Connected Cars: Current Analysis and Forecast (2021-2027)
The connected cars market is expected to register a CAGR of approx. 18% over the period of 2022-2028. A connected car provides connectivity on wheels by providing comfort, convenience, performance, safety, and security, as well as powerful network technology. This allows the driver to connect to online platforms and communicate in real time. Through the network connection, it can share content with a variety of devices both inside and outside the car. The data from the vehicle is shared using RADAR, LiDAR, and advanced sensors. Car manufacturers have developed advanced connectivity solutions such as vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) systems in recent years. Vehicles that are connected to various devices help to improve their safety by providing the driver with real-time data about the vehicle's surroundings. The primary goal of connected vehicle adoption is to avoid collisions, reduce fatalities, and improve vehicle management efficiency. The growth of the connected cars can be attributed to increase in consumer demand for connectivity solutions across the globe which boosting the adoption of inorganic growth strategies among key industry players around the globe. For instance, in November 2021, continental developed a technology solution for highly automated driving: an intelligent software that enables complex driving maneuvers autonomously. The Next Generation Driving Planner is an innovative software solution that enables highly automated driving from Level 3. This means vehicles can master certain driving tasks independently and without driver intervention. The software developed by Continental represents a significant leap forward in driving intelligence. Owing to these glaring statistics increase in demand for the technological advance cars are contribute to the growth of the market in the forthcoming period as well. Furthermore, the connected cars market is anticipated to grow on account of rapid technological advancements and the increase in dependency on technology. However, some of the restraints in the market including the interrupted connectivity due to fail in internet services are impeding the growth of this market all over the world.
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