Connected Cars Global Market Report 2022

Major players in the connected cars market are Robert Bosch GmbH, Ford Motor Company, BMW, Audi AG, General Motors, Delphi, AT&T Inc, Airbiquity, Visteon, and Mercedes-Benz.

The global connected cars market is expected to grow from $59.83 billion in 2021 to $69.2 billion in 2022 at a compound annual growth rate (CAGR) of 15.7%. The market is expected to grow to $123.87 billion in 2026 at a compound annual growth rate (CAGR) of 15.7%.

The connected cars market consists of sales of connected cars and related services.Connected cars are cars empowered with internet access and a local area network that helps to communicate with other vehicles.

These cars have a wide range of sensors that transmits and receives signals by the manufacturers in conjunction with the services to enhance the consumer experience with the real-time interaction of the vehicles. These cars can be connected with smartphones or other mobile phones and allow the driver to mechanically monitor the performance of the car.

The main types in the connected cars market are embedded, tethered, integrated, and other types.Embedded means fixed into the surface of something.

The services involved are driver assistance, safety, entertainment, well-being, vehicle management, mobility management, other services. The applications involved are application, navigation, infotainment, telematics.

Asia Pacific was the largest region in the connected cars market in 2021.Western Europe was the second largest region in the connected cars market.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

An increase in efforts by governments for developing intelligent transportation systems will drive the connected cars market.During the period, government efforts for the development of connected and autonomous cars contributed to the connected cars market’s growth.

For instance, in 2019, in the UK, government efforts were significant for the development of connected cars. The government in the UK had invested £500 million ($599.69 million) in connected and autonomous cars research and development. Additionally, there have been numerous trials and had introduced new legislation to promote the deployment of connected cars. By 2030, the UK is expected to benefit from a projection of £62 billion ($74.36 billion) economically for deploying connected and autonomous vehicles.

The hacking of data is expected to limit the growth of the connected cars market.For hacking a car’s network, proximity is not necessary, as malware may spread by hacking into a web portal of a manufacturer or dealer.

The key security issue is hacker has the access to the operating system of the vehicle and to the data it gathers and stores.For instance, in 2019, in the US, the FBI issued a new warning, of hackers targeting the US automotive industry.

Additionally, the hackers have more opportunities to create havoc in the internet-connected cars and self-driving cars, due to the huge volume of data available in the enterprise computer networks. These factors negatively impact the connected cars market, affecting the market’s growth.

Connected car companies are increasingly developing new technologies such as digital and autonomous technologies to increase their revenue and also to gain a competitive edge over their rivals.For instance, in 2019, in Germany, Continental AG launched a smartphone-based digital door opener solution, ’Cosma Solution’.

This enables Honda electric car owners to unlock their vehicles by using their smartphones.Additionally, Honda electric car owners can unlock their car remotely, through Bluetooth low energy, by using the My Honda+ application.

This brings a new level of accessibility and the digital key function provides exceptional comfort and new functionality for Honda owners.

In March 2021, Cruise, a US-based self-driving car company acquired Voyage for an undisclosed amount.This acquisition is to tackle dense urban environments.

Voyage is a US-based self-driving car company.

The countries covered in the connected cars market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, USA.