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The global connected vehicle industry is being driven by the increased demand for passenger cars, owing to the rapidly growing global population and its increasing transportation needs. The rising incidences of road accidents across the globe with high rates of casualties are also anticipated to aid the market growth. In addition, the rapid technological advancements and the heightened dependence on technology are leading to an increased demand for connectivity solutions in vehicles, such as on-the-go music and podcast streaming services for infotainment purposes, which is aiding the market.
The growing focus of the leading players to develop next-generation connectivity solutions by incorporating advanced technologies is predicted to significantly catalyse the industry growth in the forecast period. For instance, in January 2021, Qualcomm Technologies Inc (NASDAQ: QCOM) announced the inclusion of Qualcomm® Snapdragon™ Automotive 4G and 5G Platforms to help automotive suppliers meet the growing demand for reliable, connected, intelligent, location-aware next-generation cars. These platforms are designed to help connect vehicles with the cloud technology and their surrounding devices to facilitate improved safety and security in vehicles. In addition, another leading connected vehicle technology manufacturer AT&T Inc. (NYSE: T), in a press release dated August 2021, announced its partnership with General Motors (NYSE: GE) to facilitate a high performance 5G connectivity network in GM vehicles, which would help improve roadway-centric coverage and provide fast software updates, quick navigation and mapping, and quality music and video streaming services. Such developments are expected to positively impact the growth of the connected vehicle industry in the forecast period.
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The major players in the global connected vehicle market are Airbiquity Inc., CloudMade Holdings Limited., Robert Bosch GmbH, Intellias Ltd., The Luxoft Holdings, Inc., and others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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