The global connected car market size is predicted to reach USD 142.49 billion by 2026, exhibiting a CAGR of 16.4% during the forecast period. The growing R&D for the advancement in connecting systems will enable speedy growth of the market during the forecast period. In addition, the rising passenger cars around the world is predicted to contribute positively to the growth of the market, sates Fortune Business Insights in a report, titled “Connected Car Market Size, Share & Industry Analysis, By Service(mobility, telematics, infotainment, driver assistance), By Connectivity (embedded, tethered, integrated), By Vehicle (passenger car, light commercial vehicle, heavy commercial vehicle), and Regional Forecasts, 2019-2026” the market size stood at USD 42.25 billion in 2018.
The The report incorporates several factors that have impacted the connected car market growth and share in recent years. Besides providing insights on the growth stimulators, it reveals a few factors that have restricted the market growth. The report highlights a few of the leading products, significant companies, and considerable industry developments of recent times. The competitive landscape has been discussed in in-depth in the oatmeal market report. Forecast values for the market have been provided in the report for the period of 2019 to 2026. Moreover, the report recognizes areas that have witnessed the highest demand and applications for the product in recent years.
Collaboration of Spotify with Harman International to Create Business Opportunities
Harman International Industries, Inc., an American company that produces, designs, and engineers connected products for automakers, consumers, and enterprises worldwide, collaborated with Spotify to develop advance connected technologies for the automotive & consumer industry. This partnership represents the next phase of Samsung’s long-term partnership with Spotify, which enables Spotify to extend its consumer electronics affiliation into the fast-expanding automotive industry. The patnershipo between the two companies is predicted to augur well for the market owing to the advanced connected technologies for connected automotive.
Moreover, the launch of innovative products by leading market players will boost the connected car market revenue during the forecast period. For instance, in February 2018, TomTom (TOM2) Inc. launched “TomTom Audio Traffic”-personalized traffic information conveyed to the driver by over the voice. This feature acknowledges the driver, exact personalized traffic information about the route ahead. Moreover, TomTom (TOM2) Inc. unveiled “TomTom AutoStream” for advanced driver assistance systems and autonomous driving, a revolutionary map delivery service. TomTom Autostream improves driver safety and comfort by displaying the latest navigation with the use of the TomTom cloud platform. In addition, the rising innovation and advancement in automotive will augur well for the market.
Rising Safety Regulations to Enhance Market in North America
North America is expected to witness high demand for connected cars market owing to increasing safety regulations for security & protection. The surge in communication and information technology such as 5G or 4G LTE will also aid the market during the forecast period. The advancement in the technology of connected car devices will also contribute to the growth of the market. Europe is expected to witness lucrative opportunities for the connected cars market during the forecast period owing to the presence of key players in the region. The surge in research & development activities for the development and advancement of connected car technology is predicted to further accelerate the connected car market growth.
The Report Lists the Key Companies in the Connected Car Market:
- TomTom International B.V
- Harman International
- Audi (Germany)
- BMW (Germany)
- Continental AG (Germany)
- Bosch (Germany)
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