14% CAGR to 2027 for connected car market

September 17, 2020 //By Rich Pell
Connected car market forecast sees over 14% CAGR to 2027
A new report from market research firm Verified Market Research finds that the global connected car market, which was valued at $72.68 billion in 2019, is projected to reach $215.23 billion by 2027 - growing at a CAGR of 14.56% from 2020 to 2027.

According to the report, the increase in advanced driver-assistance systems (ADAS) features in cars is driving the connected car market as it ensures enhanced levels of safety. Other key factors contributing toward the growth of the connected car market are the rising demand for connectivity solutions, an increase in dependency on technology, and an upsurge in the tech-savvy population.

In addition, technological advancements, an increase in the production of vehicles, and an increase in demand for luxury and comfort in vehicles are expected to support the growth of the market. Also, the report finds, automakers are nowadays following new vehicle safety norms to both encourage the safety of the vehicle and to make them more secure from hacking and malfunctioning, which, in turn, is also likely to foster the demand for connected car systems.

The following trends, says the report, are reinforcing the shift towards a fully developed connected car industry:

  • New technological innovation in the field of the network is accelerating at a fast rate.
  • High-speed computers help make the car aware of surroundings, which can transform maneuvering a self-driving vehicle into an increasing reality.
  • The Internet of Things (IoT) provides mobile services in the car with high-speed internet, enabling real-time traffic control, interaction with the car manufacturer service for remote diagnostics, and enhanced company logistics automation.
  • The increase in demand for lightweight suspension systems and the development of technically advanced suspension systems are expected to provide a favorable opportunity for the growth of the market.

The report segments the connected car market based on services, form, network, and geography. Major players in this market include Bosch, Continental AG, Delphi Technologies PLC, DENSO Corporation, Harman International Industries, Infineon Technologies AG, NXP Semiconductors N.V., Toyota Motor Corporation, Valeo, and ZF Friedrichshafen AG.

For more, see " Connected Car Market ."

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