Industry Background:
With upsurging technological advancements as well as product developments in the automobile industry will generate significant demand for highly automated and advanced connected and their respective accessories over the upcoming decade. Connected car can enable internet connectivity with the other vehicle spare parts which also offers convenience, security, safety performance and many others. In addition to this, these cars can communicate with the drivers and offer along with powerful network technology. Over the last couple of years, various connectivity solutions have been developed by car manufacturers and service providers, such as the machine-to-machine (M2M) connectivity platform. The connected cars are equipped with numerous sensors and processors which can also enable inter car connectivity.
Attributes | Details |
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Study Period | 2020-2032 |
Base Year | 2024 |
High Growth Market | Asia-Pacific |
Unit | Value (USD Billion) |
Key Companies Profiled | BMW (Bayerische Motoren Werke Aktiengesellschaft) (Germany), Broadcom Inc. (United States), Chrysler (United States), Mercedes-Benz (Germany), Daimler AG (Germany), Hyundai Motor Company (South Korea), Honda Motor Company, Ltd. (Japan), Luxoft (Switzerland), Qualcomm Incorporated (United States) and Toyota Motor Corporation (Japan) |
According to AMA, the market for Connected Car is expected to register a CAGR of 14.8% during the forecast period to 2032. This growth is primarily driven by Growing Demand for Highly Automated as well as Technologically Enhanced Cars and Growing Awareness and Demand for Highly Automated Cars.
Globally, a noticeable market trend is evident Growing Adoption of Autonomous or Self Driven Cars
The Automobiles sector in the Europe region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as BMW (Bayerische Motoren Werke Aktiengesellschaft) (Germany), Broadcom Inc. (United States), Chrysler (United States), Mercedes-Benz (Germany), Daimler AG (Germany), Hyundai Motor Company (South Korea), Honda Motor Company, Ltd. (Japan), Luxoft (Switzerland), Qualcomm Incorporated (United States) and Toyota Motor Corporation (Japan), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
DG Connect has recently launched a public consultation on a future Recommendation on connected automated driving – including guidance on the use of pioneer spectrum for 5G connectivity for large scale testing. Thus, the biggest concern for the connected car manufacturers is a Delegated Act that would effectively lock the automotive ecosystem into old Wi-Fi technology.
Regulatory Insights:
Delegated Act is developed by European Commission’s Directorate-General for Mobility and Transport under the ITS Directive rules out the use of recent cellular-based technology called Cellular-V2X (C-V2X), specifying a single-purpose Wi-Fi technology (called ITS-G5), for vehicle-to-vehicle, vehicle-to-road-infrastructure and vehicle-to-control-centre interactions (V2X).
Influencing Trend:
Growing Adoption of Autonomous or Self Driven Cars and Introduction to IOT Based and Artificially Intelligent Automobile Software Systems
Market Growth Drivers:
Growing Demand for Highly Automated as well as Technologically Enhanced Cars and Growing Awareness and Demand for Highly Automated Cars
Challenges:
Requirement of Skilled Workforce for Manufacturing Smart Automobiles and Robust Distribution Overheads Leading to Unfavorable International Trades
Restraints:
Connected Cars are Comparatively More Expensive than the Conventional Automobiles and Lack of Awareness as well as Maintenance Service Unavailability in Underdeveloped Regions
Opportunities:
Growing Disposable Incomes across the Global Population and Robust Ongoing Research and Developments in the Automobile Development/ Advancement
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Connected Car Market
- Analysis about New Entrants in Connected Car Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Connected Car Study Sheds Light on
The Connected Car Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Connected Car industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Connected Car industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.