Connected Car Market

The global connected car market to worth more than USD 194.55 billion by 2033.

The ongoing demand for connected cars within the Automotive industry, insurance, logistics and transportation, and healthcare, coupled with high disposable income in developing and developed regions, is predicted to support connected car market growth enormously. The analysis has represented vast opportunities in the North American region. Along with the high disposable income, consumer interest is also inclining towards technologically advanced cars. The growing preference for a car with navigation and driving assistance is propelling more demand due to less accident-prone and a much safer option being available. Connect Cars are meeting the growing needs of California, New York, Texas, and Florida.

Another Triggering factor for Connect car market growth is that Connect cars offer adaptability to be incorporated or processed into a form that can align with current demands. Various innovative approaches to producing connect cars inbuilt with AI or with the enhancement of a specific feature support the market growth of connect the vehicle to align with consumer or any industry end demand. For instance, Ford partnered with Google to integrate Google's Android operating system into its cars. This partnership enabled Ford to offer new services to its customers, such as real-time traffic updates in-car app. Companies are also making innovations to align their connect cars with cybersecurity concerns. Ford, one of the primary critical players in the connected car market, partnered with cybersecurity firms, such as Upstream Security and SafeRide Technologies, to advance the security of its vehicles. Consumer focus has dramatically shifted to technologically advanced cars, safer to travel than conventional cars. The connected car market is propelling due to such consumer patterns. It is promising a higher growth rate in the forecasted period.

The companies operating within the connected car industry are undergoing mergers, collaboration, acquisition, long-term contracts, and service agreements to increase their global footprint. For instance, in January 2021, Kia collaborated with Uber to develop electric vehicles for ride-hailing services. Through its network of dealerships, Kia will give Uber drivers access to its connected cars. Kia will also collaborate with Uber to assist the vehicles to create a particular charging infrastructure. The businesses will also collaborate to develop other mobility solutions and investigate methods to use connected car technology to improve the ride-hailing experience for customers. Together, Kia and Uber have taken a significant move towards promoting green transportation and lowering carbon emissions. The companies want to encourage more environmentally friendly transportation choices for both drivers and passengers by collaborating to speed up the adoption of EVs.

According to the CXOs and primary research conducted, high disposable income and the growing influence of cutting-edge technology in developing or developed regions would aggressively impact connected car market growth. The want for a safer and more entertaining commute would trigger consumers to invest more of their disposable income towards connected cars. Established automotive companies also make eco-friendly rides and a unique experience, their unique selling point.

The connected car market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In line with the analyzed region, the Asia-pacific region will witness the highest market growth, followed by Europe, Asia-Pacific, Latin America, and Middle East & Africa. Quick adoption of safety measures, the Influence of technological advancement, high disposable income, and major industry players within the region are primary factors supporting market potential within the North American region. The major companies operating within the market are AT&T Inc., Bosch, Continental A.G., Daimler A.G., Ford Motor Company, Hyundai Motor Company, Kia Motors Corporation, Nissan Motor Company, Tomtom International N.V., and Toyota Motor Corporation.

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