The growth of the global connected car market can be attributed to the rise in the number of individuals with a strong inclination toward technology.
Fort Collins, Colorado, Feb. 05, 2024 (GLOBE NEWSWIRE) — The connected car mobility solutions market size was valued at USD 25.9 Billion in 2022 and is anticipated to reach USD 122.8 Billion by 2032 at a CAGR of 16.9%.
The market growth of connected vehicle solutions is driven by the growing adoption of integrated connectivity and the increasing awareness of road safety. These solutions incorporate internet-based technologies in passenger cars, fostering connectivity between different vehicles and mobility infrastructure. This, in turn, provides users with a range of easily accessible mobility services that enhance their driving experience.
The increasing concern for road safety drives the market growth due to rising road accidents. According to the World Health Organization, road traffic crashes cause around 1.3 million deaths every year and result in non-fatal injuries to 20 to 50 million people. Connected vehicles, with the aid of wireless technology, can exchange safety and mobility information, preventing accidents and avoiding traffic congestion.
As more vehicles become connected, the demand for mobility solutions is rising. One such solution is mobility as a Service (MaaS), which offers great growth opportunities for leading players in the market. MaaS leverages digital technologies to provide a seamless and integrated experience for users. Combining various modes of transportation like public transport, bikes, carpooling, and cabs simplifies passenger choices and promotes sustainable mobility. Connected cars can also be used by Original Equipment Manufacturers (OEMs) to monitor and optimize vehicle utilization and offer call center services to passengers, resulting in greater consumer connectivity.
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The global connected car mobility solutions market has been segmented into product, technology, connectivity type, vehicle type, and region. V2V communication technology held the largest market share. It facilitates the exchange of information between vehicles, improving coordination, safety, and traffic flow. V2V technology can also be used for platooning in autonomous vehicles, increasing highway capacity. Embedded connectivity is gaining popularity and uses a telematics control unit for constant vehicle connectivity. It offers useful features like tamper alerts, vehicle tracking, real-time battery charge status, and predictive maintenance reminders.
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Connected Car Mobility Solutions Market Report Highlights:
- The globally connected car mobility solutions market growth is anticipated at a CAGR of 16.9 % by 2032.
- The market for connected vehicle solutions is rising due to the increasing connectivity and awareness about road safety. Connected vehicles can exchange safety and mobility information, preventing accidents and reducing traffic congestion. Furthermore, there is a growing demand for mobility solutions, and MaaS presents significant growth opportunities. MaaS combines various modes of transportation to provide an integrated experience for users using digital technologies. OEMs can also utilize connected cars to monitor and optimize vehicle utilization and offer call center services to passengers.
- The Asia Pacific region is expected to have a significant market share in the coming years due to the rising demand for connected vehicles. Governments in countries like China, Japan, and South Korea also contribute to market growth by promoting the use of connected vehicles through regulations.
- Some prominent players in the connected car mobility solutions market report include Bosch, Valeo, General Motors, Siemens, Harman International, Toyota, Inrix, Mojio, Panasonic Corporation, Hitachi, and Horiba Mira.
Industry Trends and Insights:
– Valeo has been awarded the ISO/SAE 21434 certification for automotive cybersecurity by UTAC, which is considered the industry benchmark.
– General Motors and Autocar Industries, LLC have partnered to develop a line of zero-emission vocational vehicles using GM’s HYDROTEC power cubes for sustainable and high-performance solutions.
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Connected Car Mobility Solutions Market Segmentation:
By Product: V2I, V2V, V2C, V2P and V2X
By Technology: LTE, 5G, and DSRC
By Connectivity Type: Embedded, Tethered, and Others
By Vehicle Type: Passenger Vehicle and Commercial Vehicle
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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