Connected Car Market Emerging Trends 2022-2028
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Competitors List: Continental (Germany), Bosch (Germany), HARMAN (US), Airbiquity (US), and Visteon (US) are the leading players in the connected car market. These companies have strong distribution networks at a global level and offer an extensive product range. These companies adopt strategies such as new product developments, collaborations, and contracts & agreements to sustain their market position.
Because of restricted network availability on parkways, vehicles are not associated with one another and the cloud. In emerging nations like Mexico, Brazil, and India, the advancement of IT framework on parkways is slower than in created economies. 3G and 4G-LTE correspondence networks expected for availability are presented in metropolitan and semi-metropolitan regions as it were. While a few outsider coordinated factors organizations work in semi-metropolitan and country regions, there are issues of low network. Subsequently, its absence and correspondence foundation in creating districts and slack in government standards can hamper the development of the associated vehicle market in these nations. Likewise, as suppliers of telecom administrations, industry players could become subject to country-explicit telecom guidelines, like legal blocks and in-country substance necessities. The interoperability of the different stages as well as the cross-line use cases should be examined and controlled. The dependence on information networks likewise brings up the issue of internet fairness, where a few pieces of information is given transmission needed by network access suppliers.
The improved client experience for all associated vehicles relies upon remote availability. Connected Car Market industry players are creating 5G to expand the security and productivity of associated vehicles. As indicated by the global 5G car affiliations, 68% of mishaps can stay away from with the impending 5G innovation. With the rising utilization of sensors and different innovations that gather information, AI will be critical to figuring out everything. A few vehicles as of now use AI for Level 3 independent driving, however for the business to arrive at Level 5, significant upgrades should be made to the vehicles as well as the foundation.
The embedded connectivity segment is estimated to be the largest market during the forecast period. The embedded connected car solution is expected to hold a major share of the connected car market. The growth of embedded connected solutions in the long term can be attributed to various disruptive factors such as government mandates, cost optimization of service plans, and the growth of cloud-based services. According to GSMA, automakers are likely to adopt embedded solutions to meet regulatory requirements and as a basis for the provision of vehicle-centric telematics services. However, widespread adoption will depend on overcoming embedded solutions' current limitations. For example, EOBD (the European version of OBD) is mandatory for all gasoline vehicles in the European Union. In practice, virtually all vehicles sold in the US are designed and certified to meet California's OBD II requirements, regardless of where in the US they are sold.
However, at present, the embedded form is facing many challenges such as the technical stability of connected features and services, the high cost of technology and products, and, most importantly, the system-level integration of all features and services. Most of customers are reluctant to pay more for embedded connected car solutions. These customers prefer a smartphone to fulfill the need for in-car connectivity. These challenges would continue to exist in the short term.
Based on On-board unit is expected to register the highest CAGR. The onboard unit is one of the transponder categories required for DSRC applications. Onboard transponder units are installed in vehicles to support connected car solutions. Earlier, an onboard unit was used to record the location and speed of vehicles through GPS sensors. Nowadays, it can record data from multiple sensors and transmit the information through a remote server to other entities such as vehicle and transport infrastructure. As governments are getting involved in various activities to promote intelligent transportation systems in metro cities, many OEMs are participating in the process of making smart transportation a reality. Hence, companies from the automotive and non-automotive industries are exhibiting their innovative solutions for V2V and V2I communications. For instance, the transportation department of the US has proposed V2V communication in vehicles to reduce potential crashes and improve the safety of passengers. Thus, with the growth in connected car adoption and developments in V2X infrastructure, the onboard unit is expected to witness growth in the coming years.
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The Asia Pacific Connected Car Market is expected to witness the highest CAGR during the forecast period, especially in Japan and China. The growth of the US market is driven primarily by increasing vehicle safety and security norms, demand for vehicle-to-vehicle (V2V) connectivity technology, and the incorporation of IoT in the automotive industry.
The emergence of autonomous vehicle technology in the Asia Pacific connected car market is one of the key trends that is increasing the demand for advanced connected car features. Japan has one of the largest connected car penetrations globally, with China expected to witness significant growth in the coming years. Additionally, the increasing demand for aftermarket services through the renewal of connected car service subscriptions will drive the connected car services market in the coming years.
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