NEW YORK, Feb. 22, 2023 /PRNewswire/ — Major players in the connected cars market are Robert Bosch GmbH, Ford Motor Company, BMW, Audi AG, General Motors, Delphi, AT&T Inc, Airbiquity, Visteon, and Mercedes-Benz.
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The global connected cars market will grow from $69.20 billion in 2022 to $80.04 billion in 2023 at a compound annual growth rate (CAGR) of 15.7%. The Russia–Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The connected cars market is expected to grow to $143.27 billion in 2027 at a CAGR of 15.7%.
The connected cars market consists of sales of connected cars such as Vehicle to Vehicle (V2V), Vehicle to Infrastructure (V2I), Vehicle to Cloud (V2C), Vehicle to Pedestrians (V2P), and Vehicle to Everything (V2X).Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Connected cars are cars empowered with internet access and a local area network that helps to communicate with other vehicles.These cars have a wide range of sensors that transmit and receive signals from the manufacturers in conjunction with the services to enhance the consumer experience with the real-time interaction of the vehicles.
These cars can be connected with smartphones or other mobile phones and allow the driver to mechanically monitor the performance of the car.
Asia Pacific was the largest region in the connected cars market in 2022.Western Europe was the second largest region in the connected cars market.
The regions covered in the connected cars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main types in the connected car market are embedded, tethered, integrated, and other types.Embedded means fixed into the surface of something.
The services involved are driver assistance, safety, entertainment, well-being, vehicle management, mobility management, and other services. The applications involved are applications, navigation, infotainment, and telematics.
An increase in efforts by governments to develop intelligent transportation systems will drive the connected car market.During the period, government efforts for the development of connected and autonomous cars contributed to the connected car market’s growth.
For instance, in the UK, government efforts were significant for the development of connected cars.The government in the UK has invested £40 million (US$50 million) schemes for kick-starting commercial autonomous vehicle (AV) services, such as delivery vehicles and passenger shuttles .
Additionally, there have been numerous trials and they have introduced new legislation to promote the deployment of connected cars. By 2030, the UK is expected to benefit from a projected £62 billion ($74.36 billion) in economic benefits from deploying connected and autonomous vehicles.
The hacking of data is expected to limit the growth of the connected car market.For hacking a car’s network, proximity is not necessary, as malware may spread by hacking into a manufacturer’s or dealer’s web portal.
The key security issue is that a hacker has access to the operating system of the vehicle and to the data it gathers and stores.For instance, in 2021, A ransomware attack reportedly hit Kia Motors America by DoppelPaymer gang, which resulted in operational disruption including disruption in-vehicle OEM infotainment .
Moreover, in 2021, there was an cyberattack on vehicle emissions testing platform of Applus Technologies, which prevented vehicle inspection in 8 US states for two weeks . These factors negatively impact the connected car market, affecting the market’s growth.
Connected car companies are increasingly developing new technologies such as digital and autonomous technologies to increase their revenue and also to gain a competitive edge over their rivals.For instance, in 2022, NVIDIA Corporation, an American technology company launched an autonomous vehicles map software, ” DRIVE Map”.
It is a multi-modal mapping engine designed to accelerate the deployment of autonomous Level-3 and Level-4 vehicles that can operate without human intervention.After acquiring HD mapping startup, DeepMap last year, Nvidia accelerated the development of DRIVE Map.
These startup’s mapping technologies were incorporated into DRIVE Map. The DRIVE Map by Nvidia combines the accuracy of DeepMap survey mapping with the scale of AI-based crowdsourcing.
In March 2021, Cruise, a US-based self-driving car company, acquired Voyage for an undisclosed amount.This acquisition is to tackle dense urban environments.
Voyage is a US-based self-driving car company.
The countries covered in the connected cars market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The connected cars market research report is one of a series of new reports that provides connected car market statistics, including global market size, regional shares, competitors with a connected car market share, detailed connected car market segments, market trends and opportunities, and any further data you may need to thrive in the connected car industry. This connected cars market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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