LONDON, Jan. 25, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the connected car market, advanced driver assistance systems are a key trend gaining popularity in the connected car market. connected cars. Advanced Driver Assistance Systems (ADAS) are passive and active electronic safety systems in a vehicle that assist the driver using advanced technologies to eliminate human error while driving vehicles. It offers various applications such as pedestrian detection/avoidance, lane departure warning/correction, traffic sign recognition, automatic emergency braking and blind spot detection. Major market players are launching advanced driver assistance systems for highly automated vehicles such as connected cars.
For example, in January 2021, Aptiv PLC, a US-based technology company, launched its next-generation ADAS platform for electrified and highly automated vehicles featuring software-defined intelligent systems that reduce complexity and cost. system totals. It applies an Industry 5.0 approach to safety by ensuring that driver and vehicle work together interdependently. The term Industry 5.0 refers to people working alongside robots and intelligent machines. It checks that the driver’s eyes are on the road, recognizes body position, eye movements and gestures to provide a high level of safety.
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The size of the global connected car market has grown from $65.94 billion in 2020 to $78.19 billion in 2021 at a compound annual growth rate (CAGR) of 18.6%. The growth of the connected car market is primarily driven by businesses resuming operations and adapting to the new normal while recovering from the impact of COVID-19, which previously led to restrictive lockdown measures involving the social distancing, remote working and closure of business activities which resulted in operational difficulties. The market should reach $142.22 billion in 2025 at 16% CAGR.
The emergence of technologies such as 5G and AI is driving the growth of the connected car market over the forecast period. Various developing and developed countries are deploying 5G and AI technologies in multiple fields. For example, Europe and China are rolling out mm Wave 5G for specific niche use cases and aiming to make it their core technology by 2022. Similarly, according to Ericson, there will be over 600 million 5G subscribers. by the end of 2022. Likewise, emerging technologies such as artificial intelligence and machine learning are shaping businesses of all sizes. Thus, the emergence of 5G and AI technologies will propel the growth of the connected car market.
The global connected car services market is highly concentrated, with a large number of players in the market. An analysis of connected car market statistics revealed that the top ten competitors composed of 68.82% of the total market in 2020. Volkswagen Company was the biggest competitor with 17.65% of the market, followed by Toyota Motor Corporation, General Motors, Daimler AG, BMW Group, Ford Motor Company, Honda Motor Co Ltd, Hyundai Motor Group, Tesla and Renault.
The global connected car market is segmented by product type into embedded, connected, integrated, other; by services in driving assistance, safety, entertainment, well-being, vehicle management, mobility management, others; by application in navigation, infotainment, telematics.
Connected car market data identifies North America as the greater region, accounting 29.5% of the total market in 2021. It was followed by Asia-Pacific and Western Europe then the other regions. In the future, the fastest growing regions in the connected car services market will be Asia-Pacific and Eastern Europe, where growth will be at CAGR of 21.5% and 21.3% respectively during the period 2021-2026.
The Global Connected Car Market Report 2022: Global Market Size, Trends and Forecasts 2022-2026 is part of a series of new reports by The Business Research Company that provide connected car market overviews, analyze the connected car market, Connected Cars and forecast the market size and growth for the overall market, Connected Cars Market Segments & Geographies, Connected Cars Market Trends, Connected Cars Market Drivers, Connected Cars Market Constraints, Revenue, Profiles and market shares of leading connected car market competitors in over 1000 industry reports, covering over 2500 market segments and 60 geographies.
The report also gives an in-depth analysis of the impact of COVID-19 on the market. The reports are based on 150,000 datasets, extensive secondary research and proprietary insights from interviews with industry leaders. A highly experienced and expert team of analysts and modellers provide market analysis and forecasts. The reports identify key countries and segments for opportunities and strategies based on market trends and key competitor approaches.
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