Newark, May 25, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 79 billion connected vehicle market will reach USD 413.4 billion by 2032. The safety services connected automobiles provide are an excellent example of cutting-edge aftermarket technology incorporating data sharing between vehicles and humans. Safety is a mix of telecommunications and automobile technology used to improve vehicle efficiency, lower fuel consumption and maintenance costs, improve security and safety measures, and aid the driver in improving his entire driving experience. Another characteristic of connected automobiles is the driver assistance system, which assists the driver in determining the best route to the destination. It also sends out alert messages on traffic congestion and parking spot availability. These connected automobile capabilities offer intelligent transportation systems intended to improve the overall driving experience.
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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 vehicle market share. India has the potential and opportunity for a connected vehicle market. For example, Morris Garage introduced their new SUV Gloster in 2021, which is outfitted with the most advanced ADAS technologies based on predictive technology, such as automatic emergency braking, automatic parking assist, blind spot detection, frontal collision warning, and lane departure warning. In 2021, MG will release the Astor, a compact SUV with level-2 ADAS technologies such as Adaptive Cruise Control, Automatic Emergency Braking, Blind Spot Detection, Lane-keeping Assist, and Lane Departure Warning.
The safety segment dominated the market with the most significant revenue of USD 36 billion.
The safety segment dominated the market with the most significant revenue of USD 36 billion. In 2022, the safety segment held the biggest market share, while autonomous driving is expected to increase rapidly in the years ahead. Favourable regulatory backing provides a sufficient legal framework for autonomous vehicle testing and operation, acting as a growth opportunity for autonomous driving. Furthermore, prominent automakers worldwide are continually exhibiting the potential of autonomous technology, which is expected to provide opportunities during the forecast period.
The autonomous cars segment dominated the market with the most significant revenue of USD 34.2 billion.
The autonomous cars segment dominated the market with the most significant revenue of USD 34.2 billion. ADAS has come a long way, but linked car technology still has a long way to go. Vehicle-to-vehicle communication has the potential to improve it further, as vehicles can interact directly with each other and share information on relative speeds, positions, directions of travel, and even control inputs such as sudden braking, accelerations, or changes in direction. Constructing a more detailed image of the surrounding region and delivering more accurate warnings or even corrective actions to avoid crashes by combining this data with the vehicle's sensor inputs is feasible. However, as previously available systems in high-end models are now being deployed in entry-level vehicles, the number of ADAS components may continue to expand. These solutions improve the safety and security of everyday driving.
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Latest Development:
● In May 2022, GM signed a patent licensing agreement with Avanci, giving the automaker access to thousands of crucial 2G, 3G, and 4G patents for future connected vehicle technology.
● In February 2021, Grupo Antolin and Net4Things decided to collaborate on developing the connected car. Grupo Antolin intends to investigate the possibility of new connectivity and driver services solutions and business opportunities based on data analysis provided by Net4Things.
Market Dynamics:
Drivers: Numerous Advantages
The primary goal of connected vehicles is to keep the consumer linked to the outside world. Customers want their vehicles to execute duties comparable to those performed by their computers or smartphones. Interrupted connectivity may be a barrier for the connected car segment because it does not provide continuous internet service. This is primarily due to inconsistency in the network service providers provide, which differs by region.
Restraint: Security Concerns
If your car is connected to the Internet, it, like any other IoT device, may be hacked. If a hacker gains control of your vehicle, the repercussions could be far worse.
Opportunity: Government Initiatives
The primary goal of connected vehicles is to keep the consumer linked to the outside world. Customers want their vehicles to execute duties comparable to those performed by their computers or smartphones. Interrupted connectivity may be a barrier for the connected car segment because it does not provide continuous Internet service. This is primarily due to inconsistency in the network service providers provide, which differs by region.
Challenge: Cyber Issues
The main danger here is that if a cybercriminal gains access to your vehicle's controls, they can deactivate the brakes and cause a crash. They can also use the vehicle's microphone to listen in on your chats and disable the vehicle's security features to take it.
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Some of the major players operating in the connected vehicle market are:
● Bosch
● Delphi Technologies PLC
● Harman International Industries, Inc.
● Infineon Technologies AG
● NXP Semiconductors N.V.
● Toyota Motor Corporation
● Valeo
● ZF Friedrichshafen AG
● BorgWarner
Key Segments cover in the market:
By Service:
● Driver Assistance
● Safety
● Entertainment
● Well-Being
● Vehicle Management
● Mobility Management
By Vehicle:
● Passenger Cars
● Autonomous Cars
● Commercial Vehicle
About the report:
The global connected vehicle 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.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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