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Connected Car Market to Receive Overwhelming hike in Revenues by 2028 | Harman, VW, Bosch, Mercedes Benz, Daimler, Google, Visteon, Uber, Amazon, Airbiquity

12-01-2021 06:46 AM CET | Logistics & Transport

Press release from: Adroit Market Research

Connected Car Market by Service (OTA Update, Navigation, Cybersecurity, Multimedia Streaming, Social Media, e-Call, Autopilot, Home Integration & Other), Form, End Market (OE, Aftermarket), Network, Transponder, Hardware and Region - Global Forecast to 2028

The global connected cars market size projected at $ 73.18 billion from $237.1 billion with recorded CAGR of 14.2% during the forecast period.

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Global connected cars market confirmed remarkable growth in recent years. Major driving factors influencing the global connected cars market include an increase in the demand for safer, efficient, and convenient driving experiences, and government mandates for connected cars applications. Moreover, connected cars facilitate connectivity on wheels while offering comfort, safety, security and performance coupled with network technology. This help drivers connect with online platforms leading to real-time communication.

The research report on ‘global connected cars market’ forecasts and analyzes the market size of the local and global market. This report also segments the global connected cars market and predicts its size by network, service, form, transponder, end market, and geographical regions. This report focuses on in-depth analysis of the number of forces which are acting on this market, comprising market opportunities, drivers, challenges, and restraints.

The global connected cars market report strategically profiles top vendors and widely examines their market revenues. This research report also analyzes and tracks the competitive advancements such as merger & acquisitions, joint ventures, product expansion, new product launches, and others.

Growing demand for efficient, safer, and convenient driving, increasing industry compliance regulations for supporting connected car technology are some of the major factors boosting the global connected cars market growth. However, shortage of strong network in emerging countries are rising risk of cyber security are hampering the growth of this market.

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Connected cars employ mobile network technology to manage major functions remotely through the Smartphone, tablet, smart watch, and computer. It comprises OEM hardware that enables vehicle networking in the number of different versions. However, security & safety applications which will give alert in case of any emergency such as accident is the most prefer services used by connected cars.

The global connected cars market segmentation has been done on the basis of application and geographical regions. Based on application, the global connected cars market is categorized into telematics, mobility, driver assistance, and infotainment. On the basis of connectivity type, the market is classified into embedded, integrated telematics, and tethered. By provider, the market is sub-segmented into OEM and Aftermarket. By component, the market is sub-segmented into software and hardware.

In terms of geography, the global connected cars market is categorized into Europe, North America, Asia Pacific, MEA, and Central & South America. In between these, the North American market is dominating the market for highest global connected cars market share owing to the rising IT infrastructure such as 4G and 5G. Likewise, Asia Pacific is one of the fastest growing markets due to increasing connected cars devices and growing digital services like cyber security.

The major players of global connected cars market includes Harman, VW, Bosch, Mercedes Benz, Daimler, Google, Visteon, Uber, Amazon, Airbiquity, Harman, Microsoft (Azure), Continental Corporation, Qualcomm, Apple, NXP, Intel, Delphi, AT&T, Tech Mahindra, Tesla, Volvo and BMW.

Acquisition and merger are strived upon by most of the industry giants to get a strong foothold in the market. The WSJ reported that Qualcomm is likely to acquire Netherlands-based NXP Semiconductors for more than $30 billion. The deal would make Qualcomm the largest supplier of chips for cars.

The global connected cars market is extremely competitive owing to the presence of top players in the market. Some top key players include: IBM Corporation, AT&T Inc., Intel Corporation, Audi AG, Vodafone Group Plc. and many others.

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Adroit Market Research is an India-based business analytics and consulting company. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code– Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.

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