NA Internet of Cars Market Size

North America Internet of Cars Market Analysis

The North America Internet of Cars market is anticipated to register a CAGR more significant than 24.5% during the forecast period (2021 - 2026).

• Vehicles today are equipped with various electronics and machinery equipment. However, significant technological developments over the last decade have let rise to connected cars come into use today. It is expected to evolve in the future. Connected cars improve road safety, facilitate anti-theft features, and assist the driver by exchanging critical information between nearby infrastructure and vehicles.
• The market consists of numerous technology providers, such as Cisco and Oracle, and automakers, such as General Motors, which emerged as technology providers. The company's OnStar, a subscription-based subsidiary that provides communications, security, hands-free calling, and remote diagnostics systems, has automakers, such as Chevrolet, Cadillac, and Vauxhall, to build their technology features across a wide range of vehicles.
• Since the past few years, increasing connectivity and road safety regulations have been supportive of the changes in the automotive market. Furthermore, IoT is expected to drive this change further. Various automobile manufacturers, such as BMW, Mercedes, Ford, and General Motors, offer IoT-connected cars by partnering with technology providers Cisco and Bosch.
• To stay competitive in these unprecedented times, automotive companies will still need to make mobility smarter investments. For instance, embedding emerging technologies such as artificial intelligence (AI) and 5G telecommunications into vehicles is expected. While the idea of a future of fully autonomous vehicles (AVs) has captured headlines, it is essential to note that automakers are integrating smart, connected technologies at a rapid clip in their current models - in both electric vehicles (EVs) and traditional internal combustion engine (ICE) vehicles.
• The first half of 2020 turned out to be a pain for automakers, forcing most automakers to close their manufacturing facilities to curb the spread of COVID-19. Especially in the United States, most OEMs, including Ford, GM, Volvo, Toyota, and Honda, have stopped production for nearly two months since March. Other factors that exacerbated production delays included a shortage of semiconductors, a February storm that took the US Gulf chemical plant offline, and a major blackout due to the cold that led to a shortage of petrochemicals. US car sales continued to recover in the second half of 2020, down 3% year-on-year from 21% in the first half of 2020.