For the projection period, a CAGR of 15.6% is predicted for the European connected car market.
By the end of 2021, the europe connected cars market generated US$10.2 billion. The Europe connected cars market is predicted to reach US$ 49.7 billion by 2032, growing at a CAGR of 15.6% between 2022 and 2032.
The use of all linked gadgets inside and outside of a car is made possible by connected vehicles, which also enable drivers to keep a safe distance between other vehicles on the road. The physical condition and operational functionality of these vehicles can also be mechanically checked by the driver. Smartphones and other mobile devices can be connected to cars via connected automatic driving.
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2017-2021 Europe Connected Cars Market Demand Outlook Compared to 2022-2032 Forecast
Experiences with connected driving are in high demand. OEMs (original equipment manufacturers) and automakers are working to integrate linked automobile technologies. The adoption of OEM technology in Europe will be significantly impacted by safety-related legislative initiatives. The expansion of the market for connected cars depends on European consumers' growing demand for electric vehicles. Due to the increased usage of wireless and mobile technology, the industry is predicted to expand.
5G Is Critical to The Growth of the Connected Car Market
A significant development for the connected car market throughout the forecast period is the introduction of 5G-enabled vehicles. With the use of technology, car owners may now speak clearly with one another.
Everything around us is anticipated to be connected by fifth-generation wireless technology via an incredibly quick and responsive network. Artificial intelligence (AI), the Internet of Things (IoT), and virtual reality (VR) will all benefit from 5G. Companies are concentrating on the acceptance and advancement of 5G in connected cars as a result. and uses a clever motor to control the speed of the vehicle. Numerous applications of the 5G network in automobiles show the rising demand for the connected car market. Additionally, with linked automobiles, new opportunities for IoT in vehicles as a technology for autonomous driving and vehicle security have emerged.
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Competitive Landscape
The European connected car market is somewhat consolidated, with participants like Denso Corporation, Continental AG, Autoliv, Robert Bosch GmbH, Harman International, and Delphi Automotive LLP. Manufacturers of connected cars are creating new goods with cutting-edge technology as the need for linked systems in the industry grows in an effort to get an advantage over their competitors. Businesses are focusing on the implementation and development of 5G in automobiles as a result to gain a competitive edge over other market players.
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Europe Connected Cars Market by Category
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Feb 01, 2023
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