Connected Car Market by Service ICE & EV (OTA, Navigation, Cybersecurity, Multimedia Streaming, Social Media, e-Call, Autopilot, Home Integration), Form, Market (OE, Aftermarket), Network, Transponder, Hardware and Region - Global Forecast to 2032

The global Connected Car Market is projected to reach USD 66.3 billion by 2032 from an estimated USD 22.5 billion in 2021, at a CAGR of 29.0% from 2021 to 2032. Factors such as the rollout of stringent safety regulations, adoption of high-end and luxury cars, and growing adoption of integrated connectivity are expected to drive the demand for connected cars.

Connected Vehicles Technology market competition by TOP Players are: Continental AG, Ficosa, Bosch, Qualcomm, Askey, NXP, LACROIX City, Kapsch, Huawei, Savari, HARMAN, Cohda Wireless, Danlaw, Commsignia, Autotalks, Lear (Arada)

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COVID-19 IMPACT ON CONNECTED CAR MARKET
A decline in production since 2018 and the COVID-19 pandemic have had a severe impact on the entire automotive industry. This has resulted in disruptions in the supply of automotive components due to lockdowns imposed by governments. Major automotive players such as Fiat, Volkswagen, PSA Group, General Motors, and BMW have suspended production due to the outbreak. This scenario is expected to affect the global market, as the growth of this market is directly related to the production of vehicles. However, a steady recovery post-2020 in vehicle production will support the growth of this market. An increase in efforts by governments for developing intelligent transportation systems, increasing demand for smartphone features in the car, and automated driving technologies along with passenger safety features will boost the connected car market.

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Connected car facilitates connectivity on wheels offering comfort, convenience, performance, safety, and security along with powerful network technology. This enables the driver to connect with online platforms, thereby facilitating real-time communication. Rise in consumer demand for connectivity solutions, surge in need for constant connectivity, increase in dependency on technology, and upsurge in tech-savvy population are the key factors that contribute toward the growth of the global connected cars market. Over time, various connectivity solutions have been developed by car manufacturers and service providers, such as the machine-to-machine (M2M) connectivity platform. This M2M feature in a car enables interconnectivity between two connected cars. The car is equipped with numerous sensors and processors, which provide accurate and real-time information to the driver. This in turn fuels the adoption of connected cars across the globe, thus supplementing the growth of the market.

OPPORTUNITIES: Emergence of various technologies such as 5G and AI
The enhanced user experience for all connected cars depends on wireless connectivity. Many telecom industry players are developing 5G to increase the safety and efficiency of connected cars. According to the international 5G automotive associations, 68% of accidents can be avoided with the upcoming 5G technology. For instance, the EU and South Korea have signed a deal to work together on 5G development, while both have promised USD 782 million and USD 1.5 billion, respectively, in funding for local 5G projects. In the UK, USD 78 million of funding has been commissioned for a 5G research facility, known as the 5G Innovation Centre (5GIC). With the increasing use of sensors and other technologies that collect data, AI will be key to making sense of everything. Some automobiles already use AI for Level 3 autonomous driving, but for the industry to reach Level 5, major enhancements need to be made to the cars as well as the infrastructure.

CHALLENGES:Cybersecurity
Despite major developments in connected cars technology, cybersecurity remains a major challenge to be tackled. Connected cars comprise hardware, software, mobile apps, and Bluetooth, and each of them is vulnerable to cyberattacks. There are various instances where cybersecurity has created a nuisance. For instance, in 2015, Fiat Chrysler recalled around 1.4 million vehicles due to safety reasons. Hackers took control of the cars' infotainment system, which was connected to the mobile data network. Security researchers demonstrated that it was possible for hackers to control a Jeep Cherokee remotely, using the car's infotainment system which was connected to the mobile data network. Similarly, Tesla S and Nissan Leaf are also examples of the threat of cyberattacks that connected cars face.

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The market share (by revenue) for the public players will be based on the information available in the public domain, and for the private players, such information will be provided on best effort basis, which will entirely be based on primary interviews and latest developments of the companies

The global connected cars market is segmented into technology, connectivity solutions, services, end use, and region. By technology, the market is divided into 3G, 4G/LTE, and 5G. Connectivity solution is categorized into integrated, embedded, and tethered. By service, the market is classified into driver assistance, safety, entertainment, well-being, vehicle management, and mobility management. By end use, it is bifurcated into original equipment manufacturing (OEM) and after market. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players analyzed in the global connected car market are Airbiquity Inc., CloudMade, Continental AG, Intellias Ltd., LUXOFT, Qualcomm Technologies, Inc., Robert Bosch GmbH, Sierra Wireless, Tesla, and ZUBIE, INC., AT&T, Audi AG, BMW Group, Daimler AG, Ford Motor Company, Samsung Electronics, Telefonica S.A., TomTom International, Verizon Communications and Vodafone Group Plc.

On the basis of product, the Connected Vehicles Technology market research displays the revenue, price, market share and growth rate of each type, primarily split into,

V2V, V2I, V2P.

On the basis of the end users, the Connected Vehicles Technology market research focuses on the status and outlook for major applications, consumption (sales), market share and growth rate for each application, including

Passenger Vehicle, Commercial Vehicle

Based on Hardware:
Head Unit
Central Gateway
Intelligent Antenna
Electronic Control Unit
Telematic Control Unit
Keyless Entry Systems
Sensors

Based on Form Type:
Embedded
Tethered
Integrated

Based on End Market:
OEM
Aftermarket

Based on Transponder:
Onboard unit
Roadside unit

Based on Network:
DSRC
Cellular

Based on Electric Vehicle Type:
BEV
PHEV
FCEV

Recent Developments
In November 2021, Continental developed a technology solution for highly automated driving: an intelligent software that enables complex driving maneuvers autonomously. The Next Generation Driving Planner is an innovative software solution that enables highly automated driving from Level 3. This means that vehicles can master certain driving tasks independently and without driver intervention. The software developed by Continental represents a significant leap forward in driving intelligence.
In June 2020, Bosch announced the launch of its new MEMS sensor, the SMI230, which ensures trouble-free navigation and helps realistically visualize vehicle movements. Production of the SMI230 at Bosch has recently started; the first customers are already getting the sensor as standard.
In January 2021, HARMAN announced HARMAN Turbo Connect (TBOT), a new intelligent software agent that anticipates and mitigates vehicle connectivity discrepancies on the road. The newest solution in HARMAN's telematics portfolio, HARMAN TBOT satisfies the current demand for high-speed connectivity with low latency, especially when used alongside 5G-enabled technologies like HARMAN's Smart Conformal Antenna and full 5G and 5G-ready Telecommunications Control Units (TCU).
In September 2020, Visteon Corporation introduced an all-new digital cluster for the 2021 Ford F-150. Leaving the traditional gauge design behind and establishing bold interface enhancements with cutting-edge HMI, Visteon's solution refreshes the model's cockpit with a contemporary shape - integrating high-resolution graphics that deliver realistic drive modes for a wide range of roads, environments, and weather conditions.

Intelligent transportation system
The safety services offered in connected cars are an appropriate example of cutting edge aftermarket technology, which involves sharing data between the vehicle and the humans. Safety is a combination of telecommunication and automobile technology used to improve vehicle efficiency, reduce fuel consumption & maintenance cost, enhance security & safety measures, and assist the driver to enhance his overall driving experience. Driver assistance system is another feature of the connected cars that helps the driver find the most appropriate route to reach the destination. It also prompts alert messages regarding traffic jams and parking space availability. All these connected cars features provide intelligent transportation systems, which are designed to improve the overall driving experience.

Key Benefits For Stakeholders

This study presents analytical depiction of the global connected car market analysis along with the current trends and future estimations to depict imminent investment pockets.
The overall connected car market opportunity is determined by understanding profitable trends to gain a stronger foothold.
The report presents information related to the key drivers, restraints, and opportunities of the connected car market with a detailed impact analysis.
The current market is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.
Porter's five forces analysis illustrates the potency of the buyers and suppliers in the industry.

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