Global Connected Vehicle and Parking Space Industry Landscape Market (2020 to 2025) - Growth, Trends, Forecasts - ResearchAndMarkets.com
The "Connected Vehicle and Parking Space Industry Landscape - Growth, Trends, Forecasts (2020-2025)" report has been added to ResearchAndMarkets.com's offering.
The connected vehicles and packing space market are expected to witness a growth at a CAGR of 22.3% over the forecast period (2020-2025). While fully automated vehicles are moving towards a widespread scale, it is in the transition phase where connected cars are expected to dominate the market for at least the next 20 years.
Over the years, the development of connected vehicle has been taking place and is expected to be a huge technological advancement which will allow the vehicles to communicate with their surroundings. This will further fuel the trend from car ownership to more mobility-related services. In urban areas, particularly, the decline in the number of vehicles is expected to reduce dramatically. According to the ADAC automobile association in Germany, the adoption of a private car to decline by close to 30% by 2040.
• The rising automotive sales and increasing production of autonomous vehicles across the world are driving the automotive industry. According to VDA (The German Association of the Automotive Industry), the sales of automotive worldwide, in 2019, reached 65.5 million units. Moreover, according to UBS, the global market for autonomous vehicles manufacturing and sales is expected to reach USD 243 billion by 2030. Such high growth in automotive sales might lead to potential growth for the market during the forecast period.
• Additionally, to seize growth opportunities in autonomous vehicles, critical automotive manufacturing companies across the world are ...
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