Car as a Connected Living Ecosystem worth USD 1.5 trillion by 2035

The total market for connected living services is estimated to grow from $8 billion in 2023 to more than $1.5 trillion by 2035 at the CAGR of 54.5%.

Factors such as technology developments and advanced connectivity levels across automotive OEMs and customer perceptions & service expectations from connected cars are driving the growth of the car as a connected living ecosystem market. Customers, especially the GenZ customers and customers paying a premium for the advanced connectivity, expect to see a range of connected features such as advanced safety, remote vehicle features, security, car-home connectivity, and EV & energy management services. Almost all OEMs such as Mercedes Benz, BMW, Stellantis, VW and others are aggressively focused on the connected car market to earn new revenue streams.

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"The car is emerging as the new smartphone."

Connected cars have moved beyond being data generating machines for fleet management and safety compliance. Connected cars have emerged as the golden goose for automakers, with its ability to drive continuous revenues across lifetime. The cars are capable of performing almost any function that is offered by our smartphones today and even more, offering comprehensive connected living solutions at the touch of a button. The cars can remotely unlock, drive and navigate themselves, save themselves from potential hazards and security threats, manage energy requirements, offer in-car marketplaces with integrated payment platforms, entertain passengers, take care of their health and homes, manage work diaries, civil responsibilities, and can integrate the physical and virtual realm.

"The In-Car Connectivity segment is expected to dominate the digital connected living services market."

There services are expected to be available to customers at an annual cost of $1,600 by 2035. Over the next decade, OEMs must identify their connectivity and subscription revenue strategy - in-car experience is expected to earn the lion's share of revenue at 87% with health, energy, and aftermarket developing as formidable segments. However, the key challenge is to strike the right balance between subscription costs and customer willingness to pay.

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"The wider ecosystem of connected car offers further growth potential."

OEMs stand to gain further through developing competencies in the wider automotive ecosystem such as energy management services and connected insurance. Tesla, Hyundai, GM, and Ford are not just selling EVs but the entire spectrum of services such as renewable energy generation, energy storage, and V2G technology, required for energy independence. Tesla, GM, and JLR are leveraging connected vehicle data to offer connected insurance services underwritten by insurance companies. A third revenue stream is data monetization partnerships with various stakeholders such as cities, automotive workshops, and others. Several other revenue streams could emerge from a single connected car.

From being able to communicate with drivers, offering AR based driver assist and autonomous driving systems and automatically managed maintenance systems, to managing energy services, insurance and healthcare through the car's ecosystem. 6G connectivity, V2X technology, and VR repair and maintenance will change the way customers experience the car.

Key Players

Major players in the Car as a Connected Living include Mercedez Benz (Germany), BMW (Germany), VW (Germany), Stellantis (Netherlands), Hyundai (South Korea), Toyota (Japan), GM (USA), Ford (USA), Nio (China), Xpeng (China). All OEMs offer vary levels of connectivity solutions through the car.

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Contact: Mr. Aashish Mehra
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This release was published on openPR.