Global Connected Cars Industry: to have a steep growth from $51.8 Billion in 2021 to $312.4 Billion in 2028

The global Connected Cars market size was valued at $51.8 Billion in 2020 and is expected to reach $312.4 Billion by 2028 growing at the CAGR of 25.05% from 2021 to 2028.

This growth is attributed to:
● Adding connectivity solutions in vehicles as it is now the top-most priority of automobile manufacturers. Many connectivity solutions are now integrated into vehicles that need internet service to perform their own functions.
● The government in various countries is working to pass legislation that will require different safety features to be implemented into cars, such as maneuvering assistance and collision avoidance systems. The overall increase in these types of safety features – and their associated costs – is driving the connected car market.
● The technological advancement of automobiles. Such advancements include those related to comfort & luxury, as more consumers embrace such features, as well as those related to fuel efficiency and emission.

However, in developing economies such as India, Brazil and Mexico, the development of high-speed networks are not keeping pace with their advance. The lack of proper network infrastructure on highways is causing vehicles to misread signals coming from advanced driver assistance systems or advance driver assistance system which can result in car collisions on the highways themselves. Due to this lack of infrastructure, the market for connected cars will be slow to develop in these countries.

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Key Players
Some of the major Connected Cars players holding high market share include Airbiquity Inc., CloudMade, and Continental AG. These players use new product development and expansion as a key strategy to gain significant market share to compete with market leaders.

The key players profiled in the report are:
● Airbiquity Inc.
● CloudMade
● Continental AG
● Intellias Ltd.
● LUXOFT
● Tesla
● AT&T
● Audi AG
● BMW
● Telefonica S.A.

The recently published research report on Global Connected Cars Market by Evolve Business Intelligence examines the industry in the context of major market aspects including market size & forecast, market shares in terms of revenues and volume, key players, and SWOT analysis. The market is analyzed based on 4 separate indications in the market dynamic chapter: Drivers, Restraints, Key Trends, and Challenges. The total sum of these sections will help you understand what strategies will be best to adopt in order to prosper through this industry over a few short years. The quantitative analysis includes our actual findings out of this research study where we provided additional insight into what our readers can do to embrace new opportunities or plan against threats that might hinder the market.

The COVID-19 pandemic has led to disruption in the supply chain leading to lower demand or supply shortages in the Connected Cars market. The travel restrictions and social-distancing measures have resulted in a sharp drop in consumer and business spending and this pattern is expected to continue for some time. The end-user trend and preferences have changed due to the pandemic and have resulted in manufacturers, developers, and service providers adopting various strategies to stabilize the company.

The New Normal
As businesses recover from the COVID-19 pandemic, they have a new set of priorities to cope with. Throughout this crisis, they were forced to deal with shifting situations and often fell short of their ultimate goals. Now that a cure has been found and the pandemic is dying down, they will need to recuperate from this epidemic by setting forth new objectives to succeed in the future.

In terms of COVID 19 impact, the Connected Cars market report also includes the following data points:
● COVID19 Impact on Connected Cars market size
● End-User/Industry/Application Trend, and Preferences
● Government Policies/Regulatory Framework
● Key Players Strategy to Tackle Negative Impact/Post-COVID Strategies
● Opportunity in Connected Cars market

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Segmental Analysis
Market Segment By Offering with focus on market share, consumption trend, and growth rate of Connected Cars Market:
o Hardware
o Software
o Services

Market Segment By Connectivity with focus on market share, consumption trend, and growth rate of Connected Cars Market:
o DSRC
o Cellular

Market Segment By End Market with a focus on market share, consumption trend, and growth rate of Connected Cars Market:
o OEM
o After-market

For more information: https://evolvebi.com/product/connected-car-market-analysis-and-global-forecast-2021-2028-with-covid-impact-analysis/

Key Region/ Countries Covered
● North America (US, Canada, Mexico)
● Europe (Germany, U.K., France, Italy, Russia, Rest of Europe)
● Asia-Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
● Rest of the World (the Middle East & Africa and South America)
North America is predicted to dominate the connected car market in the coming years. Countries such as the United States, which have been implementing favorable regulations, will help connect car technologies improve across many industries including insurance and road safety. In the United States, the National Highway Traffic Safety Administration reports that connected vehicle technologies can reduce vehicle crash rates by up to 83%.

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