The Automotive Connectivity Market report, unveiled by Future Market Insights—an ESOMAR Certified Market Research and Consulting Firm—presents invaluable insights and meticulous analysis of the Automotive Connectivity market. Encompassing the research’s scope and essence, this report scrupulously examines the driving factors, market size, and predictive data for Automotive Connectivity. It furnishes intricate revenue and shipment segmentations, accompanied by a decade-long projection up to 2033. Additionally, the document evaluates key industry players, their market distribution, the competitive scenario, and regional perspectives.
The global Automotive Connectivity Market is poised to exhibit a moderate-paced Compound Annual Growth Rate (CAGR) of 19% throughout the forecast period. As of 2023, the market holds a valuation of US$ 33.42 Billion, with projections indicating a substantial increase to US$ 190.29 Billion by 2033.
Several key factors are expected to drive the demand for automotive connectivity. These include the implementation of stringent safety regulations, the growing preference for high-end luxury vehicles, the deployment of advanced 5G infrastructure, the emergence of autonomous driving technologies, and the escalating integration of connectivity features within automotive systems.
This anticipated surge in demand underscores the significance of automotive connectivity as a pivotal component in the evolving landscape of the automotive industry.
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Connected Car Industry is headed by the Installation of Cybersecurity Systems
A prominent trend in the automotive connectivity market involves the escalating integration of cybersecurity solutions within automotive safety systems. In recent years, the automotive sector has witnessed a significant augmentation in the significance of data. When operating a “connected” vehicle, the integration of the user’s smartphone with the car’s infotainment system becomes crucial. However, this integration poses a considerable risk of compromising the user’s data, encompassing personal and financial information. Recognizing this challenge, industry giants such as Google and Apple are actively engaged in developing cybersecurity software tailored for automobiles to mitigate data theft risks. These applications boast user-friendly interfaces, diligently monitor the vehicle’s safety status, and promptly notify owners in case of any unauthorized access attempts from external devices. For example, DENSO and Dellfer collaborated on the development of the ZeroDayGuard 1.0 cybersecurity solution specifically designed for the automotive industry.
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.
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
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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