Connected Car Market Size to Reach USD 142.49 Billion by 2026; Availability of Smooth Wireless Networks Will Enable Seamless Operations, Says Fortune Business Insights™
Pune, Oct. 13, 2020 (GLOBE NEWSWIRE) — Fortune Business Insights™ published a premium research report on the global connected car market size, trends, analysis, company shares, and in-depth forecast by the year 2026. The report summarizes key aspects of the market, with a focus on leading product types, areas that have witnessed the highest demand, leading regions, and applications. The report encompasses several factors that have contributed to market growth. Additionally, leading companies have been analyzed and studied in detail through extensive research analysis methods.
The connected car market was valued at USD 45.25 billion in 2018 and is projected to reach USD 142.49 billion by 2026, thereby exhibiting a CAGR of 16.4% from 2019-2026.
Connected cars are vehicles that are integrated with internet access, intending to ensure a communication medium with users as well as other cars over a defined network. They are used to provide information derived from real-time sources to users, to improve the overall user experience. As connected cars operate over a wireless network, factors such as reliability and safety of the network are of utmost importance. There are increased efforts taken to minimize software hacks and malfunctioning of the device. The increasing initiatives taken to minimize and resolve safety-related issues, coupled with the high investment to better device safety will aid the growth of the market in the coming years.
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Driven by Growing Connectivity Equipment, Asia Pacific Will Dominated the Market
The report segments the market based on regional demographics into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, the market in Asia Pacific will emerge dominant, driven by the huge product …