With the emergence and long-term Impact of COVID-19, the Global Connected Vehicle Market is to reach USD XX Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Connected Vehicle Market is poised to raise up to USD XX Billion by 2030. Connected vehicles are a division of automobiles that are equipped with internet connectivity and communicate with other devices and networks. This communication is usually done through a range of technologies, such as Wi-Fi, cellular networks, and dedicated short-range communications (DSRC). In addition, connected vehicles are quite a relatively new technology, and it continues to develop by means of significant revolution and technological advancements, which is expected to drive the market growth prospect.
Increasing demand for safety features in vehicles, along with the rise in trend of autonomous driving further propels the expansion of the connected vehicle market across the globe. In addition, favorable government regulations and initiatives, coupled with the increase in collaboration between OEMs and service providers is further fueling the market demand. Governments around the world are considering implementing regulations and protocols to promote connected vehicle technology. These regulations often emphasize on enhancing road safety, minimizing emissions, and raising traffic management. Incentives and mandates provided by governments further encourage manufacturers and consumers to deploy connected vehicle solutions.
For instance, the National Highway Traffic Safety Administration (NHTSA) in the U.S. establishes Federal Motor Vehicle Safety Standards (FMVSS) regulations that govern the safety aspects of connected vehicles. Consequentially, government regulations and initiatives to encourage the adoption of connected vehicle is directly associated with the growth of the global market. Moreover, the growing ecosystem of connected services, as well as the rising integration of advanced safety and comfort features in vehicles, such as advanced driver assistance systems (ADAS) present various lucrative opportunities over the forecasting years. However, the high implementation cost and lack of adequate infrastructure for the proper functioning of connected vehicles are hindering market growth over the forecast period of 2023-2030.
Geographically, the global Connected Vehicle Market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). Asia-Pacific leading the market in 2022 owing to the increasing vehicle safety and security norms, growing demand for vehicle-to-vehicle (V2V) connectivity, and rising focus on environmental concerns and emission reduction costs. Whereas, Asia Pacific is also projected to increase with the highest growth rate over the forecasting period. Factors such as the rising integration of 5G in vehicle models, along with rising government support and initiatives to promote the installation of connected vehicle technology are bolstering the market growth in the anticipated years.
The global Connected Vehicle Market is highly competitive owing to the presence of several key manufacturers such as Robert Bosch GmbH, Continental AG, Denso Corporation, Visteon Corporation, Harman International, AT&T Inc., Airbiquity Inc., and others.
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Key findings of the study suggest:
- Global Connected Vehicle Market is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030.
- In the connectivity segment, integrated emerged as the leading market segment in 2022.
- Asia Pacific is anticipated to drive regional growth owing to the rising integration of 5G in vehicle models.
- Asia Pacific is also expected to grow at a high CAGR during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
By Technology Type:
- 4G/LTE
- 3G
- 2G
By Connectivity:
- Integrated
- Embedded
- Tethered
By Vehicle Connectivity:
- Vehicle to Vehicle (V2V)
- Vehicle to Infrastructure (V2I)
- Vehicle to Pedestrian (V2P)
By Application:
- Driver Assistance
- Telematics
- Infotainment
- Others
By Vehicle:
- Passenger cars
- Commercial Vehicle
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
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