LONDON, Jan. 25, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the connected cars market, the advanced driver-assistance systems are a key trend gaining popularity in the connected cars market. Advanced Driver-Assistance Systems (ADAS) are passive and active safety electronic systems in a vehicle that assist the driver using advanced technologies to remove human error while operating vehicles. It offers various applications such as pedestrian detection/avoidance, lane departure warning/correction, traffic sign recognition, automatic emergency braking, and blind-spot detection. Major players in the market are launching advanced driver-assistance systems for highly automated vehicles such as connected cars.
For instance, in January 2023, Aptiv PLC, a USA-based technology company launched its next-generation ADAS platform for electrified and highly automated vehicles enabled with the software-defined smart systems that reduces complexity and lower total system costs. It applies an Industry 5.0 approach for safety by ensuring the driver and the vehicle work together interdependently. The term Industry 5.0 refers to people working alongside robots and smart machines. It verifies the driver’s eyes are on the road, recognizes body positioning, eye movement, and gestures to provide a high level of safety.
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The global connected cars market size grew from $65.94 billion in 2020 to $78.19 billion in 2023 at a compound annual growth rate (CAGR) of 18.6%. Connected cars market growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $142.22 billion in 2025 at a CAGR of 16%.
The emergence of technologies such as 5G and AI drives the growth of connected cars market in the forecast period. Various developing and developed countries are deploying 5G and AI technologies in multiple areas. For instance, Europe and China are deploying mm Wave 5G for specific niche use cases and it aims to make it its mainstream technology in 2023. Similarly, according to Ericson, there will be more than 600 million 5G subscribers by the end of 2023. Likewise, the emerging technologies such as artificial intelligence and machine learning is shaping the businesses of all sizes. Thus, emergence of 5G and AI technologies will propel the growth of connected cars market.
The global connected cars services market is highly concentrated, with a large number of players in the market. An analysis of the connected cars market statistics stated that the top ten competitors made up to 68.82% of the total market in 2020. Volkswagen Corporation was the largest competitor with 17.65% of the market, followed by Toyota Motor Corporation, General Motors, Daimler AG, BMW Group, Ford Motor Company, Honda Motor Co Ltd, Hyundai Motor Group, Tesla and Renault.
The global connected cars market is segmented by product type into embedded, tethered, integrated, others; by services into driver assistance, safety, entertainment, well-being, vehicle management, mobility management, others; by application into navigation, infotainment, telematics.
The connected cars market data identifies North America as the largest region, accounting for 29.5% of the total market in 2023. It was followed by Asia Pacific and Western Europe and then the other regions. Going forward, the fastest-growing regions in the connected cars services market will be Asia Pacific and Eastern Europe, where growth will be at CAGRs of 21.5% and 21.3% respectively during 2023-2026.
Connected Cars Market Global Report 2022: Market Size, Trends, And Global Forecast 2023 – 2026 is one of a series of new reports from The Business Research Company that provide connected cars market overviews, connected cars market analyze and forecast market size and growth for the whole market, connected cars market segments and geographies, connected cars market trends, connected cars market drivers, connected cars market restraints, connected cars market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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