The technological innovations are making the way of living more convenient and smarter. The connected car mobility is providing new opportunity for the vehicles to have safe, efficient and safer. Connected car mobility technology enables the driver the facilitate real time communication by connecting to online platforms. This technology collects information from sensors and processors and provides real-time information about the driver, this facilitates performance and security of the vehicles. However, the high maintenance is cost is limiting the demand of the connected car mobility solutions.
The Connected Car Mobility Solutions Market Dynamics
The today’s techno-savvy generation is increasingly looking for the smart mobility solutions. The rising technological advancements and upsurge in intelligent connected driving are driving the demand for the connected car mobility market. The global demand for comfortable and luxury vehicles are fueling the need for smart connectivity solutions. The connected car mobility solutions are the most suitable alternative for efficient and convenience driving.
The Global Connected Car Mobility Solutions Market was valued at USD 40.25 Billion in 2020 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 17.5% between 2021 to 2028. The market is segmented based on network type, technology type and by type of communication. The market had witnessed certain challenges due to COVID-19 pandemic which resulted in disruptions in production processes due to shortage of the semi-conductors. But overall, the market is positively impacted by the COVID-19 pandemic owing to penetration of technology and internet across the globe.
The companies providing connected car mobility solutions areTesla, Airbiquity Inc., Intellias Ltd, cloudmade, Continental AG., LUXOFT, Robert Bosch gmbh, Sierra Wireless, Qualcomm Technologies Inc and ZUBIE, INC., The manufactures are focusing on developing the advance connected car mobility solutions such as 5G connectivity and vehicle to vehicle connectivity.
The rising adoption of IoT applications and presence of large number of automotive manufactures is making the North America as the leading player in geographical landscape. The U.S. is majorly focusing on connected car mobility solutions to reduce the number of vehicle accidents. The integrated connectivity and embedded technology are gaining popularity in the European region and the region is investing in innovation of technological solutions. The Asia-Pacific region is estimated to provide the growth opportunity to the connected car mobility market owing to rise in demand for electric and smart vehicles.