Connected Vehicle Market Global Trends, Analysis and Forecast 2023
Posted by Jason Lee on March 19th, 2020
Facto Market Insights has carefully uploaded a smart research report titled Connected Vehicle Market, to its broad online database. The concerned market is discoursed based on a variety of market influential factors such as drivers, opportunities and restraints. This study tends to inform the readers about the current as well as future market scenarios extending up to the period until forecast period limit; 2023. The research study examines the connected vehicle market on the basis of a number of criteria, such as the product type, application, and its geographical presence.
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The connected vehicle ecosystem is evolving in which global connected car manufacturers and automotive OEMs are developing various connected solutions. On the basis of connectivity, demand for embedded solutions, tethered solutions, and integrated solutions for connected passenger cars has increased over the years. Similarly, the use of telematics and fleet management solutions for connected commercial vehicles has risen.
Technology agreements and plat forming are the key initiates adopted by the OEMs to gain market share. Many new application areas are emerging, namely usage-based insurance, vehicle diagnostics, and vehicle security, OTA update (over-the-air update) which are increasing efficiency for consumers and helping manufacturers achieve productivity gains. OEMs are bundling connected services like advanced infotainment systems and navigation features for low end models to potentially enhance the market growth and remain competitive.
Autonomous vehicles are no more a thing of the future with various sensors (LIDAR, RADAR) and processors located in the vehicle, which provide real time information and facilitate an autonomous driving experience. Ride sharing companies are investing heavily and also facilitate strategic collaborations to upgrade their traditional vehicles to all-electric vehicles.
Key growth factors
o The ever-increasing emphasis on personalization and customization across all car segments is seen as a major driver of the market. Also, the demand for personalized content, information, media feeds have been witnessed in the connected passenger car landscape.
o Since the mobile technology landscape is evolving at a rapid pace, a new opportunity for fleet managers has emerged to develop new differentiating capabilities and to further reduce costs and enable enhanced services using different connected technology products or services for connected commercial trucks.
Threats and key players
o Consumers are often reluctant to pay additional costs which come associated with embedded connectivity and see their smartphones as the solution to many of their in-car connectivity needs.
What's covered in the report?
1) Overview of the global connected vehicle market
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About the AuthorJason Lee
Joined: September 20th, 2019
Articles Posted: 305
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