Thursday, April 25, 2024

Connected Car Global Market to Reach $149.5 Billion by 2027 at a 13.28% CAGR

BusinessConnected Car Global Market to Reach $149.5 Billion by 2027 at a 13.28% CAGR

The Global Connected Car Market registered around USD 67.39 billion in 2021 and is estimated to reach USD 149.49 billion by 2027, registering a CAGR of 13.28%. Cars can now communicate seamlessly with other vehicles and infrastructure with technologies called vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I).

The usage of artificial intelligence (AI) technology, which enables smarter interactions between the driver and the vehicle, has increased, which has led to the sector expanding. Owing to the technology’s extensive variety of sophisticated features, such as voice recognition, gesture recognition, driver monitoring, virtual assistance, and Natural Language Understanding (NLU) customers can experience fully autonomous driving.

Moreover, it is expected that the market for connected cars would develop as in-car entertainment becomes more popular. The ”CarPlay” software is marketed and distributed by Apple, Inc. It connects to the vehicle’s controls, such as the knobs, buttons, and touchpad, and offers Siri-enabled functions, such as voice control, message reading, answering, and sending, as well as call making.

Vehicles with 5G connectivity

The adoption of 5G technology is a significant milestone in the connected automobile business. Everything, including machines, devices, and objects, will be connected through the fifth generation (5G) of wireless mobile networks. By facilitating data sharing between vehicles on subjects such as speed, position, and previous road conditions, 5G linked cars are revolutionizing the automotive business.

The vehicle interface is the vehicle HMI (human machine interface). Automotive HMIs provide significantly more natural interactions between drivers, passengers, and their cars. For the purpose of advancing connected technologies, major industry participants are concentrating on creating connected vehicles with 5G connectivity. For instance, General Motors, a US-based automaker, intends to introduce 5G connection vehicles for Chinese consumers in 2022.

Advanced Driver-Assistance Systems (ADAS)

The market for connected automobiles is seeing an increase in demand for better driver aid technology. Electronic passive and active safety systems known as advanced driver-assistance technologies (ADAS) help drivers by lowering the likelihood of human error. Its available applications include blind-spot detection, automated emergency braking, lane departure warning, and traffic sign recognition.

The leading companies of the market are introducing the most cutting-edge driver support systems for fully automated vehicles such as connected cars. For instance, the next-generation ADAS platform for electric and highly autonomous vehicles was introduced in January 2021 by the technology company Aptiv PLC with headquarters in the USA. On this platform, complicated operations are streamlined while system costs are reduced owing to software-defined intelligent systems.

Integration of AI Technology

The market for connected cars is seeing a significant uptick in the use of AI technologies. Artificial intelligence technology is the term for a human-created, computer-processed simulation of human intelligence. Artificial intelligence (AI) uses deep learning and control operations to mimic human decision-making processes. Deep learning refers to tracking and automatically adopting a user’s lifestyle behavior over time. As a result, better driving and safety analyses are provided and it also aids in tracking car parts and notifying when they need maintenance.

To improve connected car operating systems, major participants in the market are concentrating on developing linked cars with AI technology. For instance, Hyundai Motor Group, a South Korean automaker, introduced NVIDIA DRIVETM in-vehicle entertainment system linked car platform upgraded with AI user experience in November 2020. It automatically archives the users’ favorite shows and suggests comparable shows in the same genre.

Security And Safety Concern

The major concern now a days is data being secured or not. Connected and digitized vehicle increases the risk of cyber-attack. When the car is connected, the possibility of hackers gaining external control increases. On the other hand, safety concerns also raise some questions. Vehicle travel is much safer when it is controlled by the Artificial Intelligence and Internet of Things because humans can make errors, but machine algorithms cannot.

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