Connected Car Market Reach $156,145.9 Million by 2023, Witnessing a CAGR of 20.7% During the Forecast Period
Connected car market size is projected to crosss $329.3
billion 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.
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.
Browse Report Summary with Detailed TOC@
https://www.psmarketresearch.com/market-analysis/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.
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.
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