Connected Cars Market to Drive Rapid Growth with Top Prominent Players and High Future CAGR by 2024-2031 | LUXOFT, Continental AG, Qualcomm Technologies, Inc.

Connected Cars Market Research Report By DataM Intelligence: A comprehensive analysis of current and emerging trends provides clarity on the dynamics of the Connected Cars market. The report employs Porter's Five Forces model to assess key factors such as the influence of suppliers and customers, risks posed by different entities, competitive intensity, and the potential of emerging entrepreneurs, offering valuable insights. Additionally, the report presents research data from various companies, including their benefits, gross margins, and strategic decisions in the global market, all conveyed through tables, charts, and infographics.

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What is the projected growth rate (CAGR) of the Global Connected Cars market from 2024 to 2031, and what is the market value expected to change by 2031?

The Global Connected Cars Market reached USD 23.5 billion in 2023 and is expected to reach USD 56.2 billion by 2031, growing with a CAGR of 18.5% during the forecast period 2024-2031.

What is Connected Cars Market?

The connected cars market encompasses the integration of advanced technologies that allow vehicles to communicate with each other, infrastructure, and the cloud. This connectivity enables features such as real-time traffic updates, navigation assistance, remote diagnostics, and enhanced safety measures. The market is driven by increasing consumer demand for smart mobility solutions, advancements in Internet of Things (IoT) technology, and the push for enhanced vehicle safety and efficiency.

Growth Driver

Rising Connectivity Solutions in Automobiles

The concept of connectivity has transformed significantly with the advent of smartphones, shaping consumer expectations for their vehicles. As individuals increasingly seek to maintain connections while traveling, the demand for advanced connectivity solutions in automobiles has surged.

Manufacturers are responding to this need by incorporating various connectivity features into their cars to enhance user experience and drive sales. Today's consumers expect their vehicles to offer functionalities similar to those available on computers and smartphones, such as internet access, navigation, and seamless integration with mobile devices.

Key Players:

Profiles of some of the major players in the global Connected Cars market, which include LUXOFT, Continental AG, Qualcomm Technologies, Inc., Robert Bosch GmbH, Sierra Wireless, Tesla, Audi AG, BMW Group, Daimler AG and Ford Motor Company.

Industry Development:

In May 2022, General Motors (GM) and Avanci entered into a patent licensing agreement that provides GM access to hundreds of essential 2G, 3G, and 4G patents related to connected vehicle technology, facilitating advancements in future automotive innovations.

In January 2022, Aptiv PLC launched a new generation of advanced driver assistance systems (ADAS) designed for autonomous and electrified vehicles. This development, leveraging Aptiv's scalable architecture, aims to reduce the costs associated with software-driven vehicles, enhancing affordability and accessibility in the automotive market.

The purpose of the report is to offer a comprehensive analysis of the market, along with insightful conclusions, statistical data, historical information, market data that has been confirmed by the industry, and predictions based on a sound methodology. By identifying and examining market segments and forecasting global market size, the study also contributes to understanding the dynamics and structure of the global Connected Cars market.

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Market Segments:

The report covers the segmentation of the market into different segments based on various classifications such as applications, end users, product types, and others. The segmentation is divided into two sections, one for development and the other for different roles, needs, and behaviours.

By Type: Embedded, Tethered, Integrated.

By Network: Dedicated Short-Range Communication, Cellular.

By Services: Navigation, Remote Diagnostics, Collision Warning, Auto Parking, Autopilot, Vehicle Management, Cybersecurity, Others.

By Hardware Type: Electronic Control Unit, Intelligent Antenna, Sensors, Keyless Entry Systems, Central Gateway, Head Unit, Telematics Control Unit.

Regional Break out:

☞ North America - US, Canada, Mexico

☞ Europe- Germany, Russia, UK, France, Italy, Rest of Europe

☞ Asia Pacific- China, India, Japan, Australia, Rest of Asia Pacific

☞ South America- Brazil, Argentina, Colombia, Rest of South America

☞ Middle East and Africa- Saudi Arabia, UAE, Oman, Bahrain, Qatar, Kuwait, Israel

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Key Features

➧ Gain deep insights into market dynamics, trends, and opportunities to stay ahead in a competitive landscape.

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