New York, US, Oct. 27, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Connected Car Market information by Technology, by Components, by Services and Region – forecast to 2027” market size to reach USD 180.9 billion, growing at a compound annual growth rate of 25.2% by 2027.
Connected cars are embedded with sensors to accumulate information on surroundings. They can operate using wireless technologies and provide updates to passengers in real-time. The global connected car market report by Market Research Future (MRFR) identifies new trends in connected car and its future applications through in-depth research for the forecast period (2020-2027). The COVID-19 pandemic and its effects also make up a large portion of the report.
Dominant Key Players on Connected Car Market Covered are:
Ford Motor Company
Honda Motor Co. Ltd.
Texas Instruments Incorporated
Freescale Semiconductor Inc.
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Market USP Exclusively Encompassed:
Enhanced User Comfort and Safety to be a Major Driver
Nations aiming to connect the large populace of cities with rural areas can lead to heave investments in rail infrastructure. Expansions of rail road projects to serve as a reliable backup for trade and being integral to logistics and supply chains can drive the connected car market. Bids and auctions invited by governments to modernize the railways can serve as an incentive to connected car manufacturers.
Emergence of 5G to Boost Market Demand
The fuel burn penalty for connected car emitting nitrogen oxide can motivate railroad operators to opt for engines with alternative fuels such as diesel, LNG, and electric. Replacement of gasoline engines with diesel and encouragement of brake thermal efficiency can bode well for the market. Investments in fuel injection technology to improve the performance of connected car engines has high potential in the market.
Lack of Infrastructure to Restrain Market Growth
Hybrid connected car are estimated to gain precedence slowly in the market as nations look to introduce sustainable development goals in their budget. Benefits of low fuel consumption and noise reduction compared to its conventional counterpart can drive its demand. Modernization initiatives by nations to rapidly upgrade its railroad infrastructure and connect citizens to faraway routes can bode well for the market. This is exemplified by the agreement between Hyundai Rotem and the Tanzania Railway Corporation for electric connected car and electric multiple units.
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Segmentation of Market Covered in the Research:
Bluetooth Technology to Lead in Market Share
By technology, the connected car market is segmented into Bluetooth, WiFi, 2G, 3G, and LTE. The Bluetooth technology allows drivers to pair their phone with the car and provides benefits of hands-free talking. In addition, the advanced audio distribution profile (A2DP) standard lets users to stream audio digitally.
Embedded Connectivity to Gain Major Market Share
The global car market is classified into tethered, integrated, and embedded based on connectivity segmentation. Connected cars are preferred based upon their connectivity services and capacity that is also a differentiating factor. Most industries seek improved connectivity services and capacity for their work operations, as the selected connected cars are readily available for the customers to pick at the same time.
Sensors are the Largest Component
By car components, the market is segmented into processors, cellular, sensors, and wireless modules.
Autonomous Driving and Vehicle Management to be Dominant Service
The services segment includes autonomous driving and vehicle management, OEM services, safety, entertainment, and well-being. Autonomous driving and vehicle management is estimated to be the dominant service owing to its ability to navigate through lanes and adjust speeds in traffic conditions.
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North America to Lead Global Connected Car Market
North America is touted to be highly lucrative for the market owing to a large customer base and the potential for railroad networks. Rapid industrialization and transport of goods through freight carriers can drive the regional connected car market growth. Huge production of rolling stock and investments in railroad connectivity projects can influence the market.
COVID-19 Impact on the Global Connected Car Market
The COVID-19 outbreak is likely to act as a catalyst for the connected car market. This is attributed to the use of renewable technologies to counter the effect of emissions. Switch to diesel and electric connected car engines can lead to high interest by investors looking for investing in green energy. Rise of leasing equipment dealing agencies owing to rampant international trade can drive the market demand significantly. Recently, European Loc Pool has procured connected car from Stadler Rail to enhance its freight services plans.
Moreover, connected car operated trains have been pivotal in transporting passengers during the pandemic in densely populated areas. A special bogey has been reserved to operate as a hospital to cater to any new cases.
Trend Micro has collaborated with Fujitsu to provide a security countermeasure for connected cars.
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