New York, April 17, 2023 (GLOBE NEWSWIRE) -- According to Market.us, The global connected vehicles market size is expected to be worth around USD 331.9 billion by 2032 from USD 62.9 billion in 2022, growing at a CAGR of 18.60% during the forecast period from 2022 to 2032. A connected vehicle is one that is capable of connecting over wireless network to nearby devices. Connected vehicle facilities such as safety, security, and powerful technology enable the driver to connect with online platforms. In addition, connected vehicles connect to the network to enable bidirectional communications between vehicles such as trucks, buses, and trains. An increase in the production of vehicles and a rise in demand for comfort & luxury in vehicles are anticipated to propel the market growth.
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Key Takeaway:
- By Technology in 2022, the 5G segment has generated a revenue share of 63% in 2022.
- By Vehicle Connectivity, the vehicle-to-vehicle (V2V) segment is expected to show lucrative growth from 2023 to 2032.
- By Connectivity Solution, the integrated segment dominated the highest market revenue share in 2022.
- By Application, the driver assistance segment accounted for the most significant market share growth.
- By End-User, the original equipment manufacturer segment has dominated the market and is growing at the highest CAGR from 2023 to 2032.
- In 2022, Asia-Pacific dominated the market with the highest revenue share of 45%.
- Europe held a 21% revenue share in 2022.
Connected vehicles are prepared with internet connectivity and advanced communication channels. They are designed to increase vehicle performance. Vehicle connectivity's rising prevalence propels market growth in developing markets. Owing to the ability to access distance and speed, these linked automobiles offer a safe and secure alternative to connected vehicles. The connected vehicle is a technology with vast implications.
Factors Affecting the growth of the Connected Vehicle Market
There are several factors that can affect the growth of the connected vehicle market. Some of these factors include:
- Increasing Demand for Luxury & Comfort: The demand for luxury and comfort in vehicles is anticipated to supplement the market growth.
- Rise in Production of Vehicles: The rise in the production of vehicles and increase in technological advancements contributed to the market growth.
- Increase in Customer Demand for Connectivity: The increase in customer demand for connectivity solutions and the need for constant connectivity are the key factors propelling the market growth.
- Rising Acceptance of Self-Driving: Rising acceptance of self-driving or automated vehicles enhances market growth.
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Top Trends in Global Connected Vehicle Market
Increasing demand for Advanced Driver Assistance Systems in vehicle is the trend in the market. With the increasing technological developments in the automotive industry, end users are ready to spend more on the latest technologies, improving the experience and increasing riders' safety. Independent cars and connected vehicles are achieving customers’ attention and are estimated to obtain wide approval during the forecast period. Smartphones have changed the meaning of connectivity over time. Individuals wish to stay connected with the outer world even while traveling.
Market Growth
An increase in customer demand for connectivity solutions, the need for constant connectivity, and the rise in dependency on technology are significant factors contributing to the market growth. An increase in the development of advanced suspension systems is anticipated to provide significant market growth.
Regional Analysis
The connected vehicle market was dominated by Asia-Pacific, which acquired the most significant revenue share—the rising approval of high-end and cost-effective connectivity solutions. Additionally, the customer's demand for in-vehicle embedded connectivity systems and the growing shift towards vehicles has fueled the growth of the connected vehicles market in this region. Europe is anticipated to be the second-largest region in the market. Owing to the various development projects and prominent key players.
North America is anticipated to grow progressively during the forecast period. The increasing approval of innovative technologies such as 5G networks will benefit North America's healthy growth.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 62.9 Billion |
| Market Size (2032) | USD 331.9 Billion |
| CAGR (from 2022 to 2032) | 18.6% |
| Asia-Pacific Revenue Share | 45% |
| Europe Revenue Share | 21% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Increasingly adding innovative safety features in the vehicle drives market growth. The increasing approval of the Advance Driver Assistance System is estimated to boost the connected vehicle market. Furthermore, the increasing addition of innovative safety comfort features in the vehicle, such as vehicle demonstration, new support system, and many other features, observed significant market growth. In addition, the rapid acceptance of cameras and advanced technologies in mapping road problems has improved vehicle availability which also anticipated decreasing road facilities.
Market Restraints
Related to the developed countries, the growth of connected vehicle infrastructures in developing countries is lower. As network connections on highways are limited, vehicles cannot connect to the cloud—lack of connectivity infrastructure hampers market growth. In addition, uninterrupted 4G and 3G technology are generally available in urban areas. This is the major factor restricting market growth. For Instance, there are more than millions of mobile users in India, but there is a vast lack of 4G data networks in rural areas.
Market Opportunities
To raise vehicle efficiency, increase the driving experience for the driver, and safety communications of vehicle technology. The data exchange between the vehicle and the driver is the innovative aftermarket technology that connects automobile dealers as a part of their safety features. In addition to these, the connected vehicle factor helps the driver choose the best route to their destination. Also, it brings notifications about parking availability and traffic blocking.
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Report Segmentation of the Connected Vehicle Market
Technology Insight
The 5G segment dominated the connected vehicle market, holding the 38% of the revenue share. According to the 5G Automotive Association, more them 60% of road accidents can be avoided with the help of 5G technology. Various companies are developing new 5G technology for better communication among connected vehicles.5G technology can provide high speed and huge capacity offering the potential to change experience with the mobile device. Moreover, 5G technology can promise to bring the low wireless infrastructure essential for the smart generation.
Vehicle Connectivity Insight
The vehicle-to-vehicle (V2V) segment showed maximum market revenue share in 2022. V2V is real-time communication a data exchange among different vehicles. Approximately speaking, vehicles produce a network and transport signals that are used to alert drivers of potential hazards. This communication helps to reduce traffic congestion in large cities and improve road safety. Developments in wireless technology and the rise in the use of advanced devices such as GPs and sensors in v2v systems are projected to maintain the segment's dominance during the forecast period.
Connectivity Solution Insight
The integrated segment dominated the connected vehicle market. Which also held the highest revenue share. This system provides unlimited data-sharing prospects, is cost-effective, and relates to tethered and embedded systems. For, Instance, Food Partnered with Geotab to advance a telematics solution for Food Vehicles. Key Original Equipment Manufacturers worldwide have related with several key market players to improve integrated systems for connected vehicles that prevent seamless connectivity to customers.
Application Insight
The driver assistance segment accounted for the largest revenue share of the market. Advanced driver assistance system includes technologically advanced features such as lane keep assist and adaptive cruise control that increase the vehicle's safety. In addition, numerous governments across the globe impose strict safety rules on automotive manufacturers.
End-User Insight
The original equipment manufacturer segment has dominated the connected vehicle market and held the most significant market share in 2022. The factor driving the growth of the original equipment manufacturer market is the expansion of collaborations with major players to produce affordable components due to increasing technological developments such as cybersecurity and unbroken connectivity.
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Market Segmentation
By Technology
- 4G-LTE
- 3G
- 5G
- 2G
By Vehicle Connectivity Type
- Vehicle to Vehicle (V2V)
- Vehicle to Pedestrian(V2P)
- Vehicle to Device(V2D)
- Vehicle to Infrastructure(V2I)
By Connectivity Solution
- Integrated
- Embedded
- Tethered
By Application
- Driver Assistance
- Telematics
- Infotainment
- Mobility Management
- Other Applications
By End-User
- Aftermarket
- Original Equipment Manufacturer
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
The competitive landscape of the market has also been examined in this report. The constant R&D activities by the company are leading to the creation of new technologies. The company's key goals are a vast range of advanced connectivity solutions and developments of self-driving vehicles.
Some of the major players include.
- Robert Bosch GmbH
- Harman International Industries, Inc.
- Airbiquity Inc.
- DENSO Corporation
- Visteon Corporation
- Continental AG
- Intellias
- Qualcomm Technologies Inc.
- CloudMade
- Ford Motor Company
- Intellias Ltd.
- BMW Group
- Samsung Electronics
- Aptiv PLC
- Veoneer Inc.
- Garrett Motion Inc.
- Magna International Inc.
- AT&T Inc.
- Other Key Players
Recent Development of the Connected Vehicle Market
- In June 2022, PATEO Corporation and QUALCOMM Technologies, Inc. expanded their partnership to develop solutions to support vehicle intelligence, Service- Oriented Architecture, and multi-domain fusion based on central controllers.
- In July 2021, Garret Motion Inc., a unique technology company, unveiled Model-based Predictive Motor Company. The program will offer methods for vehicle health management.
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