The global automotive connectivity market share 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
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 connectivitymarket 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.
The requirement for automotive connectivity is anticipated to rise as a result of the implementation of strict safety rules, the rising popularity of high-end luxury vehicles, the coming of 5G infrastructure, driverless cars, and the expanding use of integrated connectivity.
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Connected Car Industry is headed by the Installation of Cybersecurity Systems
A noteworthy trend in the automotive connectivity industry is the increased incorporation of cybersecurity solutions into automobile safety systems. Data now has a more significant role in the automotive sector than it did previously. The infotainment system and the user’s smartphone are connected in a “connected” car. The user’s data, which may include financial and personal information, is at high danger of being hacked. Google and Apple, two of the most recognisable names in technology, are creating cybersecurity software for autos to stop data theft. These simple apps keep an eye on the car’s security and alert the owner if an unauthorised person attempts to log in using a different device. For example, DENSO and Dellfer collaborated on the development of the
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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.
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.
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Key Segments in the Automotive connectivity Market
Technology:
- 3G
- 4G/LTE
- 5G
Connectivity:
- Integrated
- Embedded
- Tethered
End-Users:
- Original Equipment Manufacturer (OEMs)
- Aftermarket
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