Connected Cars Market:
WiseGuyReports.com adds “Global Connected Cars Market Size, Status and Forecast 2020-2030” reports to its database.
Executive Summary
The global connected cars market is expected decline from $73.17 billion in 2019 and to $70.51 billion in 2020 at a compound annual growth rate (CAGR) of -3.63%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and reach $109.92 billion in 2023 at CAGR of 15.95%.
The connected cars market consists of sales of connected cars and related services. Connected cars are cars empowered with internet access and local area network which helps to communicate with other vehicles. These cars have wide range of sensors that transmits and receives signals by the manufacturers in conjunction with the services to enhance consumer experience with the real time interaction of the vehicles. These cars can be connected with smartphones or other mobile phones and allows the driver to mechanically monitor the performance of the car.
North America was the largest region in the connected cars market in 2019. Asia Pacific is expected to be the fastest growing region in the connected cars market in the forecast period.
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Connected car companies are increasingly developing new technologies such as digital and autonomous technologies in order to increase their revenue and also for gaining a competitive edge over their rivals. For instance, in 2019, in Germany, Continental AG launched a smartphone-based digital door opener solution, 'CoSmA Solution'. This enables Honda electric car owners to unlock their vehicles by using their smartphone. Additionally, Honda electric car owners can unlock their car remotely, through Bluetooth low energy, by using My Honda+ application. This brings a new level of accessibility and the digital key function provides exceptional comfort and new functionality for Honda owners.
The connected cars market covered in this report is segmented by product type into embedded, tethered, integrated, others. It is also segmented by services into driver assistance, safety, entertainment, well-being, vehicle management, mobility management, others and by application into navigation, infotainment, telematics.
The hacking of data is expected to limit the growth of the connected cars market. For hacking a car's network, proximity is not necessary, as a malware may spread by hacking into a web portal of a manufacturer or dealer. The key security issue is hacker has the access to the operating system of the vehicle and to the data it gathers and stores. For instance, in 2019, in the US, FBI issued a new warning, of hackers targeting the US automotive industry. The cyber division of FBI had warned of malicious activities that has been happening since 2018 which includes data breaches, phishing attacks, and corporate espionage. Additionally, the hackers have more opportunities to create havoc in the internet-connected cars and self-driving cars, due to huge volume of data available in the enterprise computer networks. These factors negatively impact the connected cars market, affecting the market’s growth.
In December 2018, Volkswagen AG, a Germany-based company specialized in manufacturing and selling cars, trucks, and commercial vehicles, acquired Volvo's connected car unit for $122 million. The acquisition helped Volkswagen AG to access Volvo's wireless car connectivity technology, which would help provide consumers with value-added services by enabling safe and reliable data sharing between operating systems in their cars. Volvo Cars is a Sweden-based company that specializes in manufacturing cars, trucks, buses, engines and construction equipment.
Increase in efforts by governments for developing intelligent transportation system will drive of the connected cars market. During the period, government efforts for the development of connected and autonomous cars contributed to the connected cars market’s growth. For instance, in 2019, in the UK, the government efforts were significant for the development of connected cars. The government in UK had invested £500 million ($599.69 million) in connected and autonomous cars research and development. Additionally, there have been numerous trials and had introduced new legislations to promote the deployment of connected cars. By 2030, the UK is expected to benefit from a projection of £62 billion ($74.36 billion) economically for deploying connected and autonomous vehicles.
Major players in the connected cars market are Robert Bosch GmbH, Ford Motor Company, BMW, Audi AG, General Motors, Delphi, AT&T Inc., Airbiquity, Visteon, and Mercedes-Benz.
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The Business Research Company’s latest report Connected Cars Global Market Report 2020 covers Connected Cars market drivers, Connected Cars market trends, Connected Cars market segments, Connected Cars market growth rate, Connected Cars market major players, and Connected Cars market size.
The report provides in-depth analysis of the impact of COVID-19 on the Connected Cars industry, along with revised market numbers due to the effects of the coronavirus.View Complete Report: https://www.thebusinessresearchcompany.com/report/connected-cars-market-global-report-2020-30-covid-19-growth-and-changeConnected Cars Global Market Report 2020 is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 60 geographies.
The chapter on the impact of COVID-19 gives valuable insights on supply chain disruptions, logistical challenges, and other economic implications of the virus on the market.
The chapter also covers markets which have been positively affected by the pandemic.Request for the sample now:https://www.thebusinessresearchcompany.com/sample.aspx?id=3109=smp The global connected cars market is expected decline from $73.17 billion in 2019 and to $70.51 billion in 2020 at a compound annual growth rate (CAGR) of -3.63%.
The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it.
The market is then expected to recover and reach $109.92 billion in 2023 at CAGR of 15.95%.
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The Business Research Company published its Connected Cars Global Market Report 2020 which provides strategists, marketers and senior management with the critical information they need to assess the global connected cars market.
The report covers the connected cars market’s segments- by product type: embedded; tethered; integrated; others, by services: driver assistance; safety; entertainment; well-being; vehicle management; mobility management; others, and by application: navigation; infotainment; telematics.View Complete Report: https://www.thebusinessresearchcompany.com/report/connected-cars-global-market-reportConnected Cars Global Market Report 2020 is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 60 geographies.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by region and by country.
It covers all the regions, key developed countries and major emerging markets.
The major regions included in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.Connected car companies are increasingly developing new technologies such as digital and autonomous technologies in order to increase their revenue and also for gaining a competitive edge over their rivals.
This brings a new level of accessibility and the digital key function provides exceptional comfort and new functionality for Honda owners.Few Points From Table Of Content 1.
