According to a new report published by UnivDatos Markets Insights, the Connected Cars Market was valued at more than USD x million in 2020 and is expected to grow at a CAGR of around 18% from 2022-2028. The analysis has been segmented into Technology (3G, 4G-LTE, 5G); Connectivity Solution (Integrated, Embedded, Tethered); Application (Mobility Management, Telematics, Infotainment, Driver Assistance); Sales Channel (OEMs, Aftermarkets); Region/Country.
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The connected cars market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the connected cars market. The connected cars market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the connected cars market at the global and regional levels.
The demand for connected cars can be attributed to the increase in the number of cars produced across the globe. For instance, according to Trading Economics.com, in September of 2022, car production in the United States increased to 1.84 million units in October from 1.75 million units in September. Owing to the glaring statistics, increasing demand for advance and luxury car are increasing which increasing the demand for connected cars and is anticipated to grow in the forthcoming years mainly. Furthermore, the rollout of stringent safety regulations, and growing adoption of integrated connectivity are expected to drive the connected cars market in the coming years.
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Some of the major players operating in the market Continental AG, Hyundai Motor Co, Ford Motor Company, VOLKSWAGEN GROUP, ATT Inc, TomTom NV, Mercedes-Benz Group AG, General Motors Company, Bayerische Motoren Werke AG, Robert Bosch GmbH.
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The COVID-19 pandemic had a massive impact on the market studied, as lockdowns and trade restrictions caused supply chain disruptions and a worldwide halt in vehicle production. Uncertainty in new sales will persist as lockdowns occur sporadically, resulting in decreased vehicle usage. The semiconductor shortage, which has already caused several major manufacturers to halt production, will further reduce sales. Despite the financial crisis, demand for private modes of transportation remains high, resulting in a surge in second-hand purchases. This will help to offset some of the decreased sales. However, as restrictions eased, market participants began to focus on mitigating such risks and developments in order to generate momentum in the market during the forecast period.
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The global connected cars market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on the application, the market is fragmented into mobility management, telematics, infotainment, and driver assistance. The driver assistance segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. The advanced driver assistance system consists of technologically advanced features that improve vehicle safety, such as adaptive cruise control, lane keep assist, 360 view camera, park assist, and so on. Globally, numerous governments have imposed strict safety standards on automakers.
· Based on the sales channel, the market is fragmented into OEMs and aftermarkets. The OEMs segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. The dominance of OEMs is anticipated to be aided by growing technological advancements such as uninterruptible connectivity, cybersecurity, and the development of driverless cars integrated with highly secure software during the forecast period.
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Connected cars Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, South Korea and the Rest of Asia-Pacific)
· Rest of the World
Asia Pacific constitutes a highest CAGR in the connected car market owing to the growing adoption of high-end and cost-effective connectivity solutions Furthermore, consumer demand for in-vehicle embedded connectivity systems, as well as the growing trend toward connected cars, have fueled the growth of connected vehicles in this region
The major players targeting the market include
· Continental AG
· Hyundai Motor Co
· Ford Motor Company
· VOLKSWAGEN GROUP
· ATT Inc
· TomTom NV
· Mercedes-Benz Group AG
· General Motors Company
· Bayerische Motoren Werke AG
· Robert Bosch GmbH.
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Connected cars market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the connected cars market?
• Which factors are influencing the connected cars market over the forecast period?
• What are the global challenges, threats, and risks in the connected cars market?
• Which factors are propelling and restraining the connected cars market?
• What are the demanding global regions of the connected cars market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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