Connected Vehicle

Connected car market demand enlarge as new benefits discovered

Connected car industry is equipped with advanced communication and information technologies,
allowing them to connect to the internet, other vehicles, infrastructure, and external devices. These
technologies enable a wide range of features and services that enhance the driving experience,
improve safety, and provide convenience. Automakers and fleet operators are embracing
connectivity and entering the service ecosystem to remain competitive.

The report published by ‘The Brainy Insights’ shows that the global connected car market is expected
to grow from USD 63.7 billion in 2022 to USD 333.3 billion by 2032, at a CAGR of 18% during the
forecast period 2023-2032. Asia Pacific emerged as the most significant global connected car market,
with a 49% market revenue share in 2022. Because of the collaboration of top connected vehicle
businesses and the deployment of the 5G network for connected cars, the connected car market is
expected to rise exponentially. Furthermore, wireless service providers aim to deliver improved
wireless platforms for connected cars, which is projected to help the Asia-Pacific connected car
market grow.

Leading companies in the industry include Airbiquity Inc., Continental AG, Qualcomm Technologies,
Inc., Robert Bosch GmbH, Sierra Wireless, Tesla, AT&T, Audi AG, Daimler AG, Ford Motor Company,
Samsung Electronics, TomTom International, Verizon Communications, Vodafone Group Plc among
others, offer more significant opportunities and continuously focus on new product developments
and venture capital investments to obtain market share.

The technology segment is divided into 2G/3G, 4G/LTE, and 5G. The 5G segment dominated the
market, with a market share of around 40% in 2022. The connected car market is still in charge.
Several automakers are transitioning to 5 G-equipped connected car solutions that, depending on
the situation, also provide 3G/4G service. The connectivity segment is divided into integrated,
embedded, and tethered. The integrated segment dominated the market, with a market share of
around 38.0% in 2022. Leading producers of connected car devices are getting accreditation from
the organizations that control the automobile industry’s safety functions. The end-user segment is
divided into aftermarket and OEM. The OEM segment dominated the market, with a share of around
59% in 2022. Because of the rising usage of connected car services, EMs are gaining traction in the
linked car market.

Connected automobiles provide connectivity on wheels by providing comfort, convenience,
performance, safety, security, and robust network technology. The driver can converse in real-time by connecting to web networks. The rise in consumer demand for connectivity solutions, the surge
in the requirement for constant connectivity, the growing reliance on technology, and the rise in the
tech-savvy population are the key drivers of the worldwide connected cars market growth. The
machine-to-machine (M2M) communication platform is one of many connectivity technologies
automakers and service providers created throughout time. This M2M functionality in a car allows
two connected cars to communicate. The car contains numerous sensors and processors that
provide the driver with precise, up-to-date information.

About the report:
The global connected car 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 offers an in-depth analysis of driving factors,
opportunities, restraints, and challenges for gaining critical insight into the market. The study
includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand
analysis, competitor position grid analysis, distribution, and marketing channels analysis.


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