The global Automotive Connectivity Market is projected to register at a moderate-paced CAGR of 19% over the forecast period. The automotive connectivity market is currently valued at US$ 33.42 Billion in 2023. By 2033, demand for automotive connectivity is expected to reach a high of US$ 190.29 Billion.
The demand for automotive connectivity is anticipated to rise as a result of factors like the introduction of strict safety standards, the rising popularity of high-end luxury vehicles, the advent of 5G infrastructure, autonomous vehicles, and the increasing prevalence of integrated connectivity.
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Connected Car Industry is headed by the Installation of Cybersecurity Systems
One important automotive connectivity market trend is the increasing incorporation of cybersecurity solutions into automotive safety systems. Data has emerged as an increasingly important part of the automotive sector in recent years. When driving a “connected” vehicle, the user’s smartphone is integrated with the car’s infotainment system. There is a significant chance that the user’s data, which may include personal and financial data, will be compromised. Google and Apple, two of the biggest names in tech, are working on cybersecurity software for cars to stop data theft. These apps are simple to use, keep tabs on the safety of the car, and alert the owner if an unauthorized person attempts to access the system from another device. For instance, DENSO collaborated with Dellfer on the creation of the ZeroDayGaurd 1.0 cybersecurity solution for the automotive industry.
Key Takeaways
- Market analysts believe that the driver assistance subsector would grow at the highest rate during the next few years.
- During the foreseen time frame, the 5G sub segment is expected to generate the most revenue. In order to improve the connectivity between vehicles and external devices, several telecommunications firms are working on the next-generation 5G networks.
- The automotive connectivity market is predicted to improve as a result of a rise in demand for lightweight suspension systems and the development of innovative suspension systems.
- Automotive manufacturer partnerships that showcase the benefits of connected parking are likely to accelerate its widespread adoption.
Competitive Landscape
Continental AG, Robert Bosch GmbH, Harman International Industries, Inc., DENSO Corporation, Airbiquity Inc., and Visteon Corporation are the most prominent players in the automotive connectivity market. Over the projection period, the connected features of automobiles are expected to become commonplace in emerging markets like China, India, etc., where original equipment manufacturers (OEMs) have begun including such technologies in their newest models.
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Key Segments in the Automotive Connectivity Market
Technology:
- 3G
- 4G/LTE
- 5G
Connectivity:
- Integrated
- Embedded
- Tethered
End-Users:
- Original Equipment Manufacturer (OEMs)
- Aftermarket
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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