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.
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.
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...Read More
