to a new report by Vantage Market Research, the connected car mobility solutions market is
expected to reach USD 180.54 Billion by 2028, growing at a CAGR of 17.5% from
2021 to 2028. The increasing need for connected vehicles coupled with emergence
of various technologies is anticipated to fuel the growth of connected car
mobility solutions market within the forecast period.
- The V2C segment is projected to grow at a CAGR of over 12.54% over the forecast period owing to the increasing applications of this technology in automotive industry.
- The passenger cars segment held a market share of around 62.56% in 2020. This share is due to the increase in disposable income of the consumers and rapid urbanization.
- North America is expected to expand at a CAGR over 14.21% from 2021 to 2028. This surge is attributed to the early adoption of developed technologies like 5G network and AI.
Some of key players in connected car mobility solutions market include Bosch, Valeo, General Motors, Siemens, Harman International, Toyota, Inrix, Mojio, Hitachi, and Horiba Mira, among others.
The increasing need of connected vehicles across the globe is anticipated to augment the growth of the connected car mobility solutions market during the forecast period. The connected vehicles come with various safety features that offer superior convenience, comfort, and entertainment available in passenger cars. The increasing traffic congestions and issues have resulted in increase in the time spent inside a car and has increased the demand for in-car infotainment and connected features. The connected cars include infotainment units that provide audio and visual entertainment to the consumers and also enhance the driving experience by offering convenience and safety features. Thus, increasing demand for connected vehicles is likely to fuel the growth of the connected car mobility solutions market in near future.
The development of different and various technologies like 5G wireless technology and AI interfaces is anticipated to augment the growth of the connected car mobility solutions market in the years to come. Most of the players in telecommunication industry are researching on developing 5G networks in order to escalate the safety and efficiency of connected cars. As stated by International 5G automotive associations, 68% of road fatalities and injuries can be avoided with the integration of 5G connectivity technology. Furthermore, with the increasing use of sensors coupled with other technologies that are used to collect data, AI will be considered as an important technology to make sense of all the data collected through the vehicles. Some automobiles already use AI for Level 3 autonomous driving; however, for the industry to reach Level 5, major changes are required to be made to the car as well as its infrastructure.
Asia Pacific region is poised to record the highest CAGR. This is attributable to the increasing demand of cost effective solutions from emerging economies, such as India, and China. Furthermore, the increase in manufacturing facilities in the region is also supporting the growth of the connected car mobility solutions market in the estimated timeframe.