Accelerating Growth: Connected Cars Market Surges to $225.16 Billion by 2027

According to a recent report published by Allied Market Research, titled, "The Market Size Of Connected Car Industry by Technology, Connectivity Solution, Service, and End Use: Opportunity Analysis and Industry Forecast, 2020-2027," the global connected car industry size was valued at $63.03 billion in 2019, and is projected to reach $225.16 billion by 2027, registering a CAGR of 17.1% from 2020 to 2027.

𝐅𝐨𝐫 𝐌𝐨𝐫𝐞 𝐃𝐞𝐭𝐚𝐢𝐥𝐬- https://www.alliedmarketresearch.com/connected-car-market

North America dominated the global connected car market in terms of revenue in 2019, followed by Europe, Asia-Pacific and LAMEA. During the forecast period, Europe is expected to experience growth in the global market owing to a better CAGR as compared to other regions.

Connected car can be defined as a car that is equipped with a wireless local area network (Wireless LAN) and usually with internet. This connectivity allows the car to share data and internet access with any other device both outside and inside the vehicle. In addition, the car is also installed with special added technology that connects to internet or wireless LAN and provides additional benefits such as navigation, vehicle diagnosis, and others to the driver.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 - https://www.alliedmarketresearch.com/request-sample/153

Connected car swiftly gained popularity among vehicles due to the introduction of advanced features such as advanced driving system, on-board entertainment, as well as vehicle and mobility management. The concept of connected car has also gained traction due to several government regulations, which has enabled the original equipment manufacturers and aftermarket players to grow their business, which eventually boosts the growth of the connected car market.

Over time, various connectivity solutions have been developed by car manufacturers and service providers. This include the machine-to-machine (M2M) connectivity platform. This M2M feature in a car enables interconnectivity between two connected cars. The car is equipped with numerous sensors and processors, which provide accurate and real-time information to the driver. This in turn fuels the adoption of connected cars across the globe, thus supplementing the growth of the connected car market.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 - https://www.alliedmarketresearch.com/connected-car-market/purchase-options

Current trend for the installation of better and efficient connected car system in vehicles has increased due to its advantages such as better and increased vehicle efficiency. This has enabled the manufacturers to make continuous enhancements in existing connected car service; therefore, boosting the growth of the connected car market.

Factors such as rise in trend of connectivity solutions and ease of vehicle diagnosis fuel the growth of the connected cars market. In addition, increase in need for safety & security boosts the market growth. However, threat of data hacking and high installation cost hinder the market growth. Moreover, unavailability of uninterrupted & seamless connectivity restricts the growth of the market. Conversely, integration of intelligent transportation system in connected cars and improved performance of autonomous vehicles are anticipated to provide remunerative opportunities for market expansion.

𝐌𝐚𝐤𝐞 𝐚𝐧 𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 - https://www.alliedmarketresearch.com/purchase-enquiry/153

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐎𝐟 𝐓𝐡𝐞 𝐒𝐭𝐮𝐝𝐲
By technology, the 5G technology is expected to experience growth owing to an increased CAGR.
By connectivity solution, the embedded connectivity solution segment is expected to experience growth during the forecast period.
By region, North America is the highest revenue contributor in the global connected car market owing to the wider adoption of connected car service among the vehicles running across the region.
By region, Europe is expected to lead the market owing to better growth rate as compared to other regions, during the forecast period.

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 :
Airbiquity Inc., CloudMade, Continental AG, Intellias Ltd., LUXOFT, Qualcomm Technologies, Inc., Robert Bosch GmbH, Sierra Wireless, Tesla, and ZUBIE, INC.

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 :
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𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.