In the last few years, the introduction of the Internet of Things has generated several growth opportunities for players operating in the automotive segment. The development of the concept of connected cars is gaining high popularity, thus encouraging the market growth. Connected cars make use of the internet and allow the cars to communicate and exchange data with the other vehicles nearby. The growing use of the Internet of Things and the rising use of smartphones are projected to offer opportunities for the players in the next few years.The rise in the deployment of advanced and automatic electronics in the vehicle is one of the key factors driving the global connected cars market in the coming years. The growing need for more efficient, safe, and convenient driving and the increasing investments by the leading players for promising the concept of connected cars are projected to encourage the growth of the connected cars market in the next few years. Moreover, the rapid growth of the automotive sector and the favorable government initiatives are likely to support the market growth in the near future.
On the flip side, the lack of advanced infrastructure that is required for connected cars, particularly in emerging economies is estimated to curb the development of the global connected cars market in the near future. Nevertheless, the emergence of a new value-chain ecosystem in the automotive industry is likely to boost the demand for connected cars, thus encouraging market growth in the next few years. Furthermore, the connected cars market is expected to witness high growth in Europe and North America, thanks to the presence of required infrastructure. Asia Pacific, on the other hand, holds immense growth opportunities, due to which, the market player are projected to focus on the developing nations in this region in the coming few years.