Notes

Connected Car Revolution: Exploring Market Trends and Innovations

As per a report by P&S Intelligence, the connected car market was USD 64,061 million in 2022, and it will propel at an 18.30% CAGR, to touch USD 245,739 million, by 2030.

The growth in the industry is mainly credited to the mounting adoption of IoT in the automotive sector, growing requirements for high-end luxury cars, increasing concerns over vehicular safety & security, and rising preference for autonomous vehicles, integrated connectivity; 5G penetration, and automatic parking.

Connected Car Market Outlook@ https://www.psmarketresearch.com/market-analysis/connected-car-market

Furthermore, customer concerns regarding vehicular safety are driving the industry. Additionally, in several nations, the government has made it mandatory to install the ADAS system in all upcoming vehicles.

Based on technology, the 5G category will advance at a significant rate throughout this decade. This is mainly attributed to the mounting emphasis to improve the driver’s experience by providing real-time traffic coverage, and the growing requirement for information in the vehicle, where 5G decreases the time of latency.

The OEM category is expected to hold the largest share of the industry in the years to come. This is ascribed to the increasing necessity for these solutions by the original equipment manufacturers (OEMs) due to the implementation of strict government regulations concerning vehicle and passenger safety.

Based on application, the navigation category will remain dominant, advancing at a 20.3% CAGR, throughout this decade. This is attributed to the increasing need for real-time in-vehicle navigation and enhanced optimization with proper route planning features, for a smooth ride.

The APAC connected car industry will advance at the highest growth rate, of 19.1%, in the years to come. This is attributed to the rising popularity of 5G & cybersecurity, and the increasing requirement for cost-effective, integrated connected systems in vehicles.