November 21, 2019 by Jason Lee
Facto Market Insights has carefully uploaded a smart research report titled China Connected Vehicle Market Growth Opportunities & Technology Developments by 2023, to its broad online database. The concerned market is discoursed based on a variety of market influential factors such as drivers, opportunities and restraints. This study tends to inform the readers about the current as well as future market scenarios extending up to the period until forecast period limit; 2023. The research study examines the China Connected Vehicle on the basis of a number of criteria, such as the product type, application, and its geographical presence.
The China connected vehicle market is expected to show double-digit growth rate. Chinese consumers are increasingly emphasizing on in-car technology rather than on the price or engine performance when it comes to buying of a car, and 40% are willing to change brands for better connectivity. More than 75 % of Chinese car buyers are expected to increase spending on safety features, while 60 percent would pay more for vehicle management features that monitor usage, run diagnostics, and record accident data.
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China is expected to be in the forefront for connected vehicle related innovation in the years to come. The challenge now remains for the auto industry to adopt the right mix of technology fit for China's driving conditions and move towards dominating the global share of intelligent connected cars.
More than 85% of Chinese car buyers would be eager to own an autonomous car, which indicates that a majority of consumers trust vehicle technologies with strong desires to transform in-car driving experiences. Similarly, car buyers cited their major concerns relating to autonomous driving to be 91% safety concerns, 86% cyber security, 83% the legal implications, while 80% cited cost.
Key growth factors
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Threats and key players
o New laws mandate connectivity across all vehicles. China is yet to foresee this and accepting this across all automobile majors in the days to come is expected to be challenging
What's covered in the report?
1) Overview of the China connected vehicle market
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