Asia Pacific Connected Vehicle Market Revenue to cross US$ 95,193.79 million by 2030

At 20.3% CAGR, Asia Pacific Connected Vehicle Market is speculated to be Worth US$ 95,193.79 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Asia Pacific connected vehicle market was valued at US$ 21,660.03 million in 2022 and is expected to reach US$ 95,193.79 million by 2030, registering a CAGR of 20.3% from 2022 to 2030. Growing advancements in connectivity technology and rising demand for driving assistance system are among the critical factors attributed to the Asia Pacific connected vehicle market expansion.

Advancements in connectivity technology fundamentally reshape the automotive landscape, and their positive impact on the connected vehicle market is notable and far-reaching. These advancements are fueling consumer demand by aligning vehicles with their increasingly connected lives. Consumers expect their cars to offer the same level of connectivity as their smartphones and smart homes. Advancements such as faster and more reliable 4G and 5G networks and enhanced onboard computing power enable a wide range of features that enhance the driving experience. Some features include real-time traffic updates, weather forecasts, seamless smartphone integration, and in-car Wi-Fi. The allure of staying connected while moving is a significant driver of consumer interest in connected vehicles, positively impacting market growth. Key players in the industry are developing and adopting technologies that provide better and more efficient vehicle connectivity. For example, in 2022, Ford Motors started using Snapdragon's 5G Modem-RF in its pick-up trucks. In the same year, Qualcomm introduced its digital chassis-connected car technologies. Digital Chassis is collection of cloud platforms for vehicle telematics, digital cockpit and advance driver assistance system.

On the contrary, data privacy and security concerns hurdle the growth of Asia Pacific connected vehicle market.

Based on technology, the Asia Pacific connected vehicle market is categorized into 5G, 4G/LTE, and 3G & 2G. The 4G/LTE segment held 75.6% market share in 2022, amassing US$ 16,375.24 million. It is projected to garner US$ 41,903.76 million by 2030 to expand at 12.5% CAGR during 2022-2030.

In terms of connectivity, the Asia Pacific connected vehicle market is categorized into integrated, tethered, and embedded. The integrated segment held 46.8% share of Asia Pacific connected vehicle market in 2022, amassing US$ 10,144.31 million. It is projected to garner US$ 48,015.47 million by 2030 to expand at 21.4% CAGR during 2022-2030.

By application, the Asia Pacific connected vehicle market is categorized into telematics, infotainment, driving assistance, and others. The infotainment segment held 35.7% share of Asia Pacific connected vehicle market in 2022, amassing US$ 7,727.87 million. It is projected to garner US$ 32,806.10 million by 2030 to expand at 19.8% CAGR during 2022-2030.

Based on country, the Asia Pacific connected vehicle market has been categorized into the Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 51.8% share of Asia Pacific connected vehicle market in 2022. It was assessed at US$ 11,228.65 million in 2022 and is likely to hit US$ 47,636.84 million by 2030, exhibiting a CAGR of 19.8% during 2022-2030.

Key players operating in the Asia Pacific connected vehicle market are AT&T, Audi AG, Bayerische Motoren Werke AG, Continental AG, Denso, General Motors Co, Harman International Industries Inc, Robert Bosch GmbH, Visteon Corp, and Vodafone Group Plc, among others.