Connected Car Market Research Report: By Service (Driver Assistance, Entertainment, Vehicle Safety, Mobility Management, Fleet Management), Technology (2G/3G, 4G/ LTE, 5G), Application (Navigation, Infotainment, Telematics), Connectivity (Embedded, Integrated, Tethered), End Use (OEM, Aftermarket) - Global Industry Analysis and Growth Forecast to 2025
New York, Nov. 04, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Connected Car Market Research Report: By Service, Technology, Application, Connectivity, End Use - Global Industry Analysis and Growth Forecast to 2025" - https://www.reportlinker.com/p05982467/?utm_source=GNW
According to a report , the global connected car market reached a value of $72,499.2 million in 2019, and it is projected to attain a value of $198,459.7 million by 2025, progressing at a 24.1% CAGR during the forecast period (2020–2025). The growing demand for improved driving experience, introduction of IoT in the automotive industry, and surging concerns regarding safety and security are the key factors resulting in the expansion of the market across the globe.
In terms of services, the connected car market is categorized into fleet management, mobility management, driver assistance, vehicle safety, and entertainment, out of which, the driver assistance category held the major share of the market in 2019. The supportive government initiatives in several countries, increasing safety concerns among people, and rising adoption of ADAS features are the reasons for the growth of the category. In addition to this, the installation of basic ADAS features in new vehicles has been made mandatory in a number of countries.
Based on application, the market is divided into telematics, navigation, and infotainment, among which, the navigation division accounted for the largest share of the market in 2019. The division is further projected to advance at the fastest pace during the forecast period, owing to the growing demand for real-time in-vehicle navigation and improved optimization with journey planning of routes. Geographically, North America dominated the market in 2019, as the demand for connected cars is surging swiftly in the region.
Moreover, the growing research and development, rising requirement for an efficient and safe driving option, and support from state and federal governments for the evolution of innovative driving technologies are driving the expansion of the regional domain. In the connected car market, the Asia-Pacific region is expected to witness the fastest growth during the forecast period. The rise in penetration of digital services, including software updates and cyber security, and rising rate of connected device integration in passenger vehicles are leading to the growth of the regional industry.
The growing demand for improved driving experience is the key reason for the expansion of the connected car market across the globe. As the urbanization is rising, the need for vehicles for both commercial and personal uses has increased as well. This has led to an increased number of vehicles on roads that are causing traffic jams. These problems can be taken care of to some extent with the aid of innovative connectivity features.
In addition to this, the surging concerns regarding safety and security are also projected to result in the growth of the connected car market in the years to come. Technologies including automatic braking, ADAS, and lane assistance can considerably help in improving the driving experience significantly. These technologies aid in decreasing traffic rule violations, causing a decline in road accidents. Owing to these factors, the integration of safety and security solutions in new vehicles are increasing.
In conclusion, the demand for connected cars is growing due to the rising need for enhanced driving experience and increasing security and safety concerns among people.
Read the full report: https://www.reportlinker.com/p05982467/?utm_source=GNW
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