Connected Cars Market Trends, Business Overview, Industry Growth and Forecast to 2028

The global connected cars market is anticipated to grow at a significant CAGR of 17.0% during the forecast period (2022-2028). The rise in the emergence of technologies such as the Internet of things (IoT),5G, and others are anticipated to drive the growth of the global connected cars market. For instance, The Internet of things (IoT) describes the network of physical objects that are embedded with sensors, software, and other technologies for exchanging and connecting data with other devices over the internet.

According to Global System of Mobile Association estimates, IoT connections are anticipated to reach 25 billion globally by 2025, from 10.3 billion in 2018. Moreover, as per the data published by Devpro Journals in 2020, the New Eclipse Foundation IoT Commercial Adoption Survey found that approximately 40.0% of the organizations are using IoT and 22.0% more are projected to deploy IoT in the next two years. In addition, the survey also revealed that IoT investments are estimated to increase with 40.0% of the organizations planning to spend more on IoT solutions from 2020 to 2021. The emergence of 5G technology is anticipated to drive the growth of the market. According to the Global System for Mobile Association, 5G is anticipated to account for 1.2 billion connections or one-third of the population by 2025. Thus, the emergence of such technologies is anticipated to fuel the demand for the global connected cars market.

The adoption of connected car features by several major players in the market is anticipated to drive the growth of the market. For instance, Mercedes-Benz India had strengthened its connected car ecosystem, by launching the S-class Maestro Edition in 2021, featuring the Mercedes Me connect Technology. This technology integrates additional features and connected cars technology features such as magic sky control with a panoramic sunroof, front seats with memory package, and others. Also, the Mercedes me connects several features with Alexa Home and Google Home. Similarly, Maruthi Suzuki is set to launch the Baleno Premium hatchback with connected car tech features. It will have more than 40 connectivity features including Amazon Alexa voice commands. Thus, connected car features are anticipated to fuel the demand for the connected car market.

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Market Coverage
•The market number available for - 2021-2028
•Base year- 2021
•Forecast period- 2022-2028
•Segment Covered-
•By Vehicle Type
•By service
•By Network
•By End-User
•By Form
•Regions Covered-
•North America
•Europe
•Asia-Pacific
•Rest of the World

Competitive Landscape- Ford Motor Co., Verizon Communications, and Robert Bosch GmbH among others

A full report Connected Cars Market of is available at:  https://orionmarketreports.com/global-connected-cars-market/105535/

Global Connected Car Market Report by Segment
By Service
•Navigation
•Multimedia Streaming
•OTA Updates
•On-Road Assistance
•Collision Warning
•Vehicle Management
•Others
By Network
•DSRC
•Cellular
By Vehicle Type
•PHEV
•BEV
•FCEV
•Others
By End-User
•OEM
•Aftermrket
By Form
•Embedded
•Tethered
•Integrated

Key questions addressed by the report
•What is the market growth rate?
•Which segment and region dominate the market in the base year?
•Which segment and region will project the fastest growth in the market?
•How has COVID-19 impacted the market?
•Deviation from the pre-COVID-19 forecast
•Most affected region and segment
•Who is the leader in the market?
•How players are addressing challenges to sustain growth?
•Where is the investment opportunity?

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Orion Market Reports (OMR) endeavors to provide exclusive blend of qualitative and quantitative market research reports to clients across the globe. Our organization helps both multinational and domestic enterprises to bolster their business by providing in-depth market insights and most reliable future market trends. Our reports address all the major aspects of the markets providing insights and market outlook to global clients.
 

This release was published on openPR.