With the advent of internet of things (IoT) and vehicle-to-vehicle (V2V) connectivity solutions, the connected car market has grown significantly in recent years. Specifically talking about the U.S. connected car market, it generated revenue of $12,354.8 million in 2017 and is expected to reach $37,350.1 million by 2023, witnessing a CAGR of 20.8% during the forecast period (2018–2023).
Connected cars have connectivity equipment that allows them to share content with a range of devices within and outside their environment. V2V connectivity allows wireless transmission of data between motor vehicles using IoT technology. It facilitates the exchange of data, such as vehicle speed and the distance from another vehicle, between connected vehicles on a real-time basis. Thus, the demand for enhanced vehicle connectivity solutions continues to drive the U.S. connected car market growth.
Moreover, as a result of increased focus on safety and security, the demand for V2V connectivity solutions has considerably increased in the country. To meet the consumer safety requirements, several companies in the market are working on the research and development of advanced V2V infrastructure. Major players in the U.S. connected car market, including Accenture Plc, Robert Bosch GmbH, and Autoliv Inc., are offering the technologies that provide enhanced V2V connectivity with adequate security support.
Besides, the National Highway Traffic Safety Administration (NHTSA) of the U.S. Department of Transportation, is promoting technologies, such as dynamic brake support, crash imminent braking, and pedestrian automatic energy braking, to help improve road safety. This has also impelled the U.S. connected car market players to take strategic measures, such as partnerships and acquisitions, to improve their existing connected car portfolios and introduce enhanced technologies with better safety and security protocols.
For instance, in 2017, Japan’s DENSO Corporation entered into a partnership with FotoNation, an image recognition technology developer, with the objective of using FotoNation’s technology to improve the performance of its Driver Status Monitor for enhanced driver safety in connected cars. A year later, DENSO acquired a stake in the U.S. start-up, Metawave Corporation, to deploy Metawave’s radar-sensing technology in its automated radar system for connected cars to help detect pedestrians and vehicles on the way.
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Although connected cars offer enhanced driving experience, they are vulnerable to security threats. Connected cars solely depend on the internet, and their crucial components are interconnected via a network, which opens doors to a serious threat of hacking. However, original automotive equipment manufacturers are striving to find the solution to counter such threats and improve vehicle safety and security. Thus, the continuous research and development in the field is predicted to drive the growth of the U.S. connected car market.
Hence, it is clear that the nationwide demand for improved road safety along with the advent of advanced technologies is expected to drive the domain’s growth in the coming years.