Connected Cars Market Set To Recah USD 8.6 Billion By 2024

By Goldstein Market Intelligence || 2019-01-05 6:13:51 AM

Connected Cars Market Set To Recah USD 8.6 Billion By 2024

According to Goldstein Research, “Automobile manufacturers are increasingly adopting digital technologies across their automobile designs to cater new generation technologies to the consumers and emergence of IoT also provided the features such as safety, real time traffic updates and smart phone synchronization.” The numbers of connected cars will rise by 30% every year for next coming years. One of five premium segment cars are expected to be connected to the internet by 2020 and approximately 50% of global cars will have network solutions by 2020. 

Middle East and Africa Connected Car Market Analysis

The Middle East and Africa connected car market is segmented based on products, by communication, by application and by service type. Product is further bifurcated into software and hardware components. Digital dashboards, navigation systems and enhanced infotainment systems are some of the prominent trends in the connected cars market, which is expected to boost the demands of infotainment systems segment growth in the market.

The Middle-East and Africa connected cars market accounted for USD 0.935 billion in 2016. Further, the market is anticipated to expand at compound annual growth rate of 31.5% over the forecast period i.e. 2016-2024 and expected to reach USD 8.6 billion by the end of forecast period i.e. 2024.

Geographically, Saudi Arabia, UAE and North Africa regions are anticipated to witness major growth in connected cars market and these regions are further expected to dominate the Middle East and Africa region. Middle East and Africa connected cars market is anticipated to grow at a CAGR of 32.4% over the forecast period.

Technological Advancements: Major Impel

In 2014, more than 10% of passenger cars globally had some levels of built-in-connectivity platforms and this figure is expected to grow to about 55% by 2020. Even the technological giants are focusing automotive sector to their next phase of growth. For instance, the launch of new in-car platforms such as the CarPlay from Apple and the 'Android Project' and 'Projected Mode' from Google are expected to attract new consumer base that will significantly drive the growth of connected cars market in Middle East and Africa region. Further, the global launch of the Nissan SmartCar mobile application developed in partnership with Etsalat that allows the users to gain access features such as remote control of locks, horn and air conditioning etc from mobile app.  

Middle East and Africa Connected Car Market report contains detailed overview of the Middle East and Africa connected car market in terms of market segmentation by product type, by communication type, by application type and by services.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.

Middle East and Africa Connected Car Market Report also provides competitive outlook of some of the major players which includes profiling of companies such as AT&T, Ford, Verizon, Audi, Harman, Telifonica, Nissan, Toyota, Apple, Google etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.

Overall, the report represents comprehensive synopsis on the Middle East and Africa connected car market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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