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Market Study on Connected Vehicle Cloud: How are Connected Vehicle Cloud Solutions Helping Solve Public Transit and Traffic Congestion Issues across Key Markets? Find Out in PMR’s Report.
The newly released report by Persistence Market Research (PMR) on the connected vehicle cloud industry reveals that global sales in 2022 were held at US$ 42.7 billion. With a 13.3 % projected CAGR from 2023 to 2033, the market is expected to reach a US$ 170.8 billion valuation by 2033.
The connected vehicle cloud used in embedded connectivity is expected to be a significant revenue-generating product and is projected to surge at a CAGR of 12.7% during the forecast period 2023 to 2033.
Autonomous and connected vehicles are fast gaining consumer interest and are expected to become widely accepted during the forecast period. The newly-arriving Advanced Driver Assistance Systems (ADAS) are projected to close the market gap between today's and tomorrow's vehicles.
As the automotive industry continues to advance in technology, users are willing to spend money on up-to-date technology to improve their driving experience and enhance driver and passenger safety.
ADAS features such as lane departure warning, collision warning, and blind spot detection have a significant influence on consumer behavior. It reduces vehicle maintenance downtime and improves performance by alerting owners of vehicle failures.
ADAS has come a long way, but connected vehicle cloud technology still has further to go. V2V communication has the latent potential to further improve this communication, as vehicles can communicate directly with each other. This helps them exchange information about relative speed, position, heading, and even control inputs such as hard braking, acceleration, and turning.
Combined with the vehicle's sensor input, this data can create a more detailed picture of its surroundings, providing more accurate warnings or providing corrective actions to evade a collision.
The sum of ADAS components is likely to continue to grow over the forecast period. These systems, previously accessible only in high-end models, are now used in several entry-level vehicles. These systems further enhance safety in everyday traffic. These systems let the vehicle adjust its driving according to conditions. In certain situations, functions such as steering, braking, and acceleration may be taken over by the vehicle.
Key Trends Listed by Persistence Market Research (PMR):
| Attributes | Details |
|---|---|
|
Connected Vehicle Cloud Market Estimated Size (2023) |
US$ 49.1 billion |
|
Projected Value (2033) |
US$ 170.8 billion |
|
Value-based CAGR (2018 to 2022) |
15.8% |
|
USA Market CAGR (2023 to 2033) |
13.3 % |
|
Key Companies Covered |
|
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As per a report by Persistence Market Research (PMR), historically, from 2018 to 2022, the value of the connected vehicle cloud industry increased by around 15.8% CAGR from 2018 to 2022.
With an absolute dollar opportunity of US$ 121.7 billion during the forecast period, the market is projected to reach a US$ 170.8 billion valuation by 2033.
Increasing integration of advanced security and comfort structures into vehicles, such as unconventional driver assistance systems and vehicle infotainment, ensures strong market growth.
Increased production of vehicles that included ADAS features is expected to drive market demand along with increased awareness of passenger comfort and security and government guidelines mandating safety features. Furthermore, the growing acceptance of self-driving vehicles is further anticipated to contribute to driving market growth.
Governments around the world have taken steps to monitor users and propose guidelines to mandate and encourage customers to install ADAS components in their vehicles, to curb the rise in traffic accidents in a handful of countries.
For instance, the Indian government has now mandated ABS regulations for motorcycles, with a focus on refining vehicle safety. India is currently working to mandate electronic stability control (ESC) and automatic emergency braking (AEB) in vehicles from 2022 to 2023.
Features such as technological advances, increased vehicle production, and increasing demand for automotive luxury and comfort are projected to complement the market growth. However, factors such as rising global vehicle standards and high maintenance costs for advanced suspension systems could hamper the development of the connected vehicle cloud industry.
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Connected vehicle cloud technology is being effectively utilized in electric vehicles (EVs) to enhance their functionality, efficiency, and user experience. The cloud-based infrastructure enables real-time data collection and analysis, allowing for features such as range optimization, charging management, and battery health monitoring.
EV owners can receive recommendations for efficient routes, charging station availability, and predictive charging schedules through the connected vehicle cloud. Moreover, remote monitoring and control of charging sessions can be facilitated, providing convenience and flexibility for EV owners.
A connected vehicle cloud also enables energy management and grid integration. EVs can participate in demand response programs and vehicle-to-grid (V2G) applications, allowing them to contribute to grid stability and renewable energy integration.
The cloud platform enables bidirectional communication between EVs and the power grid, enabling features like peak shaving and load balancing. It also facilitates eco-friendly driving by providing personalized recommendations for energy-efficient driving techniques based on real-time data on driving patterns and environmental conditions.
Connected vehicle cloud technology is also an essential component of intelligent transportation systems. By connecting vehicles to the cloud, traffic management authorities can gather real-time data on traffic conditions, congestion, and road incidents.
This information can be used to optimize traffic flow, provide dynamic routing suggestions, and enhance overall transportation efficiency. Furthermore, the cloud facilitates vehicle-to-vehicle and vehicle-to-infrastructure communication, enabling the exchange of safety-related data and warnings.
Asia Pacific had a connected vehicle cloud industry size of US$ 22.2 billion in 2022 and it is estimated to have a market size of US$ 25.5 billion in 2023. Asia Pacific is projected to have a connected vehicle cloud industry worth US$ 88.6 billion in 2033. The historical CAGR between 2018 and 2022 was 52%. The forecasted CAGR till 2033 is expected to be 51.9%.
The Asia Pacific region is witnessing accelerated adoption of electric vehicles (EVs) and renewable energy sources, which is increasing the demand for efficient energy storage solutions. Nanowire batteries provide increased energy density, faster charging, and longer cycle life, making them ideal for EVs and renewable energy storage applications.
In 2018, there were around 97,000 electric vehicles produced in the Asia Pacific region which increased to around 187,000 electric vehicles produced by 2021. As connected vehicle cloud technology is used to provide access to a wide range of entertainment features, including music streaming, internet radio, voice assistants, navigation services, real-time traffic information, and personalized content moreover,
Cloud-based infrastructure enables real-time data collection and analysis, allowing for features such as range optimization, charging management, and battery health monitoring. With the increase in demand for electric vehicles, the adoption of connected vehicle cloud is also projected to increase during the assessment period.
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What Factors Position the United Sates as a Leader in Connected Vehicle Cloud Industry?
The connected vehicle cloud market in the United States is projected to surge to be worth US$ 30.6 billion with an absolute dollar growth of US$ 21.8 billion by 2033. The market in the United States has grown at a CAGR of 15.7 % from 2018 to 2022 and is expected to grow at a CAGR of 13.2 % from 2023 to 2033.
Leading creators of connected vehicles have received funding from investment companies to accelerate the introduction of cybersecurity into connected vehicles.
Key players are making strides to provide better and more effective connected vehicle services, leading to the expansion of the connected vehicle industry in the United States. Furthermore, the growth of advanced technologies such as ADAS has allowed automakers to offer connected services in their vehicles. This is expected to lead to the growth of the market through 2033.
Why Do Connected Vehicle Cloud Manufacturers Consider the United Kingdom as an Important Marketplace?
The connected vehicle cloud market in the United Kingdom is anticipated to surge to be worth US$ 6.4 billion with an absolute dollar growth of US$ 4.5 billion by 2033. The market in the United Kingdom has grown at a CAGR of 15.0 % from 2018 to 2022 and is projected to grow at a CAGR of 13.1 % by 2033.
The United Kingdom is estimated to drive the connected vehicle cloud industry due to increased connectivity aspects in modern vehicle models. Rising demand for digital features in vehicles, particularly in developing nations, is expected to fuel the connected vehicle cloud industry in the region.
What is the Potential for China's Performance in Connected Vehicle Cloud Market?
The connected vehicle cloud industry in China is expected to surge to US$ 39.8 billion with an absolute dollar growth of US$ 28.3 billion by 2033. The market in China has grown at a CAGR of 15.6 % from 2018 to 2022 and is expected to grow at a CAGR of 13.2 % by 2033.
China is the world's leading auto market, with more than 21.48 million traveler vehicle s sold in 2021, a 6% increase compared to 2020. This a great break for predictive technology to gain a position in the China auto market.
In addition to electromobility, the China government is directing on several advanced vehicle technologies such as ADAS features. Along with this, the country's key automaker is updating its portfolio with the overview of new ADAS Level 2 and Level 3 capabilities.
In May 2021, Great Wall Motor Co., Ltd.'s HAVAL brand launched a compact SUV Chitu. Equipped with a 1.5-liter turbo engine (extreme output 135kW, maximum torque 275Nm) combined with a 7-liter turbo engine. In count, the vehicle is equipped with a Level 2 ADAS system with different functions depending on the form.
Why is Japan Becoming a Global Hub for Connected Vehicle Cloud?
The connected vehicle cloud market in Japan is projected to grow to be worth US$ 35.2 billion with an absolute dollar growth of US$ 24.9 billion by 2033. The market has grown at a CAGR of 15.6 % from 2018 to 2022 and is expected to grow at a CAGR of 13.1 % from 2023 to 2033.
In 2020, the country sold approximately 20,000 electric vehicles, which increased to about 54,000 electric vehicles in 2021. Japan has positive prospects and opportunity in the connected vehicle market as Japan gradually enters the automotive industry focused on autonomous driving and artificial intelligence with several new product launches.
Which Deployment Model of Connected Vehicle Cloud is Projected to Witness Significant Growth?
The private cloud used in connected vehicle cloud industry is projected to witness significant growth as it has grown at a CAGR of 15.5 % from 2018 to 2022 and is expected to grow at a CAGR of 13.3 % from 2023 to 2033.
The private cloud utilized in the connected vehicle cloud is a robust and secure infrastructure designed specifically to handle the complex needs of connected vehicles. It provides a dedicated and isolated environment where data from vehicles and other sources can be processed, stored, and analyzed in real-time.
The private cloud ensures the privacy and security of sensitive information while allowing for seamless connectivity and communication between vehicles, infrastructure, and several service providers. The private cloud's high-performance computing capabilities enable advanced analytics, machine learning, and artificial intelligence algorithms to extract valuable insights from the collected data.
The private cloud employs encryption techniques, access controls, and intrusion detection systems to mitigate the risk of unauthorized access and ensure compliance with privacy regulations.
Which Product Type of Connected Vehicle Cloud is Expected to be Highly Lucrative?
Embedded connectivity used in connected vehicle clouds is projected to witness significant growth at a CAGR of 15.4% from 2018 to 2022 and is expected to surge at a CAGR of 12.7 % from 2023 to 2033.
Embedded connectivity plays a pivotal role by providing seamless and reliable communication between vehicles, infrastructure, and the cloud. It enables real-time data exchange, remote monitoring, and control of vehicles, and facilitates the delivery of various connected services.
The embedded connectivity technology utilized in connected vehicle cloud leverages a range of wireless communication standards. These include cellular networks, Wi-Fi, and dedicated short-range communication (DSRC).
The embedded connectivity ensures a secure and reliable connection, prioritizing data privacy and protection. It incorporates encryption mechanisms, authentication protocols, and secure communication channels to safeguard the integrity of the transmitted data and prevent unauthorized access.
The market players are investing heavily in expanding their presence in several segments around the world. The companies are also focussing on collaborations to augment their market positions.
Manufacturers are directing product development, mergers, acquisitions, expansion, and partnerships to enhance their market presence among other competitors.
The key players in the market are Microsoft Corporation, IBM Corporation, Amazon Web Services, Inc., Google LLC, Oracle Corporation, Cisco System, Inc., Verizon Communications Inc., Intel Corporation, Seimens AG, and Robert Bosch GmbH.
For instance,
| Attributes | Details |
|---|---|
|
Connected Vehicle Cloud Market Estimated Size (2023) |
US$ 49.1 billion |
|
Projected Value (2033) |
US$ 170.8 billion |
|
Value-based CAGR (2018 to 2022) |
15.8% |
|
USA Market CAGR (2023 to 2033) |
13.3 % |
|
Key Companies Covered |
|
|
Key regions covered |
|
By Development Model:
By Connectivity Mode:
By Service Type:
By Vehicle Type:
By Region:
The global market of connected vehicle cloud was worth US$ 42.7 billion in 2022.
The global market of connected vehicle cloud is projected to witness a size of US$ 49.1 billion in 2023.
The valuation of the connected vehicle cloud industry in 2033 is projected at US$ 170.8 billion.
The CAGR growth of the connected vehicle cloud industry over the last 4 years was 15.8%.
The projected CAGR for the connected vehicle cloud industry is 13.3%.
