigation, infotainment, and telematics, where navigation stood as the
largest application area of connected cars. Navigation is also expected to be
the fastest growing application of connected cars in the years to come.
Connected cars are now being transformed from a simple automobile
concept to advanced automotive technology in a relatively short time span.
All major automotive manufacturers across the globe, are now
concentrating on developing and implementing the connected car concept
into their vehicles. Over half of the connected car industry revenue in 2023
is expected to come from integrated solutions. During the forecast period,
embedded will remain the second preferred connectivity solution among
connected car consumers.

Connected Car Market

North America stands as the largest connected
car market
Geographically, North America accounted for more than 40% of the global
connected car revenue in 2016. The highest revenue contribution is backed
by high technological advancements and enterprise’s receptivity towards
new technologies in the region. Being one of the largest passenger car
markets globally, and early adopter of smart and connected car features at
residential and commercial scale.
Connected cars are expected to witness fastest growth in Asia-Pacific,
during the forecast period. This is due to rapid urbanization and increase in
household incomes, which is attracting the consumers to replace their
traditional and legacy vehicles with the smart and connected variant. Apart
from this, major automotive players residing in the region are heavily
investing in the design and development of connected cars for regional use
and export.

Connected Car Market

Availability of connectivity options bolsters the
global market growth
Factors driving the growth of the global market include increasing availability of
connectivity options, rise in the usage of advanced diagnostic and maintenance system, and
increasing awareness toward safety and security of passengers. The emerging rise in smart
phone technology has changed the definition of connectivity in recent time. Consumers
wish to stay connected with the outer world even while travelling. Now that connectivity
has become a need of the hour, the automobile manufacturers strongly resonate for
providing connectivity solution in their vehicles to boost their automobile sales.
Introduction of internet of things (IoT) in automobile is another factor which is driving the
market worldwide and presenting completely new options to the legacy concept of a car.
The introduction of IoT is behind the overall growth of the global connected car market.
With the rapid ongoing adoption of IoT and its adjacent technologies, the automotive
industry is becoming a winner of IoT services among all industries. Further, companies
operating in the advanced automotive sector, with the help of IoT, are offering a heap of
plug-and-play connected components that rationalize the growth of connected car
applications by periods and ensure seamless integration between the different components
of connected car within a protected cloud environment.

Connected Car Market

Collaboration between industry players
Automotive players are entering in strategic alliances with technology providers to
combine their expertise and offer best in class connected car solutions and compete
with peers. For instance, Honda Cars India recently tied up with IBM, leading to a
collaboration between IBM Watson IoT and Honda Connect. Honda, an automobile
manufacturer in the region, aims to enhance its existing Honda Connect platform
using Watson IoT and offer its customers with new features around service booking,
convenience, safety and security. Some of the major players operating in this market
are Telefonica S.A., Google Inc., Bayerische Motoren Werke (BMW) Group, AT&T
Inc., Intel Corporation, IBM Corporation, and Vodafone Group Plc.

Connected Car Market

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https://www.psmarketresearch.com/market-analysis/connectedcar-market/report-sample

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