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Connected Car Market: Advanced Tech Driving Valuation to USD 143.72 Billion by 2031 | SkyQuest Technology

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WESTFORD, Mass., July 22, 2024 /PRNewswire/ — According to SkyQuest, the global Connected Car Market size was valued at USD 34.56 Billion in 2022 and is poised to grow from USD 41.29 Billion in 2023 to USD 143.72 Billion by 2031, growing at a CAGR of 19.50% during the forecast period (2024-2031). 

Connected cars are witnessing momentum owing to the speedy adoption of improved technologies and growing sales of vehicles embedded with these technologies. Dynamic developments in vehicle technology and connectivity are changing the automotive market. Improved technologies like (ADAS) advanced driver assistance systems, artificial intelligence, and V2X infrastructure are considerably making independent driving functionality. In addition, improvements witnessed in telecommunication are also majorly driving the market growth, since they connect vehicles. Furthermore, IT equipment is making major contributions to deliver a wide range of services like telematics, entertainment, after-sales diagnostics and more.

Besides, rising number of government initiatives like fixing of communication devices in the new vehicles and support for autonomous driving are helping the market grow.

Download a detailed overview:

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Connected Car Market Overview:

Report Coverage

Details

Market Revenue in 2023

USD 41.29 Billion

Estimated Value by 2031

USD 143.72 Billion

Growth Rate

Poised to grow at a CAGR of 19.50%

Forecast Period

2024–2031

Forecast Units

Value (USD Brillion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Service, Hardware, Form Type, End Market, Transponder, Network, Electric Vehicle Type, and Region

Geographies Covered

North America, Europe, Asia Pacific, Middle East & Africa, Latin America

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Expanding Use of Technologies like AI and IoT in Connected Vehicles

Key Market Drivers

Growing Spending Power of Consumers in the Developing Economies

 Segments covered in Connected Car Market are as follows:

ServiceNavigation, Remote Diagnostics, Multimedia Streaming, Social-Media and Other Apps, OTA Updates, On Road Assistance, E-call And SOS Assistance, Cybersecurity, Remote Operation, Collision Warning, Auto Parking/ Connected Parking, Autopilot, Home Integration, Vehicle Management, Asset TrackingHardwareHead Unit, Central Gateway, Intelligent Antenna, Electronic Control Unit, Telematic Control Unit, Keyless Entry Systems, and SensorsForm TypeEmbedded, Tethered, and IntegratedEnd MarketOriginal Equipment Manufacturer, and AftermarketTranspondero On Board Unit, and Roadside UnitNetworkDSRC, and CellularElectric Vehicle TypeBEV, PHEV, and FCEV

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Growth of Cloud Services and Supporting Government Initiatives to Lead the Embedded Segment

Currently, the embedded segment is registering a majority share of the connected car market. The growth of cloud services, increasing government regulations, and cost upgrading of service plans are the key focus areas. The embedded systems are commonly seen in the United States, supported by consumer demand and improved infrastructure of superior technology. Integration of such embedded systems helps mature utilities including real-time diagnostics, OTA (over the air) updates, and ADAS.

The integrated segment is projected to be fastest growing since they offer better access of the internet and several other intelligent features. They deliver abundant features for sharing of data and are economic in nature.

5G Segment to Continue Dominating Due to Increased Adoption of Communication Networks to Reduce Road Accidents

Based on network, the 5G segment is projected to hold major share of the market since most telecommunication companies are actively focusing on launching improved 5G networks for enhanced communication between external devices and connected vehicles. Studies show that with unified 5G network, more than 60% of road mishaps can be avoided.

The satellite segment is projected to grow considerably over the coming years due to the rising adoption of Wi-Fi and cellular networks—these networks function only in places of mobile towers in the cities. In places of no connectivity, this may lead to road accidents damaging the occupants and the driver.  To avoid this scenario, satellite operators, OEMs, and mobile operators are focusing on introducing hybrid networks that will offer uninterrupted connectivity, thereby driving the market growth.

View report summary and Table of Contents (TOC):

https://www.skyquestt.com/report/connected-car-market

OEM Segment to Lead Due to Focus on Delivering Enhanced Connected Technology in New Vehicles

By End Use, the OEM segment is holding maximum share of the market since Original Equipment Manufacturers are increasingly offering improved connected vehicle technology in modern vehicles. This technology also delivers smooth connectivity, several advanced characteristics, and safety features, which assist the driver in better driving, thereby driving the demand. Vehicle makers are constantly engrossed in offering improved systems like infotainment, ADAS and more that make the vehicle stronger, high-quality, and support its prominence.  The implementation of these solutions, along with efforts by OEMs will propel the connected car market in the future.

The aftermarket segment is expected to be the leading segment since the installation of improved technologies is done after the car is purchased. Hence, consumers are highly demanding vehicles with in-built connectivity solutions. Also, consumers are speedily installing these systems in their existing old cars, thus driving the aftermarket segment. The growth of the aftermarket segment will largely impact the connected car market.

Streamlining Purchase Decisions for Consumers

With the development of hi-performing computing, modern cars will swiftly process more information from the sensors. Constant improvements in AI, sensor technologies, and deep learning will significantly drive the performance of the self-driving cars. In addition, implementation of IoT in infrastructure of public will offer enhanced situational awareness, thereby improving safety on roads. The market is further expected to improve technologies like sensor fusion and 5G, and these trends will unbelievably transform the market. Hence, vehicle makers should be updated with the emerging developments and identify fresh opportunities to gain strong foothold in the coming years.

Related Report:

Electric Vehicle (EV) Market

Electric Vehicle (EV) Charging Infrastructure Market

Smart Transportation Market

Lidar Market

Automotive Sensor Market

About Us:

SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.

Contact:
Mr. Jagraj Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/

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Zoomcar, Inc. Announces Adjournment of Annual Stockholders Meeting to October 1, 2024

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BENGALURU, India, Sept. 27, 2024 /PRNewswire/ — Zoomcar, Zoomcar Holdings, Inc. (“Zoomcar” or the “Company”) (NASDAQ: ZCAR), the NASDAQ-listed leading marketplace for self-drive car sharing, announced that the Annual Meeting of Stockholders, previously scheduled for September 26, 2024, has been adjourned to October 1, 2024. The meeting will reconvene virtually at 10:00 AM ET.

The adjournment will allow additional time for stockholders to cast their votes on the proposals outlined in the proxy materials. As described in the proxy materials previously distributed, stockholders as of the close of business on July 29, 2024, the record date, are entitled to participate in the Annual Stockholders Meeting.

Zoomcar encourages all stockholders to actively participate in the meeting and exercise their voting rights. Stockholders may cast their votes prior to the meeting by visiting www.proxyvote.com, or they can vote during the meeting by visiting www.virtualshareholdermeeting.com/ZCAR2024 or by calling 1-800-690-6903.

Additionally, if you require assistance with voting your shares or have any other questions in relation to the meeting, please contact the proxy solicitor on the direct line at +1 206-265-0326 or write at ksmith@advantageproxy.com.

About Zoomcar:

Founded in 2013 and headquartered in Bengaluru, India, Zoomcar is a leading marketplace for car sharing focused in India. The Zoomcar community connects Hosts with Guests, who choose from a selection of cars for use at affordable prices, promoting sustainable, smart transportation solutions in India.

Forward Looking Statement

This communication contains forward-looking statements that are subject to a number of risks and uncertainties, many of which are beyond the Company’s control. These forward-looking statements within the meaning under applicable law, can be identified by the use terms such as “may,” “will,” “aim,” “empower,” “estimate,” “intend,” “indicate,” “continue,” “promote,” “believe,” “boosting”, “elevate,” or “enhance,” or the negatives thereof, as well as other variations or comparable terminology. We ask that you read statements that contain these terms carefully because we believe this information is important for our investors and customers. Any forward-looking statement in this press release refers solely to what is accurate as of the day it is issued or based on assumptions that Zoomcar believes to be reasonable. The actual results and outcomes may materially differ due to various factors or events beyond our control which we may not be foreseeable at all times. We cannot guarantee or assure any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this press release can or will be achieved. We undertake no obligation to alter or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as required by law.

Press Contact:

Akarshit Gulati: akarshitg@avianwe.comBhagyashree Rewatkar: bhagyashree.rewatkar@zoomcar.com

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SOURCE Zoomcar Holdings, Inc.

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InventHelp Inventor Develops Assistive Device to Support Head (SCO-259)

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PITTSBURGH, Sept. 27, 2024 /PRNewswire/ — “I’m a certified nursing assistant, and I thought there could be a device to help support the head for patients with various disabilities,” said an inventor, from Sacramento, Calif., “so I invented the NOR- LIFT. My design would help keep the head straight in a simple and strain-free manner.”

The invention provides an effective way to support the head so it is straight. In doing so, it eliminates the strain and pain associated with attempting to elevate the head without assistance. As a result, it increases comfort, safety and support. The invention features a practical design that is easy to use so it is ideal for individuals with various disabilities that affect the head. Additionally, a prototype model and technical drawings are available upon request.

The original design was submitted to the Sacramento sales office of InventHelp. It is currently available for licensing or sale to manufacturers or marketers. For more information, write Dept. 23-SCO-259, InventHelp, 100 Beecham Drive, Suite 110, Pittsburgh, PA 15205-9801, or call (412) 288-1300 ext. 1368. Learn more about InventHelp’s Invention Submission Services at http://www.InventHelp.com.

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SOURCE InventHelp

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Amerisure’s SureConnect® Portal Wins 2024 Datos Insights Technology Award

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Amerisure Insurance is proud to announce that its flagship customer portal, SureConnect® has received a prestigious Datos Insights 2024 Insurance Technology Impact Award in the Digital category.

FARMINGTON HILLS, Mich., Sept. 27, 2024 /PRNewswire-PRWeb/ — Amerisure Insurance is proud to announce that its flagship customer portal, SureConnect® has received a prestigious Datos Insights 2024 Insurance Technology Impact Award in the Digital category. This accolade underscores Amerisure’s commitment to leading digital innovation in the insurance industry, enhancing customer satisfaction and streamlining operational efficiency.

“This award reflects our approach to partnering with customers and applying feedback to extend the SureConnect® difference,” said Amjed Al-Zoubi, Chief Information Officer at Amerisure.

SureConnect® is designed to enhance the insurance management process for policyholders, employees, and agency partners alike. It allows users to efficiently file claims, access loss data, and check claim statuses with reduced wait times and minimal manual intervention.

The recent enhancements to SureConnect® have yielded remarkable improvements: a reduction in customer onboarding time by over 60%, an increase in user satisfaction scores from 83 to 91, and a 16% increase in the value of the portal to agency customers. These advancements have not only improved the daily operations for Amerisure’s partners but have also significantly enhanced their overall experience.

“We are focused on the customer experience at Amerisure and recognize the growing importance of digital interactions in insurance,” said Amjed Al-Zoubi, Chief Information Officer at Amerisure. “This award reflects our approach to partnering with customers and applying feedback to extend the SureConnect® difference.”

The ongoing development of the comprehensive, usercentric SureConnect® portal is a testament to Amerisure’s dedication to innovation and excellence. As the digital landscape evolves, Amerisure continues to anticipate and respond to the needs of the modern insurance customer, ensuring that each update not only addresses current challenges but also sets new standards in the insurance industry.

About Amerisure Insurance
Amerisure is a leading provider of commercial property and casualty insurance solutions for U.S.-based construction, manufacturing and healthcare businesses. Licensed in all fifty states and available through an exclusive network of elite independent agents, the company upholds an “A” (Excellent) financial strength rating, industry-leading service scores, and multiple awards for innovation. Amerisure has been in business for more than 100 years and is consistently named among the best places to work in the industry and throughout the nation. To learn more, visit amerisure.com.

Media Contact

Marilyn Banes, Amerisure, 248-426-7914, mbanes@amerisure.com, Amerisure

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SOURCE Amerisure

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