The Global Connected Car Market is estimated to grow at a CAGR of 17.1% during the forecast period 2020-2027. As per the detailed market study, the global connected car industry is anticipated to reach $225.16 billion by the end of the year 2027. The market has witnessed a significant growth, owing to increase in trend of connectivity solutions. As per the viewpoint from research analyst, the 4G/LTE segment of the technology segment hold the dominant position with 3/5th of the market share in the year 2019 and is anticipated to hold the dominance over the forecast period. On contrary, the 5G segment is estimated to grow at a CAGR of 24.3% during the forecast period 2020-2027.
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The global connected car industry is driven by various growth factors such as increase in consumer demand for connectivity solution, upsurge in tech-savvy population, increase in dependency on technology and surge in need for constant connectivity. Connected cars facilitate connectivity on wheels offering security, safety, performance, convenience and comfort along with strong network technology.
Segmentation Overview of the Global Connected Car Market
The global connected car market is segmented on the basis of various market segments that include technology, connectivity solutions, services and end-use. These major market segments are further categorized into various sub-segments to study the market in detail considering various market determinants and geographical dynamics.
The Technology Segment of the Global Connected Car Market is Sub-Segmented into:
The Connectivity Solutions Segment of the Global Connected Car Market is Sub-Segmented into:
The Services Segment of the Global Connected Car Market is Sub-Segmented into:
The End Use Segment of the Global Connected Car Market is Sub-Segmented into:
Geographical Overview of the Global Connected Car Market
The North America connected car market dominated the global marketplace in the year 2019 with ~1/3rd of the market share and is estimated to maintain its dominance over the forecast period. The dominance is attributed to rapid growth of connected car network in the region. On the other hand, the Europe connected car market is estimated to grow at the fastest growth rate with a CAGR of ~20% during 2020-2027. The regional market growth is attributed to increase in adoption of cybersecurity solutions and growth in investments by various players and organizations in the connected technology.
Competitive Insights of the Global Connected Car Market
Vodafone Group Plc, Verizon Communications, TomTom International, Telefonica S.A., Samsung Electronics, Ford Motor Company, Daimler AG, BMW Group, Audi AG, AT&T, ZUBIE, Inc., Tesla, Sierra Wireless, Robert Bosch GmbH, Qualcomm Technologies, Inc., LUXOFT, Intellias Ltd., Continental AG, CloudMade and Airbiquity Inc. are some major key players included in the research study of the global connected car market.
Covid-19 and the Global Connected Car Market
The auto manufacturing companies were on short-term hold considering their manufacturing process amid global lockdown due to spread of Covid-19 worldwide. Also, the supply chain of every sector is highly impacted during the lockdown as the chain has become dependent and complex from various geographies that restraint the production process. Hence, the connected car industry also witnessed the high impact due to Covid-19.
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