SkyQuest Predicts Significant Growth in the Global Connected Car Market by 2031
The future of the automotive industry is here, and it’s all about connected cars. According to SkyQuest, the global Connected Car Market is set to skyrocket from USD 41.29 Billion in 2023 to a whopping USD 143.72 Billion by 2031, with a growth rate of 19.50% during the forecast period. This rapid growth is fueled by the adoption of advanced technologies and the increasing sales of vehicles embedded with these technologies.
Connected cars are revolutionizing the way we drive, with advancements in vehicle technology and connectivity paving the way for a new era of automotive innovation. From advanced driver assistance systems (ADAS) to artificial intelligence and V2X infrastructure, these technologies are making independent driving a reality. Additionally, improvements in telecommunication are connecting vehicles like never before, while IT equipment is enabling a wide range of services such as telematics, entertainment, after-sales diagnostics, and more.
Government initiatives are also playing a crucial role in driving the growth of the connected car market. From mandating communication devices in new vehicles to supporting autonomous driving, policymakers are paving the way for a future where connected cars are the norm.
The market is segmented into various categories, including service, hardware, form type, end market, transponder, network, and electric vehicle type. Each segment plays a unique role in shaping the future of connected cars, with OEMs leading the charge in delivering enhanced connected technology in new vehicles.
The aftermarket segment is also gaining traction, as consumers seek to upgrade their existing vehicles with the latest connectivity solutions. With the development of hi-performing computing, AI, sensor technologies, and deep learning, the future of connected cars looks brighter than ever.
In conclusion, the connected car market is set to revolutionize the automotive industry, offering consumers a safer, more efficient, and more connected driving experience. With advancements in technology and the support of government initiatives, the future of connected cars is looking brighter than ever. Stay tuned for more updates on this exciting industry!