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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.

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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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Technology

A new product line to accelerate the automation of companies

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RIVIÈRE-DU-LOUP, QC, Sept. 27, 2024 /CNW/ – Automation has become critical for businesses to drive growth and performance. Companies need to accelerate their automation initiatives through more autonomous and intuitive solutions that can quickly deliver the benefits of robotics to enhance their efficiency and competitiveness.  

Driven by its commitment to innovation and supporting manufacturing companies in strengthening their operational efficiency, Premier Tech is introducing the future of automation thanks to its new product line TOMA™ – which aims to accelerate packaging automation projects through a comprehensive and intuitive do-it-yourself experience – hence delivering automation made friendustrial™.

The first product under the TOMA™ brand – and its underlying mindset – is a palletizing solution featuring the most advanced interface on the market, bringing together industrial robustness and user-friendliness with collaborative robotics. Thanks to its seamless integration requiring no coding, no engineering and no programming, both small and large manufacturers can access the benefits of automation, setting a new standard for efficiency and ease of use.

“Today, we are launching more than a product line. We are launching a totally new approach to automation — we are launching the ‘Automation made friendustrial™’ mindset. Our teams at Premier Tech Systems and Automation have successfully merged industrial-level efficiency with ease of operation. This was achieved by leveraging the cobot technology from Fanuc, the worldwide leader in robotics,” says Jean Bélanger, president and chief executive officer of Premier Tech.

This launch is backed by more than 35 years of experience in automation and palletization, combined with new technologies in cobotics and the strong commitment of Premier Tech in ensuring that advanced technologies are made available to a wide range of manufacturers.

TOMA™ comes with a new innovative business model harnessing the power of an online, seamless and intuitive do-it-yourself configuration. It will enable companies to look at their packaging operations from a new perspective and implement automation projects where the financial feasibility was yet under pressure.

“TOMA™ cobots allowed us to enhance the work ergonomics of our teams, meet their needs — especially for night shifts —, and increase our productivity. This new solution is robust, intuitive and easy to program. With its agility and reliability, we can use it in various workspaces according to our needs,” says Pascal Gagné, operations manager at Groupe TAQ and launch partner.

For more information on TOMA™ and see how your company can leverage this solution, visit www.tomarobots.com

About Premier Tech

At Premier Tech, we are all about making a difference by connecting People and Technologies for over 100 years. One team driven by a shared will to deliver sustainable solutions that help feed, protect and improve our world.

Premier Tech has a wide range of products, services, brands and technologies allowing to increase crop yields, bring beautiful gardens to life, automate the handling and packaging operations of many manufacturing facilities, treat and recycle water, support companies in their digital transformation and offer bio-ingredients for the well-being of humans and animals.

Premier Tech today records sales of more than one billion dollars and is growing internationally, driven by its 5  200 team members in 28 countries. This is our time as we move Beyond 100.

For more information about Premier Tech, visit www.premiertech.com

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SOURCE Premier Tech ltée

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Technology

InventHelp Inventor Develops Improved Wearable Blanket to Increase Warmth (TLS-4013)

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PITTSBURGH, Sept. 27, 2024 /PRNewswire/ — “I wanted to create a more comfortable and convenient blanket to provide warmth at home while relaxing or doing various chores without restricting your movement or use of hands,” said an inventor, from Batesville, Miss., “so I invented the HEAT WRAP. My design would offer an improved alternative to using portable heaters, conventional heated blankets, and heating pads.”

The patent-pending invention provides an improved design for a wearable blanket. In doing so, it would surround the wearer in cozy warmth. As a result, it increases comfort and relaxation. It also allows the user to stay productive at home and on the go. The invention features a versatile design that is easy to use so it is ideal for the general population, especially the elderly and those living in cold weather areas.

The original design was submitted to the National sales office of InventHelp. It is currently available for licensing or sale to manufacturers or marketers. For more information, write Dept. 23-TLS-4013, 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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Raken Expands Construction Equipment Management Solution With Enhanced Tracking, Reporting, and Maintenance

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SAN DIEGO, Sept. 27, 2024 /PRNewswire/ — Raken, the top-rated field management app for the construction industry, has expanded its equipment management capabilities to better help customers leverage their valuable assets.

The California-based software developer recently introduced new and enhanced workflows for detailed equipment tracking, automated reporting, and proactive maintenance. Combined with the app’s daily reports, time tracking, safety and quality management tools, and document management, this update to their equipment management features further establishes Raken as the all-in-one solution for improving field productivity and visibility.

Built with purpose

Raken developed its new, improved equipment management tools to meet one of the industry’s most vital needs. Equipment is a significant cost for most construction companies, who spend hundreds of thousands to millions of dollars buying, renting, and maintaining equipment every year.

“Knowing where equipment is, who is using it, and what condition it’s in is critical in construction,” said Mike Bates, VP of Corporate Strategy. “Raken makes it easy to capture and analyze key data points so you can protect and maximize your investment.”

Track, maintain, and report on owned and rented equipment

Contractors can improve equipment utilization and maintenance with Raken, helping to keep their projects on schedule and under budget.

Benefits for the field and office include:

Easily add new or update equipmentSee where each piece of equipment is located and its conditionTrack details such as deployment history, hours, mileage, and fuel consumptionReport on critical metrics to help reduce idle time, manage costs, improve operator productivity and moreMonitor deficiencies, maintenance schedules, and return dates

Raken’s equipment management tools include an automated dashboard for analyzing utilization trends, productivity, fuel consumption and Co2 emissions. Users can also run snapshot reports organizing equipment by custom criteria and view detailed deployment and usage summaries.

The app also allows users to enable automatic email notifications for scheduled repairs, returns, and maintenance, plus quickly track deficiencies by operator to provide targeted training or guidance.

“Raken now provides an even clearer view of all your assets across your company and projects, so you can maximize usage, better manage your budgets, and extend the lifespan of your equipment,” said Mike Bates.

Launching soon

Raken will continue to grow equipment management capabilities based on industry trends and customer feedback. Additional tools for tracking and reporting on small equipment units and status are currently in development, and will be released in the coming months.

About Raken

Raken is an all-in-one field management solution for the construction industry that uses mobile technology to streamline field workflows and build better projects. Designed for ease-of-use, our software empowers crews to quickly and easily share real-time data and updates from the jobsite. Raken helps customers increase project visibility and compliance with digital daily reports, time and production tracking, comprehensive safety tools, document management, and more. To learn more, visit www.rakenapp.com.

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SOURCE Raken

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