New study explores state of connected car market
November 26, 2014
Print this page
According to a new report by Allied Market Research, the global connected cars market is forecast to reach US$141 billion by 2020, growing at a CAGR of 32.7% during the period (2014 – 2020).
The availability of faster communication networks, advanced connectivity solutions and a user friendly interface should drive the global connected car market, the research firm stated. Also, an enhanced driving experience, offered by connected cars and favorable rules & regulations across numerous countries will fuel the market growth.
2G, 3G and 4G/LTE are the network technologies that are deployed for connectivity within the cars. Amongst these, 2G technology used for providing connectivity will gradually fade out, and will be replaced by the 3G and LTE technologies. Some of the prime reasons for this technological shift would be the rapidly changing telecommunication technology and the introduction of faster & reliable communication networks.