Pune, India, Nov. 09, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Connected Vehicle Market Forecast to 2030 –Global Analysis – Technology (5G, 4G/LTE, 3G & 2G), Connectivity (Integrated, Tethered, Embedded), Application (Telematics, Infotainment, Driving assistance, Others) and Geography,” the market is expected to grow from US$ 52.64 billion in 2022 to US$ 212.01 billion by 2030; it is anticipated to grow at a CAGR of 19.0% from 2022 to 2030.
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Connected Vehicle Market: Competitive Landscape and Key Developments
Harman International, Visteon Corporation, Vodafone Group, Audi AG, Robert Bosch, General Motors, Continental AG, AT&T, Denso Corporation, and BMW Group are among the key connected vehicle market players profiled during this study. In addition, several other important connected vehicle market players have been studied and analyzed during the study to get a holistic view of the connected vehicle market and its ecosystem.
Global Connected Vehicle Market Scope:
| Market Size Value in | USD 52.64 Billion in 2022 |
| Market Size Value by | USD 212.01 Billion by 2030 |
| Growth rate | CAGR of 19.0% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Technology, Connectivity, Application, Geography |
| Regional scope | North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Advancements in Connectivity Technology
Advancements in connectivity technology fundamentally reshape the automotive landscape, and their positive impact on the connected vehicle market is notable and far-reaching. These advancements are fueling consumer demand by aligning vehicles with their increasingly connected lives. Consumers are now expecting their cars to offer the same level of connectivity as their smartphones and smart homes. Advancements such as faster and more reliable 4G and 5G networks and enhanced onboard computing power enable a wide range of features that enhance the driving experience. Some features include real-time traffic updates, weather forecasts, seamless smartphone integration, and in-car Wi-Fi. The allure of staying connected while moving is a significant driver of consumer interest in connected vehicles, positively impacting market growth. Key players in the industry are developing and adopting technologies that provide better and more efficient vehicle connectivity. For example, in 2022, Ford Motors started using Snapdragon’s 5G Modem-RF in its pick-up trucks. In the same year, Qualcomm introduced its digital chassis-connected car technologies. Digital Chassis is a collection of cloud platforms for vehicle telematics, digital cockpit, and advanced driver assistance systems.
The high growth of connected vehicles in the US can be attributed to several interrelated factors that collectively create a favorable environment for the adoption and proliferation of this technology. The US is home to a robust ecosystem of technology companies, automotive manufacturers, and startups that are at the forefront of innovation in the automotive sector. This convergence of technology and automotive expertise has led to the rapid development and integration of connected vehicle technologies. Automakers are actively investing in R&D to stay competitive in the market, resulting in a wide range of connected vehicle offerings. Moreover, the regulatory landscape in the US has been proactive in fostering the growth of connected vehicles. Organizations such as the National Highway Traffic Safety Administration (NHTSA) have introduced standards and initiatives to promote vehicle-to-everything (V2X) communication and enhance road safety through connectivity. This regulatory support provides clear guidelines for automakers, encouraging them to implement connected features in their vehicles.
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The connected vehicle industry in Canada is experiencing steady growth and evolving in response to a changing automotive landscape and consumer demands. Canada is actively embracing connected vehicle technologies and making significant strides in this sector. Canadian automakers, alongside international manufacturers, are increasingly integrating connectivity features into their vehicles. In addition, given Canada's diverse climate and vast geography, connectivity features are particularly valuable, offering real-time weather updates, traffic information, and location-based services that cater to the unique needs of Canadian drivers. One of the startup companies in the Canadian software industry, Sensor Cortek, came up with AI-enhanced perception systems that allow the driver to see beyond the snow. The government's commitment to road safety and environmental sustainability has also propelled the adoption of connected vehicle technologies. For instance, in January 2023, Project Arrow, the first all-Canadian, zero-emission connected vehicle, was launched. It was designed and constructed in Ontario. Project Arrow was developed under the direction of the Automotive Parts Manufacturers' Association with assistance from the Ontario government's Ontario Vehicle Innovation Network. This involvement highlights the country's dedication to embracing and standardizing these technologies.
Connected Vehicle Market Analysis: Application Overview
Based on application, the connected vehicle segment is divided into telematics, infotainment, driving assistance, and others. Several essential security features, including real-time location sharing and tracking and emergency SOS calls in the event of an accident, are included with connected vehicles. In addition to the onboard safety features, these smart applications are helpful in critical circumstances.
Telematics combines informatics and telecommunications. This technology can be described as a technological system that uses wireless networking, data dashboards, vehicle sensors, and telecommunication components to allow moving transportation equipment to transmit data over great distances. To capture the wide range of vehicle data, such as speed, position, maintenance needs, servicing, and drivers’ behaviors, vehicle telematics integrates GPS systems, onboard vehicle diagnostics, wireless telematics devices, and black box technologies. Real-time analysis of this data is utilized to enhance commercial vehicle performance, save expenses, and increase overall driver safety.
Go through further research published by The Insight Partners:
Connected Cars Market - Global Analysis and Forecast to 2030
Autonomous Vehicle Market - Global Analysis and Forecast to 2030
Electric Vehicle Market - Global Analysis and Forecast to 2030
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