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Connected Car Market to Gain 19.50% CAGR Amidst Continuous Involvement of the 5G Technologies

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Connected Car Market to Gain 19.50% CAGR Amidst Continuous Involvement of the 5G Technologies

July 01
11:55 2024
Connected Car Market to Gain 19.50% CAGR Amidst Continuous Involvement of the 5G Technologies
Skyquest Technology

Connected Car Market Size, Share, Growth Analysis, By Service(Navigation, Remote Diagnostics, Multimedia Streaming, Social-Media and Other Apps), By Hardware(Head Unit, Central Gateway, Intelligent Antenna, Electronic Control Unit), By Form Type(Embedded, Tethered, and Integrated), By End market(Original Equipment Manufacturer, and Aftermarket), By Transponder(On Board Unit, and Roadside Unit), By Network(DSRC, and Cellular), By Electric Vehicle Type(BEV, PHEV, and FCEV), By Region – Industry Forecast 2024-2031

Connected Car Market size was valued at USD 34.56 Billion in 2022 and is poised to grow from USD 41.29 Billion in 2023 to USD 143.72 Billion by 2031, growing at a CAGR of 19.50% during the forecast period (2024-2031).  

The increasing need for enhanced user comfort, safety, and convenience is driving the connected car market growth. Car buyers are becoming more aware of the need for a monitoring system that can keep an eye on their vehicles and provide timely location updates due to the increasing number of vehicle theft cases. With an increase in ADAS use, the market for connected cars is expected to rise. Increased concern about passenger security and safety has led to the government’s strict safety regulations requiring automakers to include ADAS technologies in vehicles.

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Fusion of Automakers and Telecom Titans Crafting the Future of Connected Vehicles

The global connected car industry is characterised by a competitive landscape that includes major automakers, technology companies, and telecom carriers. The major players who use IoT and AI are cutting-edge to improve vehicle connection that are Tesla, General Motors, Ford, and BMW. The market is introducing new infotainment systems due to the likes of Apple and Google in the IT sector. Telecommunication companies like Verizon and AT&T provide important network infrastructure. The startups that specialize in cyber security and autonomous driving keep increasing competition level. The common tactics for achieving competitive advantage in this dynamic industry are mergers and acquisitions; strategic alliances; as well as R&D expenses.

Strategies of Global Giants and Startups in the Ever-Evolving Connected Car Ecosystem

The global connected car market is highly competitive which consists of key players including Tesla, General Motors, Ford and BMW using IoT and AI to enhance vehicle connectivity. Having said that, global technology leaders like Apple and Google are integrating state-of-the-art infotainment systems while telecom giants Verizon and AT&T provide essential network infrastructure.

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Cybersecurity and autonomous driving-based startups continue to magnify the trade. All over the globe, firms are engaging in mergers and acquisitions, heavily investing in R&D and entering into strategic alliances so as to keep up with market competition. This is a testimony of the innovation and collaboration dynamics within the fast-changing industry.

Advancing Autonomous and Infotainment Technologies Innovation

GM’s OnStar offers strong connectivity and safety features, but Tesla’s Autopilot leverages cutting-edge AI to enhance its autonomous driving capabilities in the fiercely competitive global connected car industry. BMW’s iDrive blends IoT for seamless infotainment experience. Google’s Android Auto, as well as Apple CarPlay are transforming in-car infotainment systems showing their dominance as technology giants. Faster data transfer is made possible by the essential 5G network infrastructure provided by Verizon and AT&T. Autonomous driving technology are being pioneered by startups such as Waymo and Mobileye. Effective alliances, like the one between Google and Ford on data-driven services, show how businesses are collaborating to improve connection and maintain their competitiveness.

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Fusion of Automakers Forging New Autonomous Futures

The growing need for improved user comfort, safety, and convenience is fuelling the growth of the global connected car market. Car manufacturers are including ADAS systems in their products due to safety regulations by the government and increasing fears of auto theft. Big players such as Tesla, General Motors, Ford or BMW are leveraging AI and Internet-of-Things (IoT) tech to enhance connectivity, while Apple and Google have completely revolutionized entertainment systems.AT&T and Verizon are the leading telecommunication firms providing the 5G infrastructure while newcomers like Waymo or Mobileye are inventing self-driving cars. To stay competitive in this fast-changing market, mergers and acquisitions, R&D spending, and strategic alliances are essential.

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