The global automotive connectivity market size 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
The adoption of stringent safety regulations, the growing appeal of high-end luxury automobiles, the arrival of 5G infrastructure, driverless cars, and the expanding use of integrated connectivity are all expected to increase the need for automotive connectivity.
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.
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Connected Car Industry is headed by the Installation of Cybersecurity Systems
The rising integration of cybersecurity solutions into car safety systems is an important trend in the market for connection in the automotive industry. Data is more crucial than ever in the automotive industry today. In a “connected” car, the infotainment system and the user’s smartphone are connected. User data is incredibly vulnerable to hackers, which may include financial and personal information. Two of the most well-known digital behemoths, Google and Apple, are developing cybersecurity software for automobiles to prevent data theft. These straightforward apps monitor the security of the vehicle and notify the owner if an unauthorised user attempts to log in using a different device. For instance, DENSO and Dellfer collaborated to develop the Zero Day Guard 1.0.
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Competitive Landscape
The leading companies in the automotive connection industry are Continental AG, Robert Bosch GmbH, Harman International Industries, Inc., DENSO Corporation, Airbiquity Inc., and Visteon Corporation.In growing economies like China, India, etc., where original equipment manufacturers (OEMs) have started incorporating such technology in their newest models, connected features of automobiles are anticipated to become widespread during the projection period.
Recent changes in the market for automobile connection include:
In May 2022, The London Electric Vehicle Company (LEVC) and Geotab, the pioneer in the Internet of Things and connected transportation, announced a new partnership to outfit Geotab’s cutting-edge fleet management system inside LEVC’s electric TX taxi and VN5 van.
In August 2021, Mahindra & Mahindra and Robert Bosch GmbH teamed to develop a platform for connected vehicles. The logistics connection platform will benefit from the expansion and improvement of this relationship.
In February 2021, Ford Motor Company and Google signed a strategic collaboration deal to work together on developing new software for car connection services. The connected car business of Ford Motor Company will gain from this partnership.
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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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