preloader icon

Apex Trader Funding (ATF) - News

Connected Car Market worth $26.4 billion by 2030 Globally, at a CAGR of 13.3%, says MarketsandMarkets™

Chicago, July 02, 2024 (GLOBE NEWSWIRE) -- Connected Car Market is estimated to grow from USD 12.4 billion in 2024 to USD 26.4 billion by 2030, at a CAGR of 13.3%, witnessing a CAGR of 28.2%, as per the recent study by MarketsandMarkets™.  Government initiatives towards developing intelligent transportation networks and the growing trend of in-vehicle connectivity solutions are two factors influencing the growth of the worldwide connected car market. Also, the consumer demand for a safer, more convenient, and entertaining driving experience is a significant driver. This aligns with stricter safety regulations and government support for connected car technology. Advancements in 5G infrastructure are crucial for enabling features like real-time traffic updates and autonomous driving. Consequently, the market for linked cars is anticipated to develop significantly. Browse in-depth TOC on "Connected Car Market" 317 - Tables87 - Figures387 – Pages Download PDF Brochure: List of Key Players in Connected Car Market: Continental AG (Germany) Robert Bosch GmbH (Germany) Harman International (US) Airbiquity (US) Visteon (US) Drivers, Opportunities and Challenges in Future of CV Depot Charging Market: Driver: Increasing Adoption of Telematics and usage-based Insurance Restraint: Lack of infrastructure for the proper functioning of connected cars Opportunity: Development of ridesharing and mobility services Challenge: Cybersecurity Key Findings of the Study: ECU is the second largest market in the connected car market for hardware segment. Cellular networks hold the fastest growing segment for the connected car market in the network segment. North America is the second-largest region in the connected car market. Get Sample Pages:    The global connected car market is projected to grow from USD 12.4 billion in 2024 to USD 26.4 billion by 2030, at a CAGR of 13.3% during the forecast period. The introduction of several laws requiring safety features like e-call, navigation, collision warning systems, etc., is anticipated to increase the uptake of connected car services worldwide. The rising sales of high-end and luxury automobiles partly drive the growing demand for connected car services. The market for connected cars will expand as long as connected car hardware and software advance. For example, in November 2021, Continental created an intelligent program that allows complex driving maneuvers to be performed automatically as a technological solution for highly automated driving. Highly autonomous driving from Level 3 is made possible by an innovative software program called the Next Generation Driving Planner. This implies that cars can manage some driving duties without assistance from a driver. Cellular Network is anticipated to be the fastest growing segment by network type during the forecast period" as the cellular network plays a vital role in the rapid growth of the connected car industry, driving innovation and creating new revenue streams for various stakeholders. One significant aspect contributing to expanding cellular networks in connected cars is the adoption of eSIMs (Embedded SIMs). These eSIMs enable seamless connectivity by connecting vehicles to multiple ...