Latest News- Connected Car Market: 4G/LTE is expected to lead the Connectivity segment during 2024-2028

The Connected Car Market is being driven by Increasing internet penetration and its impact on the connected cars market

The Connected Car Market is expected to grow at a CAGR of 36.5% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 341723.6 million. In the burgeoning connected car market, vendors are capitalizing on the growing demand for advanced automotive technology. With safety and environmental benefits driving consumer interest, companies are expanding their product portfolios by introducing new connected car variants. By offering enhanced features, these vendors aim to secure competitive advantages and boost their market share. Consequently, the continuous launch of new models is anticipated to stimulate sales and significantly contribute to the expansion of the global connected car market during the forecast period. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Connectivity
  • 4G/LTE
  • 5G
  • Satellite
  • Wi-Fi
• End-user
  • OEM
  • Aftermarket
• Application
  • Telematics
  • Infotainment
  • Driver Assistance
  • Mobility Management
• Vehicle Types
  • Passenger Cars
  • Commercial Vehicles
  • Electric Vehicles
• Geography
  • North America
    • Canada
    • Mexico
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing internet penetration and its impact on the connected cars market
• Applications of blockchain technology in connected cars
• Government regulations to increase in-vehicle safety and improvement in safety controls

However, the market also witnesses some limitations, which are as follows:

• Design complexity and technological challenges
• Short product life of connected car technologies owing to fast advances in passenger's smartphones
• Data challenges associated with connected cars

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Market Scope in Connected Car Market Research Report

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Research Analysis Overview

The Connected Car Market encompasses advanced vehicle infotainment systems, ADAS features like blind spot detection and lane-keep assist, autonomous cars, V2V communication, and network technology. Technology companies and car manufacturers collaborate to provide connectivity solutions, including real-time communication and online platforms. Vehicle production integrates these advancements to reduce performance-affecting vehicle downtime, catering to both OEM and aftermarket needs.

Market Research Overview

The global automotive components and equipment market encompasses organizations involved in the manufacturing of 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's market analysis, the expansion of this market is attributable to several key factors. One significant driver is the surge in electronic components utilization in automobiles. The increasing sales of EVs, motorcycles, and PCs have led to a substantial increase in demand for electronic control units (ECUs) and other electrical components over the past decade. Additionally, the integration of advanced driver-assistance systems (ADAS), autonomous cars, vehicle-to-vehicle (V2V) communication, predictive technology, and vehicle downtime reduction solutions are expected to further fuel market growth. Vehicle production, particularly in emerging economies, will also contribute to the market's expansion.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/