New York, Feb. 21, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the launch of the “Connected Car Market: Global Industry Size, Share, Trends, Opportunities and Forecast, 2017-2027” report – https :// www.reportlinker.com/p06421154/?utm_source=GNW
The global connected car market was estimated at USD 67.39 billion in 2021 and is estimated to reach USD 149.49 billion by 2027, registering a CAGR of 13.28%. Cars can now seamlessly communicate with other vehicles and infrastructure with technologies called vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I). The use of artificial intelligence (AI) technology, which enables smarter interactions between the driver and the vehicle, has increased, leading to the expansion of the sector. Due to the wide variety of sophisticated features of the technology, such as voice recognition, gesture recognition, driver monitoring, virtual assistance and natural language understanding (NLU), customers can experience a fully autonomous driving.
In addition, the connected car market is expected to develop as in-car entertainment becomes more popular. “CarPlay” software is marketed and distributed by Apple, Inc.
It connects to the vehicle’s controls, such as knobs, buttons and the touchpad, and offers Siri-enabled features such as voice control, reading, replying and sending messages, as well as performing calls
Vehicles with 5G connectivity
The adoption of 5G technology is a major milestone in the connected car business. Everything, including machines, devices and objects, will be connected through the fifth generation (5G) of wireless mobile networks.
By facilitating the exchange of data between vehicles on topics such as speed, position and previous road conditions, 5G connected cars are revolutionizing the automotive business. The vehicle interface is the vehicle’s HMI (human machine interface).
Automotive HMIs provide much more natural interactions between drivers, passengers and their cars. With the aim of advancing connected technologies, major industry players are focusing on creating connected vehicles with 5G connectivity.
For example, General Motors, a US-based carmaker, intends to introduce 5G-connected vehicles for Chinese consumers by 2022.
Advanced Driver Assistance Systems (ADAS)
The connected car market is experiencing an increase in demand for better driver assistance technology. Electronic passive and active safety systems known as advanced driver assistance technologies (ADAS) help drivers by reducing the likelihood of human error.
Its available applications include blind spot detection, automated emergency braking, lane departure warning and traffic sign recognition. Market-leading companies are introducing the most cutting-edge driver support systems for fully automated vehicles, such as connected cars.
For example, the next-generation ADAS platform for electric and highly autonomous vehicles was introduced in January 2021 by US-based technology company Aptiv PLC. In this platform, complicated operations are streamlined while system costs are reduced through intelligent software-defined systems.
Integration of AI technology
The connected car market is experiencing a significant increase in the use of AI technologies. Artificial intelligence technology is the term for a simulation of human intelligence created by humans and processed by a computer.
Artificial intelligence (AI) uses deep learning and control operations to mimic human decision-making processes. Deep learning refers to the automatic tracking and adoption of a user’s lifestyle behavior over time.
As a result, better driving and safety analysis is provided\ and it also helps to track car parts and notify when they need maintenance. To improve connected car operating systems, major market participants are focusing on developing connected cars with AI technology.
For example, Hyundai Motor Group, a South Korean car manufacturer, unveiled in November 2020 the connected car platform with the NVIDIA DRIVETM in-vehicle entertainment system upgraded with AI user experience . It automatically archives users’ favorite shows and suggests comparable shows in the same genre.
Concern for safety and security
The main concern nowadays is data security or not. The connected and digitized vehicle increases the risk of cyber attack.
When the car is connected, the possibility of hackers gaining external control increases. On the other hand, security issues also raise some questions.
Vehicle travel is much safer when controlled by Artificial Intelligence and the Internet of Things because humans can make mistakes, but machine algorithms cannot.
Market segmentation
The global connected car market is segmented on the basis of technology type, connectivity, communication, service, region, and company. Based on the type of technology, the market is segmented into 3G, 4G and 5G.
Based on connectivity type, the market is further segmented into embedded, tethered, and integrated. Based on communication, the market is segmented into vehicle-to-vehicle, vehicle-to-infrastructure, vehicle-to-cloud, vehicle-to-pedestrian and vehicle-to-everything.
Based on service, it is divided into driving assistance, connected safety, wellness, vehicle management, intersection assistance, emergency braking and others, by region and by company.
Company profiles
Major market players include Apple Inc., AT&T Inc., Ford Motor Company, General Motors Company, BMW Group, Google Inc., Audi AG, Delphi Automotive PLC, NXP Semiconductors NV, Car Force. These players are investing in innovation and manufacturing that meet customer requirements and can beat their competition with the uniqueness of their product. In addition, advanced strategic moves such as mergers and collaborations also benefit key players by increasing their customer base and expanding their sales and distribution networks in the global connected car market.
Scope of the report:
In this report, the global connected car market has been segmented into the following categories in addition to the industry trends which have also been detailed below:
• Global connected car market, by type of technology:
or 4G
or 5G
or 3G
• Global connected car market, by type of connectivity:
or Embedded
or Tied
or Integrated
• Global connected car market, by type of communication:
or Vehicle to Vehicle
o From vehicle to pedestrian
o Vehicle in the cloud
or Vehicle to Infrastructure
or Vehicle to All
• Global connected car market, by type of service:
o Driving assistance
or Welfare
o Vehicle management
o Emergency braking
o Connected security
o Assistance at intersections
• Global connected car market, by region:
or Asia-Pacific
or Europe
or North America
or South America
or the Middle East and Africa
• Competitive landscape
Company Profiles: Detailed analysis of the major companies present in the global connected car market.
Customizations available:
With the market data provided, we offer customizations according to the specific needs of the company. The following customization options are available for the report:
Company information
• Detailed analysis and profiles of additional market agents (up to five).
Read the full report: https://www.reportlinker.com/p06421154/?utm_source=GNW
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