Global Connected Car Market Growth
Posted by Somya on May 10th, 2018
Global Connected Car Market: Size
The Global Connected Car Market size seems to reach 6.2 billion by 2023, rising at a market growth of 31% CAGR while the forecast time period. Increasing need for connectivity on the move is the major driver for the connected car adoption. Further, developed countries are the main adopters of connected car. Whereas the developing countries have recently started investing in technologically advanced products including connected car. This would provide wide-range of year on year growth chances for the businesses and organizations operating in the industry to target the emerging economies which includes India, Malaysia, Brazil or other Middle Eastern countries.
Global Connected Car Market: Growth
The Global Connected Car Market is a major elements driving the growth of the market place include a rise in vehicle regulation and market compliances regarding safety and cybersecurity of the vehicle, and rising demand for suitable features, such as navigation, remote diagnostics, and multimedia streaming.The new vehicle safety norms are inspiring automakers to make vehicle data more secure from remote hacking and also malfunctioning, which in turn is increasing the requirement for connected cars. On the other side, the absence of strong network infrastructure in developing countries will create challenging to the growth of the connected car market.
Global Connected Car Market: Segmentation
The Global Connected Car Market is advanced infotainment devices using a fast connection to the wireless network are the two prominent features that possibly enhance the marketplace development. Technology contracts and collaborations are the key techniques implemented by the market players to enhance their industry reveal. Such as, AT&T operates with automotive manufacturers to give contextual voice controls, which might help to make a risk-free driving experience. TomTom has released the online turn-by-turn navigation facility for users, making it feasible to link up over a network. Prominently implemented connected car platforms are Qnx, Android Auto, Carplay, Mirrorlink, and Windows Emdbedded Automotive 7, which can obtain infotainment to a different step. According to connectivity technology, the global connected car market is segmented into 2G, 3G, or 4G/LTE. The 2G service used for providing network will certainly gradually fadeout within the next several years, which might be replaced by LTE or 3G technology. Some of the prime reasons for this technological shift should be the quickly changing information technology and the dawn of faster & reliable telecommunication networks.
Full Report: https://www.marketresearchandstatistics.com/ad/connected-car-market/
