Newark, Sept. 12, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 81.37 billion in 2023 global connected vehicle market will reach USD 463.38 billion in 2033. A connected vehicle is equipped with advanced technology and internet connectivity, allowing it to communicate with other vehicles and infrastructure wirelessly. This connectivity is provided through a hotspot from an external device or a permanently installed connection module with an integrated SIM card. Connected vehicles offer a safer and more secure alternative to traditional vehicles by enabling the measurement of distance, speed, and other factors.
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They utilize communication technologies such as vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), vehicle-to-pedestrian (V2P), vehicle-to-cloud (V2C), and vehicle-to-everything (V2X) to enhance safety, vehicle efficiency, and reduce commute times. Additionally, connected vehicles provide remote parking solutions, route guidance, and improved infotainment options by efficiently communicating with traffic signals. Companies like Apple Inc., Google Inc., and Baidu Inc. are entering the connected vehicle market, offering advanced technology and enhanced safety features for IoT-enabled cars. Moreover, connected vehicles can support services like ridesharing, which can help reduce traffic congestion and pollution and improve the reliability of autonomous driving through real-time data.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $ 81.37 billion |
| Market Size in 2033 | $ 463.38 billion |
| CAGR | 19% |
| No. of Pages in Report | 237 |
| Segments Covered | Service, Vehicle |
| Drivers | Rising Need for Vehicle Safety |
| Opportunity | Rising Safety Standards |
| Restraints | Cyber Attacks |
Key Insight of the Global Connected vehicle Market
Asia Pacific will dominate the market during the forecast period.
The Asia Pacific region dominated the global connected vehicle market in 2023, accounting for a 45% market revenue share. The demand for digital features in automobiles is particularly high in developing countries such as China and India, driving market growth. China, one of the world's largest automotive markets, delivered over 21.48 million passenger cars in 2021, a 6% increase from 2020. Despite the pandemic, China remains a major vehicle buyer, providing opportunities for predictive technology to gain traction in the Chinese automotive market.
In 2023, the safety segment dominated the market with the largest market share of 36% and revenue of 29.29 billion.
The service segment is divided into driver assistance, safety, entertainment, well-being, vehicle management, and mobility management. In 2023, the safety segment dominated the market with the largest market share of 36% and revenue of 29.29 billion.
In 2023, the autonomous cars segment dominated the market with the largest market share of 45% and revenue of 36.61 billion.
The vehicle segment is divided into passenger cars, autonomous cars, and commercial vehicles. The autonomous cars segment dominated the market, with a market share of around 45% in 2023. In 2023, the autonomous cars segment dominated the market with the largest market share of 45% and revenue of 36.61 billion.
Advancement in market
The autonomous vehicle (AV) software firm Oxa has announced the third commercial deployment of its Oxa Driver service in the US, marking just over a year after it changed its name from Oxbotica and hired Google Cloud to speed up the global uptake of its platform. The Contra Costa Transportation Authority (CCTA) is using Oxa Driver on Beep's autonomous shuttles as part of a pilot program for Rossmoor Walnut Creek, an active senior community in California for those over 55. The deployment is being carried out in partnership with Beep, an autonomous shared mobility company. The autonomous shuttle service, called Presto, is the first pilot program from CCTA to use Oxa Driver and Oxa's first initiative on the West Coast with Beep.
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Market Dynamics
Driver: The rising need for enhanced vehicle safety to reduce road accidents.
The rising need for enhanced vehicle safety to reduce road accidents is a major driver of market growth. According to UN data, approximately 1.3 million people die in traffic accidents annually, with an additional 20-50 million people injured. Connected vehicle technology can help prevent accidents by providing drivers with real-time information about their surroundings, such as pedestrian density or the presence of two-wheelers ahead. Additionally, consumers' growing reliance on technology is driving demand for cars with connectivity features, allowing drivers to safely use music streaming apps, audiobooks, or make phone calls while on the road. Moreover, connected vehicle technology can help alleviate traffic congestion and delays by diverting vehicles away from high-traffic areas.
Restraints: The vulnerability to cyber-attacks.
The vulnerability to cyber-attacks is a significant challenge for the connected vehicle market. As connected vehicles become more prevalent, the risk of hackers accessing vehicle systems and compromising safety increases. Additionally, the high maintenance costs of modern suspension systems and evolving global vehicle regulations pose challenges to market growth.
Opportunities: the increasing demand for autonomous vehicles.
The integration of modern safety and comfort features, such as ADAS and vehicle infotainment systems, is creating growth opportunities in the connected vehicle market. The growing acceptance of self-driving or automated vehicles is also contributing to market expansion.
Challenges: The rising cost of raw materials.
The rising cost of raw materials is a challenge for the connected vehicle market, potentially slowing its growth.
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Some of the major players operating in the global 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 covered in the market:
By Service
● Driver Assistance
● Safety
● Entertainment
● Well-Being
● Vehicle Management
● Mobility Management
By Vehicle
● Passenger Cars
● Autonomous Cars
● Commercial Vehicle
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The 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 analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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