Connected Cars Market Size Is Expanding At USD 286.89 BN By ...| MENAFN.COM

Thursday, 23 March 2023 02:46 GMT

Connected Cars Market Size Is Expanding At USD 286.89 BN By 2032

(MENAFN- GlobeNewsWire - Nasdaq)

Tokyo, March 09, 2023 (GLOBE NEWSWIRE) -- New study by Precedence Research, the global connected cars market size was accounted for USD 66.4 billion in 2022. Technology advancements, a rise in vehicle production, and a rise in consumer demand for luxury and comfort in cars are all contributing to the expansion of the connected car s market . Yet, it is also anticipated that increased demand for lightweight suspension systems and the development of innovative suspension systems will improve the environment for market expansion.

Report Highlights

  • By end user, the OEM segment has held 61% revenue share in 2022.
  • By connectivity, the integrated segment has generated 47% revenue share in 2022.
  • Europe will exhibit the highest CAGR of 20.8% between 2023-2032.

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Market Overview

Connectivity on wheels is made possible by connected cars' comfort, convenience, performance, safety, security, and advanced network technology. The driver can connect to web channels as a result, enabling real-time communication. The main factors propelling the worldwide connected vehicles market are an increase in consumer demand for connection solutions, a surge in the need for constant connectivity, an increase in dependence on technology, and an increase in the number of tech-savvy people.

A machine-to-machine (M2M) communication platform is one of the connectivity options developed by automakers and service providers. The M2M functionality in a car makes it easier for connected vehicles to communicate with one another. A variety of sensors and processors installed in the car give the driver precise and timely information. This in turn encourages the widespread usage of connected vehicles, contributing to the market's expansion.

Regional Insights

According to region insights, North America contributed the most to revenue, and is anticipated to expand at a CAGR of 12.5%. The market for connected cars in North America is anticipated to increase significantly as a result of the development of the connected car network. Important telecommunications companies are also making investments to create capabilities for connected vehicles. The region's growth of connected car services has been facilitated by increased vehicle manufacturing and sales in North America. Connected service providers have developed a number of new technologies to deliver better and more effective service, leading to the expansion of the regional market.

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Scope of this Report

Report Coverage Details
Market Size in 2032 USD 286.89 Billion
OEM Segment Share 61% in 2022
Integrated Segment Share 47% in 2022
Bae Year 2022
By Technology
  • 3G
  • 4G/LTE
  • 5G
By Connectivity Solution
  • Integrated
  • Embedded
  • Tethered
  • Driver Assistance
  • Safety
  • Entertainment
  • Well-being
  • Vehicle Management
  • Mobility Management
By End Use
  • OEM
  • Aftermarket
By Region
  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • The Middle East and Africa
Key Players Airbiquity Inc., AT&T, Audi AG, BMW Group, CloudMade, Continental AG, Daimler AG, Ford Motor Company, Intellias Ltd., LUXOFT and Others

Report Highlights

Based on t echnology type , the market is divided into 4G-LTE, satellite, 3G, and 5G segments. During the projection period, the 5G segment is expected to rule the market. Many telecommunications firms are creating cutting-edge SG networks to improve communication between connected automobiles and outside devices. According to the 5G Automotive Association, a seamless 5G network can help prevent more than 60% of traffic accidents. As an illustration, South Korea and the EU have agreed to invest more than USD 1.5 billion in the development of a 5G network for regional initiatives. The rising number of traffic accidents should be reduced as a result.

Based on connectivity s olutio n , the integrated segment is anticipated to rule the market. In comparison to embedded and tethered systems, these systems offer limitless opportunities for data sharing and are more affordable. To create cutting-edge integrated systems for connected vehicles that provide users seamless connectivity, major OEMs from across the world have teamed up with a number of major players. As an illustration, Ford collaborated with Geotab to provide a telematics solution for Ford automobiles.

Based on s ervice , the driver assistance segment is expected to rule the market over the projection period. Adaptive cruise control, lane keep assist, a 360-degree camera, park assist, and other high-tech technologies that improve vehicle safety make up an advanced driver aid system. Several countries have established strict safety standards on automakers all over the world. The Indian automobile sector, for instance, adopted the BS-VI norm in April 2020, which calls for reverse parking sensors in all vehicle categories.

Based on the sales channel , market is divided into Original Equipment Manufacturer (OEM) and aftermarket segments. The OEM market segment commands the biggest market share globally. Over the projection period, it is projected that rising technology advancements such unbroken connectivity, cybersecurity, and the development of driverless vehicles linked with highly secure software will support OEMs' supremacy. An additional factor boosting the growth of the OEM industry is the expansion of partnerships with important players to create high-quality and affordable components.

Market Dynamics

Driver : I ncreased demand for improved user convenience, safety, and comfort .

The key factor driving the connected car market is an increase in advanced driver-assistance system (ADAS) features since they provide higher levels of safety. Several ADAS and safety elements are mandated by governments in different nations. In both Europe and the US, a number of ADAS features are required. For instance, the EU has mandated the Anti-lock Braking System (ABS) for all new vehicles sold since 2004 and the Electronic Stability Control (ESC) since 2014. All commercial vehicles sold in the EU must have autonomous emergency braking (AEB) as of 2015. Similar to this, beginning April 2018, all new cars sold in the EU must include connected car capabilities like e-call. Government regulations requiring ADAS and other safety-related connected car technologies, the overall demand for connected cars has increased.

Restraint : Lack of infrastructure for the proper functioning of connected cars .

Vehicles are not connected to one another or the cloud due to the poor network coverage on highways. The growth of IT infrastructure on highways is slower in developing nations like Mexico, Brazil, and India than it is in wealthy nations. The current coverage of 3G and 4G LTE communication networks is only available in metropolitan and semi-urban areas. There are a lot of third-party logistics businesses operating in semi-urban and rural locations, but connectivity is a problem. As a result, the development of the connected automobile market in these nations may be hampered by the absence of IT and communication infrastructure in emerging regions and the slow adoption of government regulations.

Opportunity : The emergence of new technologies like 5G and AI .

Wireless connectivity is necessary for the improved user experience in all connected cars. To improve the productivity and safety of connected cars, many businesses in the telecom sector are developing 5G. The future 5G technology can prevent 68% of accidents, according to the international 5G automotive groups. As an illustration, the EU and South Korea agreed to collaborate on 5G development for regional 5G initiatives. Al will be essential to making sense of everything as sensors and other data technologies become more widely used. Several cars already use Al for Level 3 autonomous driving, but significant improvements must be done to the infrastructure and the vehicles for the industry to reach Level 5.

Challenges : Cybersecurity

Cybersecurity still presents a significant concern despite significant advancements in connected car technologies. Hardware software, smartphone apps, and Bluetooth are all components of connected cars that are susceptible to hacks. This could be challenging in the growth of the market. Cybersecurity has caused annoyances in a variety of situations. TesLa S and Nissan Leaf are examples of the vulnerability that connected automobiles face from hacking.

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Recent Developments

  • HARMAN Savari MECWAVE is an Ultra-Low-Latency Edge-Based Computing Platform for Turn-Key Connectivity that was released in February 2022. MECWAVE enables faster deployment of vehicle-to-everything (V2X) communications like hazard alerts and high-throughput networking experiences like interactive infotainment and video streaming. MECWAVE also gives mobile and wearable devices, as well as non-V2X compliant vehicles and equipment like motorbikes and scooters, the ability to communicate with one another over the internet.
  • Continental developed a technology solution for highly autonomous driving in November 2021. It is made up of smart software that can independently perform complicated driving manoeuvres. Starting at Level 3, highly autonomous driving is feasible thanks to a ground-breaking software programme called the Next Generation Driving Planner. This suggests that a vehicle can operate in various driving situations without a driver. An important development in automotive intelligence may be seen in the software that Continental developed.

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Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.

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