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  • 27 March 2020 21:41

Connected Vehicle Market Development, Innovation, Opportunities and Growth to 2030 - BMW, AUDI AG, Tesla, Volkswagen AG

A Detailed Overview of Connected Vehicle Market with Innovation in Technology, Various Aspects of the Industry – Players, Regions, Types, and Applications during the Forecast Period 2030

As per the Centers for Disease Control, vehicle accidents are the leading cause of death among the age group of 18 to 35 across the globe. Connected vehicles are embedded with a wide range of safety features, such as remote diagnostics, multimedia streaming, access to social media & other apps, cybersecurity, on-road assistance, autopilot, e-call & SOS assistance, and other safety features which can lessen the number of vehicles accidents. Hence, many regional governments have been undertaking various initiatives to reduce road accidents by promoting connected vehicle technology. For instance, The US Department of Transportation's (USDOT’s) is a connected vehicle program engaged in working with state transportation agencies, vehicle OEMs, local transportation agencies, and device makers to promote connected vehicle technology. Such government initiatives have been driving the overall growth of the market.

Market Industry Reports (MIR) has published a new report titled “Connected Vehicle Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global connected vehiclemarket accounted for over US$ 39.78 billion in 2019. It is anticipated to grow at a CAGR of 19.15% from 2019 to 2030.

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Increasing awareness regarding road safety, heavy investments by key players, increasing demand for electric vehicles, and growing demand for enhanced user comfort in vehicles are the major driving factors present in the operating market. Additionally, rising new product launches by the key players have been supplementing overall growth of the market. For instance, Audi AG is planning to launch 5G-connected car technology in collaboration with Huawei (Chinese technology giant) which further increases the sales of connected vehicles.

Moreover, ongoing R&D activities, increasing investments to develop automotive infrastructure and emergence of new technologies such as 5G and AI (Artificial Intelligence) in the automotive industry can create new opportunities in the market. Although the connected vehicle has immense growth opportunities, the market faces numerous challenges such as privacy issues as connected vehicles based on data sharing technology, lack of automotive infrastructure in several geographical regions such as the Middle East and Africa, deployment challenges for V2V (Vehicle to Vehicle) technologies, and others.

North America accounts for the largest market share in 2019 owing to several factors such as the government initiatives to promote connected vehicles, high awareness associated with road safety, high disposable income and others. However, Asia Pacific region is expected to grow at the highest CAGR during the forecast period (2019-2030) owing to the presence of potential countries such as China, India, Japan and South Korea. Also, low-cost services, high demand for vehicle infotainment including 4G Wi-Fi hotspots, hands-free controls, music/audio, voice commands, contextual help, and others are the other driving factors present in the region.

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Some of the prominent players in the globally connected vehicle market include:
BMW, AUDI AG, Tesla, Volkswagen AG, AB Volvo, OnStar (General Motors), Nissan Motor Co., Ltd., Toyota Motor Corporation, Hyundai Motor Company, and Honda Motor Co., Ltd., among others.

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