Automotive Connected Car Platform Market to grow at a CAGR of 13.11% during 2024-2028
The Automotive Connected Car Platform Market is expected to grow at a CAGR of 13.11% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 6573.2 million. Connected car technologies are gaining significant traction among both retail consumers and rental players, particularly in emerging markets. For instance, Ola, a leading on-demand taxi service in India, has introduced Ola Play, a connected car platform, for its rental users. This innovative solution enables users to manage car and driver consoles via their smartphones, offering features such as music and video streaming through online applications. The platform is currently focused on comfort and entertainment, but will soon expand to include priority booking through a loyalty program. This adoption of connected car technologies by rental players is driving wider market penetration and enhancing the customer experience.
Get more information on Automotive Connected Car Platform Market by requesting a sample report
Technavio analysts predict that the Infotainment services subsegment will lead the Service segment during 2024 and 2028 In the rapidly evolving automotive industry, vehicle infotainment systems have become a key differentiator for Original Equipment Manufacturers (OEMs) seeking to attract and retain customers. Trak N Tell, a subsidiary of Bits N Bytes Soft Private Limited and a leading Indian IoT company, is capitalizing on this trend by offering unique infotainment solutions. In June 2022, Trak N Tell introduced three variants of its IntelliPlay 4G SIM-enabled Android-based car infotainment system. This system provides access to news, weather, social networking, and audio/video streaming, setting it apart from competitors. Trak N Tell's offerings extend beyond the Indian market, as they currently provide GPS-enabled technology products to OEMs, fleet customers, and automotive aftermarkets internationally.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish increased focus of oems on the development of autonomous and connected vehicles
Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report
The Automotive Connected Car Platform market is experiencing significant growth as telecommunication companies and OEMs collaborate to integrate advanced technologies into vehicles. These platforms enable high-speed data transfer through 3G/4G services, enhancing features such as vehicle infotainment, safety, performance, convenience, and comfort. Sensors and processors are crucial components of these systems, collecting and analyzing data in real-time. The production of vehicles with connected car technology is increasing, leading to a decrease in maintenance costs and an improvement in safety features like Lane-Keep Assist. Canalys reports that V2V communication and Autonomous Cars are the future of the connected car market. These advanced technologies rely on high-speed data transfer and real-time analysis for optimal performance. Lightweight suspension systems are also being integrated into connected cars to enhance both performance and fuel efficiency. The connected car market is revolutionizing the automotive industry, offering consumers a safer, more convenient, and comfortable driving experience. With the continued advancements in technology, we can expect to see even more innovative features and applications in the future.
The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market size is determined by the consolidated revenue generated by manufacturers of automotive components and equipment. Key growth drivers for this market include the rising demand for electronic components in automobiles, such as electronic control units (ECUs) and other electrical components, due to the increasing sales of EVs, motorcycles, and PCs over the past decade.
The Automotive Connected Car Platform Market is experiencing significant growth, fueled by the increased focus of oems on the development of autonomous and connected vehicles. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
Safe and Secure SSL Encrypted
One user only.
Quick & easy download option
Unlimited user access (Within your organization).
Complimentary Customization Included
*For Enterprise license, go to checkout page
Get the report (PDF) sent to your email within minutes.
