Global Connected Car Market – Analysis and Forecast (2021-2027)

1. Global Connected Car Market

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3. Global Connected Car Market The global connected car market is USD 51.4 billion in 2020 and is anticipated to reach USD 220.14 billion by 2027, thus growing at a CAGR of 25.6% during the forecast period 2021-2027. Connected car technology is a form of vehicle that have an access to the internet. This helps in connecting the vehicle to the real world and obtain real-time data from outside, thereby ensuring the safety of the vehicle. The technological development, increase in disposable income among people, substantial development in telecommunication technology led to a new level of connectivity, vehicle telematics, and infotainment technology have offered HD touch screens, navigation tools, and high-speed internet with the outer world while traveling are the factor contributing to the growth of the global connected cars market.

4. Global Connected Car Market The policymakers are establishing a coherent regulatory environment to promote safety and security, rising adoption of AI interfaces, and environmental sustainability in connected cars. The leading OEMs, tech start-ups, and automotive manufacturers are working to improve the user driver experience by providing in-vehicle entertainment, safety technology, streaming media, advanced driver assistance systems, wifi access, call, and other features. Asia-Pacific is anticipated to witness the fastest growth in the connected car market due to the widespread adoption of digital services such as cybersecurity. Moreover, the rising smartphone penetration, adoption of high-speed internet services will push the sale of smart vehicles in the region.

5. Global Connected Car Market DENSO CORP. collaborated with NTT Communications Corp. in order to begin validating their jointly developed vehicle security operation center (V-SOC) technology, to monitor and analyze a vehicle’s security status, from January 2020 onward. The companies are developing the solution in order to create resilient security solutions for connected cars.

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