Global Connected Car market to Register CAGR of 19.50%; Vehicle Telematics and Telecommunication technology to Shape Future
Expanding technology and increasing spending across industries is expected to drive the global market over the coming years. In the past few years, telecommunication technology has improved dramatically. These developments have created new connections for the public. With the advent of connected car concepts, vehicle telematics and infotainment technologies have evolved to offer HD touch screens, navigation tools, multiple applications and high-speed internet.
Advances in Communication Technology
The proliferation of high-speed mobile networks such as 5G and advances in Internet of Things (IoT) technologies are fueling the growth of the global connected car market. These technologies provide seamless connectivity across vehicles, services and the cloud between them, making it easier to exchange data in real time and improve the overall driving experience. Consumer demands for advanced safety, comfort, and infotainment features are driving the adoption of connected vehicle technologies. Advanced driver assistance systems (ADAS), telecommunications and voice-activated controls are becoming common features in modern vehicles, reflecting consumers’ desire for safe, efficient and enjoyable driving experiences.
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Lack of Communication Infrastructure to Manage Progress
Vehicles can’t connect to the cloud because network connectivity is restricted on highways. Compared to developed countries, developing countries are making little progress on connected vehicles. Most of the uninterrupted 3G and 4G networks are available in urban areas. This is the major factor expected to restrain market growth during the forecast period. India, for example, has more than a million mobile subscribers, but 4G data networks are severely scarce in rural areas.
Rise in the Data Currency Processing and Analysis
The proliferation of connected vehicles provides a wealth of data for monetization and analysis. This data includes a wide range of factors from vehicle performance and maintenance status to driver behavior and environmental conditions. Automotive manufacturers and suppliers can use this data to create value-added services such as predictive maintenance alerts, real-time traffic updates, personal insurance plans and in addition, insights resulting from data analytics can inform strategic decision making, product development and marketing strategies they are able to stand and create competitive advantage.
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High Adoption of Advanced Driver Assistance Systems (ADAS) to Drive the Market
The increasing adoption of ADAS is expected to fuel the growth of the global connected car market during the forecast period. The rapid use of software algorithms, sensors, cameras, processors and advanced technologies to map obstacles on roads has improved the use of ADAS in vehicles and is also expected to reduce manpower deaths on the roads. Governments are also pressing tighter safety standards on automakers to develop vehicles equipped with ADAS features amid growing concerns about passenger safety and security.
Prospects of the Global Connected Car Market
The global connected car market is poised for significant growth and change in the coming years, with technological advances, changing consumer preferences, and emerging regulatory frameworks as vehicles become more integrated with digital technologies and connected to the internet. The introduction of 5G networks will provide faster and more reliable connectivity, facilitating real-time data exchange between vehicles, infrastructure and the cloud. This will allow for advanced navigation, predictive maintenance and advanced driver assistance systems (ADAS).
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