The Global Connected Car Market was worth US$ 32.76 billion in 2022 and is predicted to reach a valuation of US$ 78.19 billion in 2028, with a CAGR of 19.00% over the foreseen period 2023-2028.

A wireless LAN is integrated into connected cars, and they can communicate with objects both inside and outside the car. The onboard systems and components of connected cars are designed to transmit operational and diagnostic data over the air (OTA) and to accept remote software updates. In addition to interacting with people and services, connected cars can also talk to one another and the road system. These elements will be more and more important as self-driving cars become more prevalent. With the use of M2M (Machine-to-Machine) technology, two connected cars can talk to one another. The linked car has some processors and sensors that provide the driver with precise and current data.

Market Drivers and Restraints:

A wireless LAN is integrated into connected cars, and they can communicate with objects both inside and outside the car. The onboard systems and components of connected cars are designed to transmit operational and diagnostic data over the air (OTA) and to accept remote software updates. In addition to interacting with people and services, connected cars can also talk to one another and the road system. These elements will be more and more important as self-driving cars become more prevalent. With the use of M2M (Machine-to-Machine) technology, two connected cars can talk to one another. The linked car has some processors and sensors that provide the driver with precise and current data. Automobile producers are responding by recognizing the seriousness of the situation and actively interacting with specialists in the field.

Over the course of the forecast period, it is expected that the market for connected cars would expand as ADAS usage rises. The implementation of ADAS in automobiles has expanded due to the increased usage of software algorithms, sensors, cameras, processors, and modern technologies in mapping road obstacles, which is projected to minimize the number of traffic deaths. As worries over passenger safety and security have grown, governments have imposed tight safety rules on automakers, requiring them to build vehicles with ADAS systems.

Due of the limited network coverage on highways, vehicles cannot connect to the cloud. In economies with less established infrastructure, connected car adoption is slower than in those with more developed economies. In cities, uninterrupted 3G and 4G networks are typically encountered. This is a significant problem that would probably restrict the market's growth throughout the course of the projection period. Although linked car technology has come a long way, cybersecurity is still a major issue that needs to be resolved. Hackers can exploit any connected car component, including the hardware, software, mobile apps, and Bluetooth. Numerous incidents of cybersecurity gone wrong have occurred.

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The report is segmented as follows:

The Connected Car Market is segmented by Application; the Market is segmented by Technology; the Market is segmented by Network; the Market is segmented by Sales Channel; the Market is segmented by Communication:

By Application (Driver Assistance, Mobility Management, Vehicle Telematics, and Infotainment System)

By Technology (Embedded, Tethered and Integrated)

By Network (3G, 4G, 5G and Satellite)

By Sales Channel (OEM and Aftermath)

By Communication (Vehicle-to-Vehicle (V2V) and Vehicle-to-Infrastructure (V2I))

Regional Segmentation:

The 5G market is anticipated to rule during the projected period. To enhance communication between linked vehicles and external equipment, several telecommunications companies are developing advanced 5G networks. A smooth SG network, according to the 5G Automotive Association, can save more than 60% of incidents on the road.

The satellite segment is anticipated to grow at the fastest rate over the anticipated time frame. Cellular and Wi-Fi networks only support connected cars in areas where mobile masts are common, like urban areas. The linked vehicle's occupants may experience serious issues since once the vehicle leaves the mobile tower's boundary, the network is completely shut off. To solve this problem, a number of automakers, satellite providers, and cell service providers are building hybrid satellite-terrestrial networks that would guarantee constant connectivity.

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Impact of the COVID-19 pandemic on the market:

In the short run, new sales will likely be in doubt because lockdowns will lower vehicle utilization as they happen occasionally. Sales will be severely restricted by the shortage of semiconductors, which has already prompted some major manufacturers to halt production. Despite the economic downturn, demand for private transportation is still rising, which has led to a sharp rise in second-hand purchases. This will help make up some of the lost sales. Companies can endeavor to increase the connectedness of their services and products throughout the automotive value chain. By fostering ties with partners and solution providers, auto OEMs are also reducing their R&D spending to focus on connected car programs. Therefore, COVID-19 will aid in accelerating the switch to connected vehicles as connected experiences become the norm.

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