The global automotive connectivity market demand is to register at a moderate-paced CAGR of 19% over the forecast period. The automotive connectivity market currently holds a value of US$ 33.42 Billion in 2023. By 2033, experts anticipate the demand for automotive connectivity to surge to a peak of US$ 190.29 Billion.
Anticipate an increase in the demand for automotive connectivity due to factors such as the introduction of strict safety standards, the growing popularity of high-end luxury vehicles, the emergence of 5G infrastructure, autonomous vehicles, and the rising prevalence of integrated connectivity.
Connected Car Industry is headed by the Installation of Cybersecurity Systems
One important automotive connectivity market trend is the increasing incorporation of cybersecurity solutions into automotive safety systems. Data has emerged as an increasingly important part of the automotive sector in recent years. When driving a “connected” vehicle, the car’s infotainment system integrates with the user’s smartphone. Moreover, there’s a significant likelihood that the user’s data, potentially encompassing personal and financial information, will face compromise. Google and Apple are working on cybersecurity software for cars to stop data theft. These apps are simple to use and keep tabs on the safety of the car. They also alert the owner if an unauthorized person attempts to access the system from another device. For instance, DENSO collaborated with Dellfer on the creation of the ZeroDayGaurd 1.0 cybersecurity solution for the automotive industry.
Market analysts believe that the driver assistance subsector would grow at the highest rate during the next few years.
In the anticipated time frame, the 5G sub segment is likely to generate the highest revenue.. In order to improve the connectivity between vehicles and external devices, several telecommunications firms are working on the next-generation 5G networks.
The automotive connectivity market will enhance due to an increase in demand for lightweight suspension systems and the advancement of innovative suspension technology. Automotive manufacturer partnerships that showcase the benefits of connected parking are likely to accelerate its widespread adoption.
Continental AG, Robert Bosch GmbH, Harman International Industries, Inc., DENSO Corporation, Airbiquity Inc., and Visteon Corporation are the most prominent players in the automotive connectivity market. Over the projection period, the connected features of automobiles are expected to become commonplace in emerging markets like China, India, etc., where original equipment manufacturers (OEMs) have begun including such technologies in their newest models.
Recent Developments in the automotive connectivity market include:
The London Electric Vehicle Company (LEVC) and Geotab, the industry leader in the Internet of Things and linked transportation, announced a new agreement in May 2022 to equip LEVC’s electric TX taxi and VN5 van with cutting-edge fleet management technology.
For the purpose of creating a connected vehicle platform, Robert Bosch GmbH partnered with Mahindra & Mahindra in August 2021. This collaboration will aid in expanding and improving the logistics connectivity platform.
Ford Motor Company and Google struck a strategic collaboration agreement in February of 2021 to collaborate on the creation of new automotive connectivity service software. This collaboration will benefit Ford Motor Company’s connected car division.