How Big is the Connected Car Market ? :
IMARC Group’s latest research report, titled “Connected Car Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global connected car market size reached US$ 74.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 179.4 Billion by 2028, exhibiting a growth rate (CAGR) of 14.8% during 2023-2028
What is Connected Car ? :
Connected cars represent vehicles equipped with internet connectivity and advanced communication technologies to ease the exchange of information through numerous communication channels. They offer improved automobile performance, enhanced user convenience, and efficient interaction of the transportation system with its surroundings to stop road accidents and notify regarding parking space availability. Connected cars also provide real-time traffic alerts to the driver and alarm emergency services, which help in enhancing overall traffic and road safety management while ensuring optimal driving comfort. Consequently, they are gaining immense traction across the globe to make vehicle management more efficient.
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Key Players Included in Global Connected Car Market Research Report:
Connected Car Market Trends and Development:
The escalating demand for in-car safety solutions is primarily driving the connected car market. Furthermore, the increasing integration of these vehicles with advanced driver-assistance systems (ADAS) to map road obstacles and anti-lock braking systems (ABS) to allow safe braking is also augmenting the market growth. Apart from this, the introduction of 5G connectivity and the widespread usage of artificial intelligence (AI) and machine-to-machine (M2M) interconnectivity between several cars are positively influencing the global market.
Moreover, continuous developments in the manufacturing of advanced suspension systems are further bolstering the market growth. Besides this, the growing popularity of luxury cars among individuals, on account of inflating disposable income levels of people and the emerging autonomous driving trends, is acting as another significant growth-inducing factor. Additionally, the rising digitization across the automotive sector and extensive research and development (R&D) activities conducted by leading players are expected to drive the connected car market in the coming years.
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Key Market Segmentation:
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