North America Connected Vehicle Market Growth, Share, Emerging Trends, CAGR Status, Key Players, Opportunities and Future Competition by 2023-2033: SPER Market Research
A connected car is an expensive, modern car equipped with state-of-the-art technology that allows it to connect to other cars, the internet, and various devices. Within connected cars, computer systems and specialized sensors work together to collect and exchange data. By having access to real-time data on traffic, weather, and navigation within the car, drivers are better equipped to make informed decisions thanks to this connectivity. Connected cars can come equipped with features like self-parking, GPS navigation, and autonomous emergency assistance.
According to SPER market research, ‘North America Connected Car Market Size- By Technology Type, By Application Type, By Connectivity Type, By Vehicle Type – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the North America Connected Car Market is predicted to reach USD 442.51 billion by 2033 with a CAGR of 25.29%.
Some of the long-term factors driving demand in the automotive and transportation sectors are the availability of 5G, rising Internet penetration, rising R&D spending by major industry players, falling data costs, and consumers’ growing preference for connectivity features over mechanical vehicle specifications. As electric and driverless vehicles gain popularity and sales, connected vehicle sales are also increasing in the North American market.
Furthermore, rising customer demand for connectivity solutions, the increasing need for constant connectivity, our increasing reliance on technology, and the increase in the population of tech-savvy individuals are the main factors propelling the global market expansion for connected cars.
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Numerous challenges are impeding the connected car market’s growth and efficacy in North America. A significant obstacle to connected car technologies is the requirement for a strong, comprehensive infrastructure. These days, real-time data sharing apps and intelligent navigation systems depend on a steady, quick network connection. In certain situations, the efficacy of connected car features might be restricted by a lack of quick and convenient network access. Concerns over data security and privacy are also present. The location of the car and the driver’s actions are two of the many pieces of information that increasingly connected cars collect and send.
Impact of COVID-19 on North America Connected Car Market
North America’s market for connected cars has been significantly impacted by the COVID-19 pandemic. Travel and vehicle usage have significantly decreased as a result of the lockdowns and restrictions. The adoption and use of connected car services, like in-car entertainment systems, remote diagnostics, and real-time navigation, have been impacted by this decline in mobility. Due to production disruptions and supply chain issues, automakers have been slow to introduce new models of connected cars. Consumer decisions have also been impacted by financial difficulties and economic volatility; some have postponed purchases of cutting-edge automotive technologies.
North America Connected Car Market Key Players:
Furthermore, After Canada and Mexico, the United States is probably going to be the biggest market in North America for connected cars. Additionally, some of the market key players are Hyundai Kia Automotive Group, Jaguar Land Rover Limited, Mercedes-Benz AG, Nissan Motor Co. Ltd,.
North America Connected Car Market Segmentation:
By Technology Type: Based on the Technology Type, North America Connected Car Market is segmented as; 5G, 4G/LTE, 3G, 2G.
By Application Type: Based on the Application Type, North America Connected Car Market is segmented as; Driver Assistance, Telematics, Infotainment, Others.
By Connectivity Type: Based on the Connectivity Type, North America Connected Car Market is segmented as; Integrated, Embedded, Tethered.
By Vehicle Connectivity Type: Based on the Vehicle Connectivity Type, North America Connected Car Market is segmented as; V2 Vehicle, V2 Infrastructure, V2 Pedestrian.
By Vehicle Type: Based on the Vehicle Connectivity Type, North America Connected Car Market is segmented as; Passenger Cars, Commercial Vehicles.
By Region: This research also includes data for Eastern Region, Western Region, Southern Region, Northern Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
North America Connected Car Market Forecast Report
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