Connected Vehicles Market: – A connected vehicle is that type of vehicle in which the facility of internet and primarily also with a local area network. Moreover, the connected vehicles are also outfitted with the special technologies that tap into the internet or wireless LAN and deliver the additional and attractive features to the drivers. The connected vehicle ecosystem is developing in which connected car manufactured and automotive OEMs are improving numerous connected solutions. Increasingly, connected vehicles are taking effective and attractive compensations of the growth of Smartphones, and apps are existing to interact with the other vehicles from any distance. The key players of this market are playing an important role by dominating the huge market share with the efficient working in the developments in the technology of connected vehicles. Hence, with the effective working of the key players, the nature of this market becomes more competitive which influence the coming investors for making the effective amount of investments in significant improvement of this technology which further proved to be profitable for leading the fastest market growth more significantly in the near future.
Additionally, with the effective applications of the connected vehicles, the market of connected vehicles unsurprisingly grows more significantly in the reviewed period. According to the report analysis, ‘Global Connected Vehicle Market (2018-2023)’ states that there are a few key players which are ruling in this market more actively for dominating the highest amount of share by accomplishing the growing demand and effective and attractive developments in the technology of connected vehicles includes Airbiquity Inc, Aptiv PLC, Autoliv, Continental AG, Denso, NXP Semiconductors, Robert Bosch GmbH, TomTom, WirelessCar and several others. Moreover, in this market, it is expected that many of the key players are winding up with the IT companies for leading the demand for connected vehicles. Whereas, On the basis of connectivity, the ultimatum for entrenched solutions, tethered solutions, and combined solutions for associated passenger cars has augmented over the years. Similarly, the usage of telematics and fleet supervision solutions for connected commercial vehicles has grown.
The market of the connected vehicle across the globe is predictable to produce from USD 42.1 Billion in 2015 to USD 122.51 Billion by 2023, increasing at a CAGR of 14%. Meanwhile, by 2023 the global connected passenger car market is probably to reach USD 75.67 Billion, growing at a CAGR of 11% (2018-2023), and the global connected truck market is expected to influence USD 46.84 Billion by 2023, expanding at a CAGR of 13% (2018-2023). Additionally, the ever-increasing importance on personalization and customization across all car sectors is perceived as a foremost growth driver of the market. Not only has this, the requirement for personalized content, information, but media feeds have also been witnessed in the connected passenger car landscape. Therefore, in the near future, it is expected that the market of connected vehicles across the globe will grow significantly over the recent few years as the key players of this market adopting the effective strategies and policies with the techniques of doing working for enhancing the performance.
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Ankur Gupta, Head Marketing & Communications