The connected cars market consists of sales of connected cars and related services. Connected cars are cars empowered with internet access and local area network which helps to communicate with other vehicles. These cars have wide range of sensors that transmits and receives signals by the manufacturers in conjunction with the services to enhance consumer experience with the real time interaction of the vehicles. These cars can be connected with smartphones or other mobile phones and allows the driver to mechanically monitor the performance of the car.
The global connected cars market is expected decline from $73.17 billion in 2019 and to $70.51 billion in 2020 at a compound annual growth rate (CAGR) of -3.63%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and reach $109.92 billion in 2023 at CAGR of 15.95%.
