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.
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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.
Connected Car Industry is headed by the Installation of Cybersecurity Systems
An important development in the market for connectivity in the automotive sector is the growing integration of cybersecurity solutions into vehicle safety systems. Nowadays, data is more important than ever in the automobile sector. The infotainment system and the user’s smartphone are connected in a “connected” car. Hackers can easily access user data, which includes both financial and personal data. Google and Apple, two of the biggest names in technology, are creating cybersecurity software for cars to stop data theft. These simple apps keep an eye on the car’s security and alert the owner if someone unauthorised tries to log in with a different device. For instance, the Zero Day Guard 1.0 was created in cooperation between DENSO and Dellfer.
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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 marketinclude:
The London Electric Vehicle Company (LEVC) and Geotab, the innovator in the Internet of Things and connected transport, announced a new agreement in May 2022 to outfit LEVC’s electric TX taxi and VN5 van with Geotab’s cutting-edge fleet management technology.
To create a platform for connected automobiles, Mahindra & Mahindra and Robert Bosch GmbH joined together in August 2021. The development and enhancement of this relationship will be advantageous to the logistics connectivity platform.
Ford Motor Company and Google agreed to collaborate strategically on the development of new software for automobile connection services in February 2021. This relationship will be beneficial to 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
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