Global Connected Cars Market is expected to register a CAGR of approx. 18% over the period of 2022-2028. The connected cars can be attributed to the increase in the number of cars produced across the globe. For instance, according to Trading Economics.com, in September of 2022, car production in the United States increased to 1.84 million units in October from 1.75 million units in September. Owing to the glaring statistics, increasing demand for advance and luxury car are increasing which increasing the demand for connected cars and is anticipated to grow in the forthcoming years mainly. According to UnivDatos Market Insights (UMI)’ research report “global connected cars market”, the market is expected to witness robust growth during the forecast period 2022-2028F. Moreover, the increase in the demand for lightweight suspension systems is fueling the demand for the connected cars market. Furthermore, the rollout of stringent safety regulations and the growing adoption of integrated connectivity is expected to drive the connected cars market in the coming years.
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Based on the technology, the connected cars market is segmented into 3G, 4G-LTE, and 5G. The 4G segment accounted for a significant market share and it is estimated that it will grow rapidly during the projected timeframe. Several telecommunications firms are working on 4G networks to improve communication between connected vehicles and external devices.
Based on the application, the market is fragmented into mobility management, telematics, infotainment, and driver assistance. The driver assistance segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. The advanced driver assistance system consists of technologically advanced features that improve vehicle safety, such as adaptive cruise control, lane keep assist, 360 view camera, park assist, and so on. Globally, numerous governments have imposed strict safety standards on automakers.
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Asia Pacific witnessed highest CAGR
For a better understanding of the market adoption of the connected cars market, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of APAC), and Rest of World. Asia Pacific constitutes a highest CAGR in the connected car market owing to the growing adoption of high-end and cost-effective connectivity solutions Furthermore, consumer demand for in-vehicle embedded connectivity systems, as well as the growing trend toward connected cars, have fueled the growth of connected vehicles in this region.
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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the global connected cars market are Continental AG, Hyundai Motor Co, Ford Motor Company, VOLKSWAGEN GROUP, ATT Inc, TomTom NV, Mercedes-Benz Group AG, General Motors Company, Bayerische Motoren Werke AG, Robert Bosch GmbH among others. Several MA’s along with partnerships have been undertaken by these players Several MA’s along with partnerships have been undertaken by these players to boost their presence in different regions.
“Global Connected Cars Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.
Market Segmentations:
- By Technology (3G, 4G-LTE, 5G)
- By Connectivity Solution (Integrated, Embedded, Tethered)
- By Application (Mobility Management, Telematics, Infotainment, Driver Assistance)
- By Sales Channel (OEMs, Aftermarkets)
- By Region (North America, Europe, Asia-Pacific, Rest of the World)
- By Company (Continental AG, Hyundai Motor Co, Ford Motor Company, VOLKSWAGEN GROUP, ATT Inc, TomTom NV, Mercedes-Benz Group AG, General Motors Company, Bayerische Motoren Werke AG, Robert Bosch GmbH)
Key questions answered in the study:
- What are the current and future trends of the global connected cars industry?
- How the industry has been evolving in terms of technology, connectivity solution, application, and sales channel?
- How the competition has been shaping across the countries followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the global connected cars industry?
- What is the customer orientation, purchase behavior, and expectations from the global connected cars suppliers across various region and countries?
