Newark, May 24, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 63.7 billion connected car market will reach USD 333.3 billion by 2032. Artificial intelligence (AI) and the Internet of Things (IoT) were more prevalent in luxury and high-end vehicles than in mature markets such as Germany and the United States. However, in recent years, India has seen an increase in the interest of several OEMs in incorporating modern technologies into Indian vehicles. One of the key reasons for the increase in demand is that technology is becoming more affordable, and buyers are prepared to pay a premium for the latest technology. A few automobile manufacturers are leading the way in introducing connected car technology to India. The linked automobile requires Internet access to function correctly.
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Asia Pacific to account for the largest market size during the forecast period.
Asia Pacific will have the most significant connected car market share. Because of widespread internet access, strong awareness of linked technologies among car buyers, and increased desire for vehicle convenience features, South Korea and Japan are also key connected vehicle markets in the Asia Pacific. As a result of breakthroughs and collaborations with telecom and technology firms, the market for connected automobiles in Asia-Pacific is predicted to grow over the forecast period.
The 5G segment dominated the market with the most significant revenue of USD 25.4 billion.
The 5G segment dominated the market with the most significant revenue of USD 25.4 billion. Cars can connect to infrastructure and each other more quickly and reliably since 5G networks have reduced latency and higher throughput than 4G networks. This will enable new features such as better collision avoidance and real-time traffic updates. Because 5G networks may enhance capacity over 4G networks, improve traffic flow, and reduce congestion, more vehicles can connect simultaneously. Furthermore, 5G enables brand-new services such as Vehicle-to-Everything (V2X) connectivity, which allows cars to communicate with other cars, pedestrians, and other infrastructure such as traffic lights and weather sensors. As a result, drivers can be more aware of their surroundings and make better driving decisions, resulting in more efficient and safer driving. This element is predicted to drive this segment's revenue growth.
The integrated segment dominated the market with the most significant revenue of USD 24.2 billion.
The integrated segment dominated the market with the most significant revenue of USD 24.2 billion. Today's consumers want constant Internet access and choose connectivity solutions that can function and deliver network access through mobile devices. This contributes to the expansion of integrated connectivity in connected vehicles. The connectivity devices used in connected cars may vary depending on the hardware or application platform employed. As a result, developing a universal solution that is interoperable with all connected devices creates a lucrative potential for key participants in the connected automobile market.
The OEM segment dominated the market with the most significant revenue of USD 37.5 billion.
The OEM segment dominated the market with the most significant revenue of USD 37.5 billion. This is due to the increasing demand for these solutions by OEMs due to the implementation of stringent government regulations governing automotive and passenger safety. Furthermore, the need for new technologies such as integrated networking, cybersecurity, and self-driving cars is increasing rapidly.
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Latest Development:
● In September 2022, Hyundai Motor Group and KT Corporation inked a joint venture agreement to focus on next-generation infrastructure and ICT, such as 6G autonomous driving technology and Advanced Air Mobility (AAM) communication networks based on satellite communication.
● In September 2022, Changan Automobile will debut a new brand called 'Zhuge Intelligence', offering four vehicle connectivity services: navigation, cruise control, parking detection, and escort.
● In September 2022, NVIDIA Corp. introduced DRIVE Thor, a centralized computer that centralizes important operations like autonomous driving, entertainment, parking detection, and passenger observation on a single System on Chip (SoC) architecture.
Market Dynamics:
Drivers: Numerous Advantages
An enhanced diagnostic system is one component that is expected to accelerate the market growth for connected cars. As part of sophisticated diagnostics, the car's technology will offer information about the vehicle to the car dealer and the client, assisting in recognizing potential automotive problems before they occur. Fleet management facilitates tracking vehicle records, identifying the vehicle that has travelled the most significant distance, and providing assistance following connection solutions. Using accessible diagnostic services is a dependable technique for examining the health of the vehicles. Customers may maintain their vehicles, saving time and money by avoiding unanticipated expenses and breakdowns. The system offers the user a maintenance schedule and regular reminders.
Restraint: Security Concerns
The connected car is a technology that is still in its infancy. Unlawful access to various automotive connectivity systems or hacking into the in-vehicle connectivity system limits the market for connected cars.
Opportunity: Technological Advancements
In recent years, technology has played a vital role in market expansion. Incorporating technologies such as data integration and machine learning has created a tremendous opportunity for industry expansion. Several investors have been drawn to the promise of connected autos. The introduction of smart linked electric cars has increased demand for the product, resulting in rapid market expansion in the following years.
Challenge: High Cost
The rise of the connected car market is projected to be hampered by improvements in global vehicle rules and the high maintenance cost of current suspension systems.
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Some of the major players operating in the connected car market are:
● Airbiquity Inc.
● Continental AG
● Qualcomm Technologies, Inc.
● Robert Bosch GmbH
● Sierra Wireless
● Tesla
● AT&T
● Audi AG
● Daimler AG
● Ford Motor Company
● Samsung Electronics
● TomTom International
● Verizon Communications
● Vodafone Group Plc
Key Segments cover in the market:
By Technology:
● 2G/3G
● 4G/LTE
● 5G
By Connectivity:
● Integrated
● Embedded
● Tethered
By End-User:
● Aftermarket
● OEM
About the report:
The global connected car market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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