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Global Connected Vehicle Market with 14% Growth Rate, Worth of $125.51 Billion Globally by 2023

 

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Automated and connected vehicle technologies are among the most heavily researched automotive technologies. The vehicle technologies currently available are only a fraction of what is being developed for the future. The technologies for autonomous cars, connected cars, and advanced driver assistance systems overlap, below is an overview of the technologies, definitions, benefits, and challenges of this emerging sector.

Key Points Covered:

- The global connected vehicle market is expected to grow from USD 42.1 Billion in 2015 to USD 122.51 Billion by 2023, expanding at a CAGR of 14%.

- The global connected passenger car market is expected to reach USD 75.67 Billion by 2023, expanding at a CAGR of 11% (2018 to 2023).

- The global connected truck market is expected to reach USD 46.84 Billion by 2023, expanding at a CAGR of 13% (2018 to 2023).

Major Companies Profiled:

- Airbiquity Inc
- Aptiv PLC
- Autoliv
- Continental AG
- Denso
- NXP Semiconductors
- Robert Bosch GmbH
- TomTom
- WirelessCar
- ZF Friedrichshafen

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The connected vehicle ecosystem is evolving in which globally connected car manufacturers and automotive OEMs are developing various connected solutions. Based on connectivity, demand for embedded solutions, tethered solutions, and integrated solutions for connected passenger cars has increased over the years. Similarly, the use of telematics and fleet management solutions for connected commercial vehicles has risen.

Technology agreements and platforming are the key initiates adopted by the OEMs to gain market share. Many new application areas are emerging, namely, usage-based :

- Insurance
- vehicle diagnostics
- vehicle security
- OTA update

It is increasing efficiency for consumers and helping manufacturers achieve productivity gains. OEMs are bundling connected services like advanced infotainment systems and navigation features for low-end models to potentially enhance the market growth and remain competitive.

Autonomous vehicles are no more a thing of the future with various sensors (LIDAR, RADAR) and processors located in the vehicle, which provide real-time information and facilitate an autonomous driving experience. Ride-sharing companies are investing heavily and facilitate strategic collaborations to upgrade their traditional vehicles to all-electric vehicles.

Global connected Vehicle- market overview:

- Global connected passenger car- market overview
- North America connected passenger car- market overview
- Europe connected passenger car- market overview
- Asia-Pacific connected passenger car- market overview
- Latin America connected passenger car- market overview
- Middle East and Africa connected passenger car- market overview
- Connected passenger car services- value proposition
- Global connected truck- market overview
- North America connected truck- market overview
- Europe connected truck- market overview
- Asia-Pacific connected truck- market overview
- Latin America connected truck- market overview
- Modular strategy and potential analysis- global truck market
- Companies Profiled

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