The size of the connected car market was USD 64,061 million in 2022, and it will advance at a CAGR of 18.30% in the years to come, to reach USD 245,739 million by 2030, as stated by a market research company, P&S Intelligence.
Driver assistance service dominated the industry. This has a lot to do with the large-scale incorporation of cutting-edge driver assistance systems in automobiles, reducing the possibilities of car accidents.
Furthermore, the apprehensions of the people regarding vehicular safety are boosting the industry. Furthermore, in numerous nations, the government have made the connection of the ADAS system mandatory in all upcoming vehicle models. Key ADAS uses are pedestrian detection, automatic emergency braking, surround view, and parking assist.
The 5G category will grow at a momentous CAGR in the years to come. Many telecom enterprises are focused on the expansion of 5G connectivity for improved communication between external gadgets and connected automobiles.
The growth of the industry can be chiefly credited the increasing requirement for info in the vehicle, where 5G decreases the latency time, and increasing focus on enhancing the driver’s experience by providing real-time coverage of the traffic.
At the present time, 5G technology is used more and more in every vehicle manufacturing operation, including automated factory parking, in which vehicles are automatically moved across logistics hubs and production areas.
Moreover, 5G technology permits consumers to rapidly download files over a wireless network and offers improved voice quality, streaming media, ease in use of IM, social networks, and video calling and higher bandwidth.