Emergen Research Logo

Rapid advancements in sensing technology, rising demand for fuel efficient vehicles globally, and surge in the usage of telematics are key factors driving

VANCOUVER, BC, CANADA, April 13, 2023 /EINPresswire.com/ -- According to the latest analysis by Emergen Research, the global market size for Connected Cars was USD 28.50 Billion in 2022 and is expected to exhibit a steady revenue CAGR of 18.4% during the forecast period. This growth can be attributed to several key factors, including the rapid advancements in sensing technology, the rising demand for fuel-efficient vehicles worldwide, and the surge in telematics usage.

Connected cars have the potential to enhance fuel management by providing real-time information on a vehicle's fuel consumption and range, and optimizing its performance to improve fuel efficiency. They can also offer drivers information on the location of nearby gas stations and fuel prices, enabling them to make informed refueling decisions. Furthermore, these cars can leverage traffic and road data to determine the most efficient route, reducing fuel consumption. Additionally, through Vehicle-to-Everything (V2X) communication, vehicles can share information on traffic congestion, road closures, and other events that could affect fuel consumption.

Connected cars can also be designed to switch off unnecessary systems and restart them as needed, resulting in improved fuel efficiency. Furthermore, the global demand for fuel-efficient vehicles is expected to drive the market's revenue growth.

Get a sample of the report @ https://www.emergenresearch.com/request-sample/1670

Moreover, rapid advancements in sensing technology is another factor driving revenue growth of the market. In connected cars, sophisticated sensors are employed to collect data on surroundings and driver’s behavior. Numerous features, including infotainment systems, driver assistance systems, and autonomous driving capabilities, are made possible by these sensors. For instance, usage of Light Detection and Ranging (LiDAR) sensors can be used to build thorough Three Dimensional (3D) maps of the area around automobile, enabling it to recognize and detect objects such as other cars, people, and barriers. These factors are expected to drive revenue growth of the market over the forecast period.

However, higher costs of connected cars over traditional cars, concerns related to data privacy and security, and rising number of cyber-attacks are major factors hampering revenue growth of the market.

Some Key Highlights From the Report

The 5G segment is expected to register a rapid revenue growth rate over the forecast period. This is due to rapid rollout and adoption of 5G connectivity across various region globally.

The integrated segment is expected to account for largest revenue share over the forecast period. This can be attributed to increasing popularity of Vehicle-to-Vehicle (V2V) communication and Vehicle-to-Infrastructure (V2I) communication in connected cars.

The sensors segment is expected to account for largest revenue share over the forecast period. This is due to rapid advancement made in sensing technology, which are used in connected cars to gather data and improve overall driving experience.

The cellular segment accounted for largest revenue share in 2022. This can be attributed to rising popularity of cellular Vehicle-to-Everything (C-V2X) communication, which is based on 4G and 5G connections and rapid rollout of 5G technology, is further driving revenue growth of the market.

The North America market is expected to account for largest revenue share over the forecast period. This is due to rising government investments and funding to promote research in connected car technology in this region.

On 5 January 2022, Visteon launched AllGo App Store, which was created to satisfy rising demand on a global scale for secure and practical methods of accessing app-based content in a smart, connected cockpit. This app store offers versions of the most popular navigation, parking, mobility, and entertainment apps for automobiles.

Request a discount on the report @ https://www.emergenresearch.com/request-discount/1670

Emergen Research has segmented the global connected cars market based on technology, connectivity, hardware, network, and region:

Technology Outlook (Revenue, USD Billion; 2019-2032)

3G

4G

5G

Connectivity Outlook (Revenue, USD Billion; 2019-2032)

Embedded

Integrated

Tethered

Hardware Outlook (Revenue, USD Billion; 2019-2032)

Central Gateway (CGW)

Head Unit

Intelligent Antenna

Electronic Control Unit (ECU)

Telematic Control Unit (TCU)

Sensors

Others

Network Outlook (Revenue, USD Billion; 2019-2032)

Operational Data

Dedicated Short Range Communication (DSRC)

Cellular

To know more about the report, visit @ https://www.emergenresearch.com/industry-report/connected-cars-market

Regional Outlook (Revenue, USD Billion; 2019–2032)

North America (U.S., Canada)

Europe (U.K., Italy, Germany, France, Rest of EU)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Additional information offered by the report:

Regional analysis: A report may offer a breakdown of the market by region, including an analysis of the growth potential, demand and supply dynamics, regulatory environment, and competitive landscape of each region.

Types of connectivity: A report may provide an analysis of different types of connectivity technologies used in connected cars, such as cellular, satellite, and Wi-Fi.

Application analysis: A report may provide an analysis of the various applications of connected cars, including safety and security, infotainment and communication, and autonomous driving.

Customer analysis: A report may offer an analysis of the consumer demographics and purchasing behavior of connected cars, including factors that influence their buying decisions, such as cost, brand reputation, and features.

Supply chain analysis: A report may provide an analysis of the supply chain of connected cars, including the various components and systems required for connected cars and the major players in the supply chain.

Impact of COVID-19: A report may provide an analysis of the impact of the COVID-19 pandemic on the connected cars market, including the challenges faced by the market and the opportunities that have emerged.

Request customization of the report @ https://www.emergenresearch.com/request-for-customization/1670

Thank you for reading our report. To know more about the customization feature, please get in touch with us, and our team will ensure the report is customized to meet your requirements.   

Explore More Emergen Research Reports @

Mobile Satellite Services Market

https://www.emergenresearch.com/industry-report/mobile-satellite-services-market

Industrial Control Systems Security Market

https://www.emergenresearch.com/industry-report/industrial-control-systems-security-market

Inhalation And Nasal Spray Market

https://www.emergenresearch.com/industry-report/inhalation-and-nasal-spray-market

Remote Vehicle Shutdown Market

https://www.emergenresearch.com/industry-report/remote-vehicle-shutdown-market

3d Food Printing Market

https://www.emergenresearch.com/industry-report/3d-food-printing-market

About Emergen Research

At Emergen Research, we believe in advancing with technology. We are a growing Marketresearch and strategy consulting company with an exhaustive knowledge base of cutting-edge and potentially market-disrupting technologies that are predicted to become more prevalent in the coming decade.

Eric Lee
Emergen Research
+91 90210 91709
sales@emergenresearch.com
Visit us on social media:
Facebook
Twitter
LinkedIn

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.