New York, June 19, 2023 (GLOBE NEWSWIRE) -- The connected vehicle cloud market revenue was estimated at US$ 42.7 billion in 2022. It is anticipated to surge at a CAGR of 13.3 % over the forecast period 2023 to 2033, according to a recently published Persistence Market Research (PMR) report.
By 2033, connected vehicle cloud industry is expected to reach a valuation of US$ 170.8 billion. Connected vehicle cloud through embedded connectivity is set to dominate the market with a projected CAGR of 12.7% through 2033.
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Rising Demand for Connected Vehicle Cloud used in EVs is Projected to Bode Well for the Market
The connected vehicle cloud is a centralized platform for gathering, processing, and managing vehicle-related data, enabling several connected services and applications.
The linked vehicle cloud makes use of advanced communication technologies such as high-bandwidth cellular networks and the Internet of Things (IoT) to establish a dependable and secure connection between automobiles and cloud infrastructure.
Electric cars (EVs) are efficiently utilizing connected vehicle cloud technologies to improve functionality, efficiency, and user experience. The cloud-based architecture allows for real-time data collecting and processing, which enables features like range optimization, charging management, and battery health monitoring. Through the connected vehicle cloud, EV owners can obtain recommendations for efficient routes, charging station availability, and predictive charging schedules.
A cloud-connected vehicle also allows for energy management and grid connectivity. EVs can engage in demand response programs and vehicle-to-grid (V2G) applications, helping to maintain grid stability and integrate renewable energy.
The cloud platform allows EVs and the power grid to communicate bidirectionally, providing features like peak shaving and load balancing. It also promotes environmentally friendly driving by making personalized recommendations for energy-efficient driving practices based on real-time data on driving patterns and environmental circumstances.
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The key players in the market include 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.
Key Takeaways from the Market Report:
- The connected vehicle cloud system used in embedded connectivity is projected to surge at a CAGR of 12.7% from 2023 to 2033.
- 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.
- The market in the United States is expected to grow at a CAGR of 13.2 % by 2033.
- The market in the United Kingdom is projected to grow at a CAGR of 13.1 % by 2033.
- The connected vehicle cloud market in China is expected to surge to US$ 39.8 billion with an absolute dollar opportunity of US$ 28.3 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.
“Increased production of vehicles with ADAS features is projected to drive market demand. Augmented passenger comfort and safety awareness and government regulations mandating security features are likely to further drive adoption of advanced, network-based technologies like cloud connectivity. Besides, increasing acceptance of self-driving and EVs would keep propelling market growth through 2033.” - says a lead analyst at PMR
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Competitive Analysis:
The key market players are investing heavily in expanding their presence in several segments around the world. Leading manufacturers are directing collaboration, mergers and acquisitions, and product and service development to augment their market position.
For instance:
- In June 2022, PATEO Corporation and Qualcomm Technologies, Inc. expanded their association to support vehicle intellect, service-oriented architecture (SOA), smart car connectivity, intelligent cockpit, and multi-domain synthesis based on central to develop a solution to the controller.
- In July 2021, Magna International Inc. acquired security technology giant Veoneer Inc. Magna International Co., Ltd. entered into a conclusive merger agreement with Veoneer Inc. With this acquisition, Magna sought to strengthen and expand its ADAS portfolio and business position.
More Insights Available
Persistence Market Research (PMR), in its new offering, presents an unbiased analysis of the connected vehicle cloud industry presenting historical data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study reveals segments segmented connected vehicle cloud market segmented in terms of deployment method (private cloud, public cloud, hybrid cloud), product types (embedded connectivity, integrated connectivity, tethered connectivity), service type (vehicle management, infotainment services, safety and security services, driver assistance services), vehicle type (passenger and commercial) and region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) from 2023 to 2033.
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About the Automotive Division at Persistence Market Research (PMR)
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With a library of over a thousand research and 1 million+ data points, the team has spent over a decade analyzing the technology business across 50+ countries. From start to end, the company provides unrivaled research and consulting services. Please get in touch with us to see how we can help.
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