Connected Car Market Snapshot

“The Connected Car Market is estimated to increase at a CAGR of 17.38% from $ 62.74 billion in 2023 to $ 191.67 billion by 2030.”

A Connected car connects to external systems in both directions, providing services like music and navigation to passengers or enhancing self-driving capabilities. These cars use dedicated short-range communications (DSRC) or cellular radios in the FCC-granted 5.9 GHz band with low latency for safety-critical applications.

This connectivity is essential for delivering services like music, local business identification, and navigation.

A connected car can share the internet with both internal and external devices, and data with external services. It can execute functions and download data when requested by a user.

How Does Connected Car Technology Work?

A linked automobile is a vehicle equipped with internet access, using two types: embedded systems and tethered systems. Embedded cars have chipsets and antennas, while tethered systems link to the driver's smartphone. These connected car can access data, receive software updates, and offer WiFi access to passengers. They can also use connected technology for telematics, particularly important for electric vehicles.

>>>Download Sample Report Now:https://marketreportservice.com/request-sample/connected-car-market-54646 

Key Insights

• In 2022, the Asia Pacific market achieved a revenue share of approximately 37%.
• In 2022, the driver assistance segment generated a revenue share of approximately 33% by service.
• In 2022, the 5G segment dominated the market with a revenue share of 51% in technology.
• The satellite segment is predicted to experience the fastest growth in technology from 2023 to 2030.
• In 2022, the integrated segment held a revenue share of 46% in connectivity solutions.

Consumer Benefits from Connected Cars

• The user can access a diverse array of mobile-based infotainment and entertainment services.
• The system utilizes advanced navigation features facilitated by third-party apps.
• The text emphasizes the implementation of advanced safety features to minimize the likelihood of accidents.
• The No Claim Bonus (NCB) policy reduces the likelihood of an accident, resulting in a decrease in insurance premiums.
• The vehicle's security features have been enhanced to enable you to monitor it even when you're not driving.

Features of Connected Car

Connected car technology will extend beyond traditional vehicles to self-driving vehicles, enabling them to interact with road infrastructure and cloud systems. As smarter vehicles emerge, buyers are increasingly drawn to connected vehicles. The next-generation 5G connectivity will enhance the safety and ease of use of connected vehicles, making them the new norm in the automotive industry.

smart features of a connected car are

• Internet Connectivity in Cars

A connected car is connected to the internet through an inbuilt chip or SIM card, providing reliable wireless network access, onboard WiFi, manufacturer-released updates, and access to other internet apps and services.

• App to Car Connectivity

Car manufacturers have introduced a smartphone app that connects to the vehicle via a wireless network, allowing users to remotely control various automotive functions like locking doors, opening sunroofs, engine start/stop, climate control, headlight on/off, and honking the horn.

• Protecting Young Drivers with “Curfews”

Geo-fencing is a crucial security feature for linked vehicles, drawing a geographical boundary on a map and alerting the owner if the vehicle crosses it. Configuring geo-fencing via a smartphone app is beneficial for concerned drivers.

• Vehicle to Vehicle Communication

V-2-V technology enables vehicle-to-vehicle communication, enabling the exchange of critical information like traffic flow, road conditions, and speed limits, making it a crucial component of driverless vehicles, which are considered the future of mobility.

• Remote Parking

High-end linked automobiles allow remote parking via smartphone apps or smart key fobs, making it convenient to exit and park in narrow spaces or in congested areas, especially when parking is uncertain or difficult to find.

• 5G and Connected Cars

Self-driving or autonomous automobiles may be the future of mobility, but for the time being, linked vehicles are breaking through the barriers of traditional systems. The following are the primary benefits of 5G connectivity:

India's connected cars currently use 4G LTE connectivity, offering faster internet rates and a user-friendly experience. However, the future of IoT will be 5G, the fifth generation of LTE. Despite being in its early stages, 5G networks will significantly impact the automotive industry, as the number of connected vehicles increases and the amount of data processed requires faster internet speeds and improved coverage.

5G connectivity enhances car-to-car communication and information relay, including traffic conditions, road accidents, and speed limits. It will also benefit electric vehicles, and in the future, drivers may be driving a 5G-linked vehicle, if not self-driving cars.

Market Dynamics

Growth Drivers

The connected automobile market is expected to grow due to technological advancements, increased auto manufacturing, and increasing customer demand for luxury and comfort. However, challenges like international auto laws and high maintenance costs of modern suspension systems may hinder its development. Despite these challenges, the industry is expected to grow rapidly due to improved suspension systems and lightweight demand.

Automakers are prioritizing the integration of connectivity options in their vehicles, with many modern vehicles offering internet connectivity options. These options can be embedded, integrated, or tethered, allowing drivers and passengers to connect to the internet. An in-car hotspot can be created using a smartphone, modem, or networking equipment, providing internet connectivity to all vehicle devices. The growing trend of connectivity solutions is expanding the market for linked cars.

The automotive industry is increasingly utilizing cybersecurity solutions in vehicle safety systems, as data is a critical component. Connected vehicles with infotainment systems, such as smartphones, can compromise user's bank and medical information. Companies like Google and Apple are developing user-friendly automotive cybersecurity apps to prevent data theft, monitor vehicle security, and notify owners of potential unauthorized access.

Restraints         

The connected automobile market aims to keep consumers connected to the outside world, even abroad. However, intermittent connectivity may pose a challenge due to inconsistencies in service provider networks, which vary by region. Customers desire cars to function similarly to PCs or smartphones, but intermittent connectivity may hinder this market's success.

Trends

The market for connected cars is expanding due to increased demand for comfort, safety, and convenience. The rise in vehicle thefts has prompted auto buyers to adopt monitoring systems that track their vehicles and provide timely updates. The use of ADAS is expected to further fuel the connected car market, as the government has set strict safety standards for car manufacturers to build vehicles with ADAS capabilities.

Connected automobiles are devices that connect to tablets and smartphones, have internet connectivity, and can increase their operations regularly. They can exchange content with various devices, using Radar, LiDAR, and advanced sensors for data sharing.

Opportunities

Intelligent transport systems are revolutionizing the connected automobile sector by integrating telecommunications and automobile technology. These systems offer data interchange between vehicles and drivers, enhancing efficiency, saving fuel and maintenance costs, and enhancing security. Driver assistance systems assist drivers in selecting the best route, sending alerts about parking availability and traffic congestion. These technologies can significantly enhance the driving experience, blending telecommunications and automobile technology to enhance the overall driving experience.

Competitive Landscape of the Connected Car Market Analysis

• Airbiquity Inc.
• AT&T
• Audi AG
• BMW Group
• CloudMade
• Continental AG
• Daimler AG
• Ford Motor Company
• Intellias Ltd.
• LUXOFT

New Developments in Connected Car Market

September 15, 2023- Audi, Navistar Show How Connected Car Tech Makes Bus Stops Safer

Audi and Navistar have demonstrated the life-saving potential of connected car technology for millions of American schoolchildren.

In a showcase at Herndon, Virginia, the pair – who announced a partnership last year – illustrated how C-V2X (Cellular Vehicle to Everything) tech can prevent accidents by allowing the automaker’s cars and Navistar IC school buses to send messages to each other.

And with an estimated 26 million children in the U.S. riding on school buses every day, the opportunity to improve road safety by reducing the number of accidents is evident.

April 03, 2023- Continental and HERE partner with IVECO to increase safety and fuel-saving functions in commercial vehicles

Germany, Amsterdam, the Netherlands, April 3, 2023. Technology company Continental and HERE Technologies, the leading location data and technology platform, will power all of IVECO’s commercial vehicles across the EU with Intelligent Speed Assistance (ISA) and fuel-saving functions. These will be delivered through Continental’s eHorizon platform, aggregating and delivering HERE map content, with data exchange enabled by Continental’s scalable 4G/5G telematics control unit.

February 27, 2023- AT&T is the Exclusive Connectivity Provider for Lucid Electric Vehicles in North America

AT&T is the exclusive connectivity provider for Lucid’s full line of electric vehicles (EVs) in the U.S., Canada and Mexico.

AT&T connectivity enables Lucid to offer a wide array of services and features, making its vehicles more enjoyable, convenient, and capable for customers. These include telematics, diagnostics, streaming audio, and intelligent navigation that can help route vehicles to maximize driving range and minimize charging stops. Lucid Air was engineered from the start with the capability to get better over time, with over-the-air software updates. These solutions are helping reshape the automotive industry landscape.

Segment Analysis

By Technology

The technology segment in the connected car market is divided into 2G/3G, 4G/LTE, and 5G. The 5G segment, which dominated the market by around 51% in 2022, is the dominant one. Automakers are transitioning to 5G-equipped connected car solutions, which may also provide 3G/4G service depending on the situation.

Despite being more expensive, 5G-enabled devices and services offer faster data transfer speed and more extensive bandwidth. Cars with 5G connections can provide valuable services like telematics, GPS tracking, infotainment, remote control access, and more.

These 5G technologies are simple to deploy, economical, and enable remote diagnostics of a vehicle, giving them a competitive advantage. Despite their higher cost, the market for 5G-enabled connected vehicles continues to grow due to their faster data transfer speed and wider bandwidth.

By Connectivity

The connectivity market is categorised into three categories: integrated, embedded, and tethered. With a market share of roughly 38.0% in 2022, the integrated category led the market. Leading manufacturers of connected car gadgets are gaining approval from the organisations that oversee the automotive industry's safety functions. For example, Harman International, a subsidiary of Samsung Electronics Co., Ltd., is focusing on connected car technologies that have been certified by a certification company, TüV SüD, to meet international automobile safety requirements. The linked automotive software developed by this company makes use of connected, integrated mobile devices that are secure across all platforms.

Regional Outlook

In 2022, North America contributed significantly to revenue. The expansion of the connected car network is expected to drive significant growth in the connected car market in North America. Important telecommunications firms are also investing in the development of linked vehicle capabilities.

Increased vehicle production and sales have aided the rise of connected car services in North America. Connected service providers have made significant advancements in order to deliver better and more effective service, resulting in the expansion of the regional market.

The Asia-Pacific is predicted to lead the connected vehicle market due to increased connectivity features in recent automobile models. The demand for digital features, especially in developing nations like China and India, is expected to fuel the industry.

China, a major automotive marketplace, saw a 6% increase in passenger car sales in 2021, presenting an excellent opportunity for predictive technology to establish itself in the Chinese market.

Europe, comprising the UK, Germany, France, Russia, Italy, and other countries, is investing in cybersecurity in connected cars to ensure data transmission safety. Investment firms are paying top developers to develop autonomous, connected vehicles, improving driving experiences. The European connected car market has expanded due to advancements in linked car services and modern technologies like ADAS, enabling integrated services in automobiles and increasing the market.

Segments Covered in the Connected Car Market Report

By Technology

• 2G/3G
• 4G/LTE
• and 5G

By Connectivity

• Integrated
• Embedded
• and Tethered

By End-User

• Aftermarket
• OEM

The above information has been provided for the following regions and countries:

North America

• U.S.
• Canada

Europe

• UK
• Germany
• France
• Italy
• Russia

Asia Pacific

• China
• India
• Japan
• South Korea

Latin America

• Brazil
• Mexico

MEA

• UAE
• Saudi Arabia
• South Africa

Frequently Asked Questions

What is the expected growth rate of the Connected Car market over the next 7 years?

The Connected Car Market is estimated to increase at a CAGR of 17.38% from $ 62.74 billion in 2023 to $ 191.67 billion by 2030.

Who are the major players in the Connected Car market and what is their market share?

Airbiquity Inc.,AT&T,Audi AG,BMW Group,CloudMade,Continental AG,Daimler AG,Ford Motor Company,Intellias Ltd.,LUXOFT,  are prominent players operating and dominating in the market.

What is the demand projection for Connected Car by 2030?

Demand for Connected Car is projected to reach a market value of US$ 191.67 billion by 2030-end.

What is the sales growth projection for Connected Car?

Revenue from sales of Connected Car is projected to increase at a CAGR of 17.38% through 2030.