The increase in the demand for connected cars is an outcome of customers’ desire for an enhanced driving experience and fewer road crash fatalities. The driving experience can be improved through the application of connectivity features offered by these new-age cars. The connectivity features offer solutions to problems such as roadblocks, scarcity of parking space, and traffic jams. The demand for personalized vehicles is witnessing a rapid increase in developing countries, including India, China, and Indonesia, where the road crash incidence is especially high.
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In addition, owing to the introduction of the internet of things (IoT) and artificial intelligence (AI) in the automotive industry, the connected car market generated revenue of $72,499.2 million in 2019. The revenue is projected to reach $198,459.7 million by 2025, at a CAGR of 24.1% during 2020–2025.Such vehicles are a result of the technological developments in the automobile sector, which have led to its constant evolution. A car built to communicate with other systems and vehicles using specific software and devices is termed as a connected car. The connectivity allows the car to share data and internet access with devices inside and outside.
Due to the above-mentioned factors, the global connected car market attained a valuation of $51.9 billion in 2017 and is predicted to reach a value of $156.1 billion by 2023. The connected car market is also expected to demonstrate a CAGR of 20.7% during the forecast period (2018—2023). There are mainly three types of connected systems used in vehicles— integrated, tethered, and embedded. Out of these, the integrated systems recorded the highest usage in 2017 and are expected to dominate the connected car market from 2018 to 2023 as well.
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The development of artificial intelligence (AI) interfaces in many countries all around the world is allowing the automobile manufacturing companies to provide AI software-based infotainment systems in automobiles. These infotainment systems also serve the role of virtual personal assistants that have the ability to help the drivers in navigation. Moreover, these systems can respond to the voice commands of the user, which considerably enhances the overall driving experience. Hence, the development of AI interfaces is the biggest rage presently being observed in the connected car market.