Connected Cars Market COVID -19 Impact Research Report with top Players and Growth Opportunity | Robert Bosch GmbH, Infineon Technologies AG, DENSO CORP., Continental AG

From $72,499.2 million in 2019, the global connected car market is predicted to generate a revenue of $198,459.7 million by 2025. According to the estimates of P&S Intelligence, a market research firm based in India, the market would progress at a CAGR of 24.1% between 2020 and 2025. The increasing requirement for an improved driving experience and the growing adoption of the internet of things (IoT) in the automotive industry are the main factors fueling the market advancement.

The increasing urbanization in several countries is pushing up the demand for automobiles for commercial and personal uses. As a result, the sales of vehicles are mushrooming, especially in the emerging economies such as India, Indonesia, and China. This is subsequently augmenting the road congestion, which is, in turn, causing problems such as roadblocks, lack of car parking spaces, and long traffic jams. In this situation, advanced connectivity systems and features become highly essential.

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This is because these features greatly mitigate these problems, which, in turn, enhances the driving experience of people. Besides this factor, the increasing safety and security concerns being raised across the world over the rising incidence of road accidents are also propelling the growth of the connected car market. Advanced technologies such as automatic braking, lane assist, and advanced driver assistance systems (ADASs) considerably improve the driving experience and reduce the prevalence of road crashes.

With the rising popularity of such advanced safety systems, the demand for connected cars is set to grow massively in the coming years. This will subsequently cause the expansion of the connected car market in the future years. Depending on service, the market is divided into entertainment, driver assistance, vehicle safety, fleet management, and mobility management. Out of these, the mobility management category is predicted to exhibit the fastest growth in the market in the coming years.

This is ascribed to the surging utilization of shared mobility services such as carsharing, ride-hailing, two-wheeler sharing, and ride-sharing all over the world. These services require automobiles having higher operational efficiencies, extensive usage of IoT-based services, improved road safety and vehicle tracking features, and highly improved vehicle management capabilities. These systems and features are heavily dependent on connected car solutions. Globally, the connected car market will demonstrate the fastest growth in Asia-Pacific (APAC) in the future.

This would be a result of the rapid technological advancements being made in vehicles and the automotive industry in nations such as Japan, South Korea, and China. China is one of the biggest manufacturers of connected cars across the world, because of the launch of various connected car technology development programs, the presence of strict government regulations and policies regarding vehicle safety, and the soaring manufacturing capacity of passenger vehicle manufacturers in the country.

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Hence, it can be said with certainty that the market would exhibit rapid expansion all over the world in the forthcoming years, mainly because of the increasing demand for advanced safety features in vehicles and the growing popularity of automobiles integrated with connectivity features and advanced technologies such as the IoT.

P&S Intelligence
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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.