The global automotive connectivity market is projected to register at a moderate-paced CAGR of 19% over the forecast period. The automotive connectivity market is currently valued at US$ 33.42 Billion in 2023. By 2033, demand for automotive connectivity is expected to reach a high of US$ 190.29 Billion by the year 2033
The adoption of severe safety regulations, the growing appeal of high-end luxury automobiles, the arrival of 5G infrastructure, driverless vehicles, and the growing use of integrated connectivity are all expected to increase the need for automotive connectivity.
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Connected Car Industry is headed by the Installation of Cybersecurity Systems
The growing integration of cybersecurity solutions into car safety systems is a significant trend in the automotive connectivity market. In recent years, data has come to play a bigger role in the automotive industry. In a “connected” car, the infotainment system and the user’s smartphone are connected. There is a good risk that the user’s information, which could include financial and personal information, will be compromised. Two of the biggest names in technology, Google and Apple, are developing cybersecurity software for automobiles to prevent data theft. These easy-to-use apps monitor the safety of the vehicle and notify the owner if an unauthorised user tries to log into the system using a different device. For instance, DENSO and Dellfer worked together on the
Key Takeaways
- Market analysts believe that the driver assistance subsector would grow at the highest rate during the next few years.
- During the foreseen time frame, the 5G sub segment is expected to generate the most 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 is predicted to improve as a result of a rise in demand for lightweight suspension systems and the development of innovative suspension systems.
- Automotive manufacturer partnerships that showcase the benefits of connected parking are likely to accelerate its widespread adoption.
Competitive Landscape
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.
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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.
Key Segments in the Automotive Connectivity Market
Technology:
- 3G
- 4G/LTE
- 5G
Connectivity:
- Integrated
- Embedded
- Tethered
End-Users:
- Original Equipment Manufacturer (OEMs)
- Aftermarket
Region:
- North America
- Latin America
- Asia Pacific
- MEA (Middle East and Africa)
- Europe
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Table of Content
- Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
- Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
- Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
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