Global Connected Automotive Market Size & Share Analysis - By Product Type, By Application, By Region - Forecasts (2024 - 2031)
The "Connected Automotive Market" has experienced impressive growth in recent years, expanding its market presence and product offerings. Its focus on research and development contributes to its success in the market.
Connected Automotive Market Overview and Report Coverage
Connected Automotive refers to vehicles equipped with internet connectivity and integrated advanced technologies for improved driver experience, safety, and convenience. The market for Connected Automotive is rapidly growing due to the increasing demand for smart vehicles and the advancements in the automotive industry.
The future outlook of the Connected Automotive Market looks promising with a projected growth at a CAGR of 4.5% during the forecasted period (2024 - 2031). The market is expected to witness significant growth driven by the rising trend of digitalization in the automotive sector, increasing consumer demand for connected features such as navigation, entertainment, and smart connectivity solutions.
The current market analysis suggests a growing adoption of connected cars by automakers to enhance vehicle performance, optimize fuel efficiency, and provide seamless connectivity for a better driving experience. The integration of AI, IoT, and 5G technologies in connected vehicles is expected to drive market growth further.
Key trends in the Connected Automotive Market include the development of autonomous vehicles, increasing partnerships between automakers and tech companies, and the emergence of new connected services such as predictive maintenance and remote diagnostics.Overall, the Connected Automotive Market is poised for steady growth in the coming years, with a focus on enhancing vehicle connectivity, safety, and user experience.
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Market Segmentation
The Connected Automotive Market Analysis by Types is segmented into:
EmbeddedTetheredIntegrated
Embedded automotive market refers to vehicles with built-in connectivity features, such as GPS navigation and in-car Wi-Fi. Tethered market involves connecting a smartphone to the vehicle's system to access certain features and services. Integrated market combines both embedded and tethered systems to provide a seamless and comprehensive connected experience for drivers. These market types offer varying levels of connectivity and convenience for users, with integrated market offering the most advanced and user-friendly features.
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The Connected Automotive Market Industry Research by Application is segmented into:
Original Equipment Manufacturer (OEM)Aftermarket
Connected Automotive Market refers to the integration of technologies such as IoT, AI, and telematics in vehicles to enhance driving experience and safety. Original Equipment Manufacturers (OEM) provide these technologies as built-in features in new vehicles, while Aftermarket market offers retrofitting solutions for older vehicles. Both sectors cater to the growing demand for connectivity, remote diagnostics, and infotainment systems in vehicles, driving innovation and competitiveness in the automotive industry.
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In terms of Region, the Connected Automotive Market available by Region are:
North America: United States Canada Europe: Germany France U.K. Italy Russia Asia-Pacific: China Japan South Korea India Australia China Taiwan Indonesia Thailand Malaysia Latin America: Mexico Brazil Argentina Korea Colombia Middle East & Africa: Turkey Saudi Arabia UAE Korea
The connected automotive market in North America is driven by the high demand for advanced safety features, autonomous vehicles, and increasing investments in smart city initiatives. The United States and Canada have seen a surge in partnerships and collaborations between automakers and technology companies to develop connected car solutions. In Europe, countries like Germany, France, and the UK are leading the market with significant investments in research and development. The Asia-Pacific region, particularly China and Japan, are also key players in the market with a growing emphasis on electric vehicles and smart infrastructure. Latin America, Middle East & Africa are witnessing increasing adoption of IoT technologies in the automotive sector. Major players in the market include Continental, Delphi, Denso, Bosch, Harman, NXP, Infineon, ZF, Autoliv, Valeo, Aisin Seiki, Hella, which are driving growth through innovative technologies and strategic collaborations.
Connected Automotive Market Emerging Trends
The global connected automotive market is experiencing several emerging trends that are shaping the future of the industry. These include the increasing demand for driver assistance systems, the rise of connected car platforms and IoT integration, and the growing popularity of electric and autonomous vehicles. Current trends in the market include the adoption of advanced connectivity solutions, such as 5G technology, and the development of new services and applications to enhance the driving experience. With the continued evolution of technology and consumer preferences, the connected automotive market is expected to see further growth and innovation in the coming years.
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Major Market Players
ContinentalDelphiDensoBoschHarmanNXPInfineonZFAutolivValeoAisin SeikiHella
Connected Automotive Market players such as Continental, Delphi, Denso, Bosch, Harman, NXP, Infineon, ZF, Autoliv, Valeo, Aisin Seiki, and Hella are all key players in the automotive industry that are focused on providing connected solutions for vehicles.
Continental is a major player in the connected automotive market, offering a wide range of products and solutions for connected vehicles. The company has seen significant market growth in recent years, driven by the increasing demand for connected car technologies. With a focus on innovation and technology, Continental continues to expand its presence in the connected automotive market.
Delphi is another leading player in the connected automotive market, known for its expertise in advanced driver assistance systems and connected vehicle solutions. The company has a strong global presence and has been at the forefront of developing innovative technologies for connected vehicles.
Bosch is a key player in the connected automotive market, offering a range of products and solutions for connected vehicles. The company has seen steady market growth over the years, driven by its focus on innovation and quality. Bosch continues to lead the way in developing cutting-edge technologies for connected vehicles.
In terms of market size, the connected automotive market is expected to reach $52.5 billion by 2026, with a CAGR of 15.6% during the forecast period. Some of the key trends driving the growth of the connected automotive market include the increasing adoption of connected car services, advancements in vehicle connectivity technologies, and the rising demand for autonomous vehicles.
In terms of sales revenue, Continental reported sales of €44.5 billion in 2020, while Bosch reported sales of €71.6 billion in the same year. Delphi recorded sales of $16.7 billion in 2020, highlighting the strong performance of these companies in the connected automotive market.
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