The increase in the demand for connected cars is an outcome of customers’ desire for an enhanced driving experience and fewer road crash fatalities. The driving experience can be improved through the application of connectivity features offered by these new-age cars. The connectivity features offer solutions to problems such as roadblocks, scarcity of parking space, and traffic jams. The demand for personalized vehicles is witnessing a rapid increase in developing countries, including India, China, and Indonesia, where the road crash incidence is especially high.
In addition, owing to the introduction of the internet of things (IoT) and artificial intelligence (AI) in the automotive industry, the connected car market generated revenue of $72,499.2 million in 2019. The revenue is projected to reach $198,459.7 million by 2025, at a CAGR of 24.1% during 2020–2025.Such vehicles are a result of the technological developments in the automobile sector, which have led to its constant evolution. A car built to communicate with other systems and vehicles using specific software and devices is termed as a connected car. The connectivity allows the car to share data and internet access with devices inside and outside.
 |
| Request to Get the Sample Report |
In addition to offering connectivity solutions, such cars are effective in improving the security and safety of passengers, drivers, and pedestrians. Cars have become safer due to the application of technologies such as lane assist, automatic braking, and advanced driver-assistance systems (ADAS). These technologies are leading to a reduced incidence of road accidents, which kill over 1.35 million people annually, as per the World Health Organization (WHO). This is why the adoption of IoT-based connectivity solutions will generate a huge demand for connected cars in the years to come. The strict safety rules and rising awareness on the issue are expected to enhance the sales of connected cars with ADAS and IoT.
The North American connected car market generated the highest demand for connected cars in 2019. This can be attributed to the increasing integration of advanced technologies in passenger cars. The demand for connected cars in this region is also rising due to the support from the federal and state governments for the development of new and improved vehicles, increasing research and development (R&D) activities on advanced vehicles, and rising demand for a safe and efficient driving option.
According to P&S Intelligence, the Asia-Pacific region will witness a rapid increase in the adoption of connected cars in the future. This will be an outcome of the rising application of digital services, such as software updates and cybersecurity features, and increasing rate of connected device integration in passenger cars. The demand for connected cars will also be propelled by the alliances between non-automotive and automotive giants. These strategic alliances will lead to the development of communication infrastructure that complies with the government norms for vehicle data security.
Make Enquiry Before Buying the Report: https://www.psmarketresearch.com/send-enquiry?enquiry-url=connected-car-market
Thus, the automobile industry is on its way to technological advancements, with the incorporation of AI and IoT in passenger cars.
No comments:
Post a Comment