TMCnet News
Connected Car Market to Grow $225.16 Bn, Globally, by 2027 at 17.1% CAGR: Allied Market ResearchPORTLAND, Ore., Sept. 9, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Connected Car Market by Technology (3G, 4G/LTE, and 5G), Connectivity Solution (Integrated, Embedded, and Tethered), Service (Driver Assistance, Safety, Entertainment, Well-being, Vehicle Management, and Mobility Management), and End Use (Original Equipment Manufacturer (OEMs) and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report published, the global connected car market generated $63.03 billion in 2019, and is estimated to reach $225.16 billion by 2027, registering a CAGR of 17.1% from 2020 to 2027.  Drivers, restrains, and opportunities- Rise in trend of connectivity solutions, ease of vehicle diagnosis, and increase in need of safety & security measures drive the growth of the global connected car market. However, threat of data hacking, high installation cost, and lack of uninterrupted and seamless internet connectivity hinder the market growth. On the other hand, intelligent transportation system and improved performance of autonomous vehicles create new opportunities in the coming years. Download Sample Report at https://www.alliedmarketresearch.com/request-sample/153 COVID-19 scenario: The automotive industry and connected car market have been through an adverse impact of the global lockdown:
Get detailed COVID-19 impact analysis on the Connected Cars Request Here! The 4G/LTE segment to dominate the market throughout the forecast period- Based on technology, the 4G/LTE segment contributed to three-fifths of the global connected car market in 2019, and is estimated to maintain its dominant position during the forecast period. This is due to the better and efficient infrastructure. On the other hand, the 5G segment is expected to register the highest CAGR of 24.3% from 2020 to 2027. Features such as fast data transfer speed and increased bandwidth boost the growth of the segment. The OEM segment garnered lion's share in 2019- Based on end user, the OEM segment accounted for more than two-thirds of the glbal connected car market in 2019, due to increased adoption of connected services in the vehicles. Also, advancement in technology has enabled the customers to choose connected cars services in vehicles which drives the growth of the segment during the forecast period. However, the aftermarket segment is expected to register the highest CAGR of 17.8% from 2020 to 2027. The customer's inclination towards the installation of connected service to their vehicles augments the growth of the segment. Interested to Procure The Data? Inquire here at https://www.alliedmarketresearch.com/purchase-enquiry/153 North America to rule the roost by 2027- Based on region, North America contributed to more than one-third of the global connected car market share in 2019, and will maintain its dominance throughout the forecast period. On the other hand, the region across Europe is anticipated to manifest the fastest CAGR of 20.4% from 2020 to 2027. This is due to the increased adoption of better and efficient vehicle safety technology. Key market players-
Similar Reports We Have: Automotive Blockchain Market: The global automotive blockchain market is expected to value $428.57 million in 2020, and is projected to reach $5.6 billion by 2030, registering a CAGR of 29.3%. Commercial Telematics Market: The global commercial telematics market was valued at $27,069.2 million in 2017, and is projected to reach $144,440.7 million by 2030, registering a CAGR of 13.8% from 2018 to 2030. Car GPS Navigation System Market: The Car GPS navigation system market was valued at $701 million in 2016, and is projected to reach at $1,237 million by 2023, growing at a CAGR of 8.1% from 2017 to 2023. In-Dash Navigation System Market: The global in-dash navigation system market was valued at $10,497 million in 2016, and is projected to reach $21,994 million by 2023, growing at a CAGR of 11.1% from 2017 to 2023. Autonomous Vehicle Market: The autonomous vehicle market is segmented based on level of automation, component, application, and region. Driverless Car Market: The global driverless car market is segmented on the basis of components and geography. About Allied Market Research Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports. Contact: David Correa
SOURCE Allied Market Research 
|
View original content: