Although it seems like an innovation that should have occurred years ago, the stage appears to be setting for the connected car to come to fruition, opening up a market that could surpass $ 131 billion in the next six years, according to a new report from Transparency Market Research.
The signs of this growth, which TMR forecasts at a 34.7% compound annual growth rate from 2013 to 2019, have materialized in the market slowly in the past year or so, with Chevy boasting in-car 4G LTE in TV commercials this summer. General Motors was hardly the first car maker to offer in-car LTE or Wi-Fi, joining the likes of Ford, Chrysler, and Audi in the race to meet a suddenly burgeoning demand. A J.D. Power and Associates survey from earlier this year found that 38% of respondents in the market for U.S.-built cars identified “the latest technology features” as a key selling point.
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