Global Connected Car Market Analysis, By Technology, Application, By Network Type, Communication Type, and Sales Channel- Global Forecast 2024-2031
The Global Connected Car Market is projected to witness notable growth owing to the growing adoption of cybersecurity solutions in-car safety systems, and the increasing number of vehicle theft cases. The market value stood at USD 28.92 Billion in 2022 and is expected to grow from USD 34.56 Billion in 2023 to reach USD 143.72 Billion by the end of 2031.
Driver Assistance Sub-segment to Hold Dominant Share in Application Segment
The driver assistance segment is expected to dominate the market during the forecast period. The advanced driver assistance system features advanced technological features such as adaptive cruise control, lane keep assist, 360 view camera, park assist, etc., which enhance vehicle safety of governments around the world stringent safety standards have been imposed on car manufacturers. For example, in April 2020, the Indian automobile industry adopted the BS-VI system, which includes rear parking in all segments.
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Asia Pacific to lead Market with Major Revenue from China
With a vast automobile industry and most players operating in this field, Asia Pacific emerged as the dominant region for the global connected car market. China is one of the largest car markets in the world, with more than 21.48 million vehicles sold in the country by 2021, a 6% increase in sales compared to 2020. Despite the pandemic, China still holds one of the country's largest market shares. The Chinese government is focusing on more advanced automotive technologies, such as the electrified ADAS component. Along with that, major domestic automakers are updating their portfolios with the introduction of new level II and III ADAS products. In May 2021, the HAVAL brand of Great Wall Motor Company Limited launched the new Chitu compact SUV, powered by a 1.5L turbocharged engine (with a maximum power of 135kW, peak torque of 275Nm). Additionally, the vehicle features a Level 2 ADAS system, which has different functions depending on the model.
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The global connected car market is semi-consolidated, occupied by major manufacturers like Continental AG, Robert Bosch GmbH, Harman International Industries, Inc., DENSO Corporation, Airbiquity Inc, BMW AG, Aptiv, Ford Motor Company, General Motors, Google LLC and Visteon Corporation catering to market needs.
Growing Demand for Automotive ADAS Products
Autonomous and connected cars are gaining consumer interest, and their adoption is expected to increase during the forecast period. The advanced driver assistance system (ADAS) feature is expected to narrow the gap between conventional cars and the cars. Moreover, with the increasing technological advancements in the automotive industry, end users are ready to spend more on the latest technologies to enhance the driving experience and provide driver and occupant safety. ADAS features such as collision warnings, roadside assistance, blind spots have increased and are expected to increase the performance of the vehicles by increasing the time it stops working by alerting the vehicle's owner of any fault.
To know more about the Global Connected Car Market, refer to Insights & Trends: SkyQuestT's Connected Car Market Report
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