North America $27.93 Bn Connected Vehicle Market 2018 - Forecast to 2023 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Aug 22, 2018--The “North America Connected Vehicle Market (2018-2023)” report has been added to ResearchAndMarkets.com’s offering.
The North America connected vehicle market is expected to reach USD 27.93 Bn by 2023, expanding at a CAGR of 8% (2018-2023)
North America connected passenger car market is expected to reach USD 13.47 Bn by 2023, expanding at a CAGR of 6% (2018-2023), and the North America connected truck market is expected to reach USD 14.46 Bn by 2023, expanding at a CAGR of 9% (2018-2023).
The connected vehicle ecosystem is evolving in which North America connected car manufacturers and automotive OEMs are developing various connected solutions. On the basis of connectivity, demand for embedded solutions, tethered solutions, and integrated solutions for connected passenger cars has increased over the years. Similarly, the use of telematics and fleet management solutions for connected commercial vehicles has risen.
The U.S. was one of the first countries to adopt connected car technologies and implement M2M connectivity in the automotive sector. Five years down the line, vehicles will be transformed into communication objects, providing a completely new experience. New hi-tech devices, smart phones, high-speed internet, various applications and open sources such as android systems have transformed the concept of connected vehicles.
North America is expected to lead in the connected truck market given the boom being experienced by the e-commerce segment. A connected environment for supply chain management between all the key stakeholders is required for smooth movement of goods and traffic. This is driving a more connected ecosystem and can be seen as a major driver to adopt new technologies by fleet managers.
Key growth factorsDemand for an autonomous driving experience in maximum in this region, according to forecasts along with the technological advancements and increasing the need for connectivity among the customers and are the primary drivers for the connected vehicle market in the North American region. In North America, commercial and regulatory initiatives have recently driven the adoption of OEM telematics services.
Threats and key players:Growing tension is building up between not incumbent automotive players and a new wave of companies/start-ups. Autonomous vehicles will cause disruption to the automobile industry, but critical challenges include concerns over infrastructure, liability and other legal issues. Some of the key players operating in the market are: Airbiquity Inc, Aptiv PLC, Autoliv, Continental AG, Denso, NXP Semiconductors, Robert Bosch GmbH, TomTom, WirelessCar, and ZF Friedrichshafen.
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Related Topics:In Car Entertainment Systems ,Internet of Things and M2M
KEYWORD: NORTH AMERICA
INDUSTRY KEYWORD: TECHNOLOGY OTHER TECHNOLOGY AUTOMOTIVE GENERAL AUTOMOTIVE
SOURCE: Research and Markets
Copyright Business Wire 2018.
PUB: 08/22/2018 04:11 PM/DISC: 08/22/2018 04:11 PM