Asia Pacific Connected Cars Market Size Booming at Robust CAGR to Touch USD 13 Billion and 489 Million Units by 2030
Published | 16 April 2024
Asia Pacific Connected Cars Market is flourishing because of the rising interest in connectivity and focus on advanced safety and security features in passenger vehicles.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Asia Pacific Connected Cars Market size at USD 7.91 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Asia Pacific Connected Cars Market size to expand at a CAGR of 17.11% reaching a value of USD 12.88 billion by 2030. By volume, BlueWeave estimated the Asia Pacific Connected Cars Market size at 328 million units in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Asia Pacific Connected Cars Market size to expand at a CAGR of 18.27% reaching the volume of 489 million units by 2030. The expansion of 5G infrastructure, the introduction of connected technologies like sensors and IoT, and rising consumer disposable income are all significant growth factors for the Asia Pacific Connected Cars Market. However, high cost of connected cars and cybersecurity risks associated with it may hamper the growth of the Asia Pacific Connected Cars Market.
Opportunity: Integration of ADAS in connected cars
The Asia Pacific Connected Cars Market is segmented into driver assistance, safety, entertainment, well-being, vehicle management, and mobility management based on service. The driver assistance segment holds the largest share in the Asia Pacific Connected Cars Market. Technologies, such as advanced driver assistance systems (ADAS), offer conveniences, such as blind-spot monitors, adaptive headlights, driver monitoring systems, and automatic parking, while driving. In addition, advancements in technology, such as the integration of artificial intelligence (AI) and IoT, are projected to offer lucrative growth opportunities to the market during the forecast period.
Impact of Escalating Geopolitical Tensions on Asia Pacific Connected Cars Market
The escalating geopolitical tensions can hinder the growth of the Asia Pacific Connected Cars Market. For instance, Israel is a leading provider of connected car technology and solutions and is emerging as a strong base for connected car research and development. Several Israeli companies have been entering into strategic partnerships and collaborations with Asia Pacific automobile manufacturers for the development and growth of connected car technology. Mitsubishi Motors, the Japanese multinational automobile manufacturer, partnered with Otonomo, an Israeli data services platform for autonomous and connected cars, to provide services, such as parking apps and smart electric vehicle charging, in the automaker's connected cars. However, the escalating Israel-Hamas conflict led to disruptions in connected car technology research due to a shortage of labor. The upcoming collaborations and partnerships were also shelved due to the disturbance of the conflict, which hampered connected car services offered by Israeli companies, and negatively impacted the Asia Pacific Connected Cars Market.
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Asia Pacific Connected Cars Market
Segmental Coverage
Asia Pacific Connected Cars Market – By Connectivity Solutions
Based on connectivity solutions, the Asia Pacific Connected Cars Market is segmented into integrated, embedded, and tethered. The embedded segment accounts for the highest market share in the market by connectivity solutions. With the embedded solution, automobiles may communicate data that can be accessed remotely, download updates on their own, and use the integrated Wi-Fi to connect to other devices. Embedded systems regulate and manage several automotive safety features, including airbags, seat belts, and anti-lock brake systems. In the case of a collision, embedded systems cooperate to guarantee the safety of the driver and passengers, which acts as a major driving factor for the segment’s growth.
Asia Pacific Connected Cars Market – By Country
The in-depth research report on the Asia Pacific Connected Cars Market covers a number of country-specific markets, including China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Malaysia, Singapore, Vietnam, and the rest of Asia Pacific. China dominates the Asia Pacific Connected Cars Market owing to rapid growth and investments in the automotive manufacturing sector. Furthermore, urbanization and the rising disposable income of Chinese consumers are also anticipated to facilitate the growth of the Connected Cars Market in China. Following China, India is projected to register growth at the highest CAGR in the Asia Pacific Connected Cars Market during the period in analysis.
Competitive Landscape
Major players operating in the Asia Pacific Connected Cars Market include Continental AG, Robert Bosch GmbH, ZF Friedrichshafen, Aptiv PLC, Hyundai Motor Group, Qualcomm Technologies, BMW Group, and Sierra Wireless.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Asia Pacific Connected Cars Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Asia Pacific Connected Cars Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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