The new report by Expert Market Research titled, 'Global Connected Vehicle Market Size, Share, Price, Trends, Growth, Report and Forecast 2022-2027', gives an in-depth analysis of the global connected vehicle market, assessing the market based on its segments like types, vehicle types, and regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators and analysing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027): 17%
The global connected vehicle market is being driven by the increased demand for vehicles, such as passenger cars among the consumers. This can be attributed to the steadily growing population and their increased transportation requirements. The rising disposable incomes and improved lifestyles are also driving consumers to invest in advanced vehicular solutions with in-built digital technology enhancing the driving experience. Moreover, the increased digitalisation and the subsequent digital dependency are also contributing to the increased demand for connected vehicle technology. This is expected to boost the overall market growth in the forecast period. This technology is also estimated to help reduce traffic jams and road congestion by diverting oncoming vehicles from areas observing high traffic density.
Industry Definition and Major Segments
Connected vehicle technology allows vehicles to connect with their surroundings and any nearby devices, such as smartphones and entertainment devices, among others, through the wireless technology. It helps to improve vehicular performance, safety, and security. In addition, the driver can connect to an online platform for real-time communication.
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The connected vehicle market, on the basis of type, can be segmented into:
• Embedded Solutions
• Integrated Solutions
• Tethered Solutions
Based on vehicle type, the market can be segregated into:
• Passenger Car
The regional markets for connected vehicle include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
The increased demand for on-the-go connectivity solutions, such as music streaming services, among the consumers is aiding the industry growth in the forecast period. The rising demand for vehicle safety improvement is also predicted to bolster the market growth, as connected vehicle solutions forewarn drivers of any potential obstacles ahead and help mitigate any major traffic incidences. Rapid technical advancements, such as the development of 5G network solutions for a better connection, are also major market drivers. In the forecast period, the market is expected to benefit from the expanding research and development activities of the key domestic manufacturers to design sophisticated vehicle technology. These factors are expected to positively impact the market growth of the global connected vehicle industry.
Key Market Players
The major players in the market are Airbiquity Inc., CloudMade Holdings Limited., Robert Bosch GmbH, Intellias Ltd., and The Luxoft Holdings, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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