Report : South & Central America Connected Vehicle Market Forecast to 2030 - Regional Analysis - by Technology (5G, 4G/LTE, and 3G & 2G), Connectivity (Integrated, Tethered, and Embedded), and Application (Telematics, Infotainment, Driving assistance, and Others)
At 19.6% CAGR, South & Central America Connected Vehicle Market is Speculated to be Worth US$ 13,356.81 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the South & Central America connected vehicle market was valued at US$ 3,190.56 million in 2022 and is expected to reach US$ 13,356.81 million by 2030, registering a CAGR of 19.6% from 2022 to 2030. Connected car data monetization and advancements in connectivity technology are among the critical factor attributed to the South & Central America connected vehicle market expansion.
Data monetization trends in the connected vehicle industry involve exploring innovative ways to leverage the vast amounts of data generated by connected vehicles for financial gain while also delivering value to vehicle owners and third-party stakeholders. One prominent trend is the usage-based insurance (UBI). Insurance companies increasingly use telematics data from connected vehicles to offer UBI policies. These policies calculate premiums based on real-time driving behavior, promoting safer driving habits and potentially lowering insurance costs for responsible drivers. This approach benefits consumers and allows insurers to assess risk better and set competitive pricing. Data analytics and insights services are becoming integral to the connected vehicle ecosystem. Companies monetize vehicle data by providing automakers, city planners, and advertisers with actionable insights. This data can inform infrastructure improvements, traffic management strategies, and targeted advertising campaigns. For instance, in 2021, Honda Motor started a new company that sells data produced by smart vehicles. Honda partnered with Tokyo-based company, Nightley, to study driving behavior. The information is intended to help in determining customer demands.
On the contrary, data privacy and security concerns hurdles the growth of South & Central America connected vehicle market.
Based on technology, the South & Central America connected vehicle market is categorized into 5G, 4G/LTE, and 3G & 2G. The 4G/LTE segment held 78.7% market share in 2022, amassing US$ 2,511.85 million. It is projected to garner US$ 8,946.71 million by 2030 to expand at 17.2% CAGR during 2022-2030.
In terms of connectivity, the South & Central America connected vehicle market is segmented into integrated, tethered, and embedded. The integrated segment held 39.7% share of South & Central America connected vehicle market in 2022, amassing US$ 1,262.31 million. It is projected to garner US$ 6,266.29 million by 2030 to expand at 22.1% CAGR during 2022-2030.
By application, the South & Central America connected vehicle market is categorized into telematics, infotainment, driving assistance, and others. The infotainment segment held 42.4% share of South & Central America connected vehicle market in 2022, amassing US$ 1,354.05 million. It is projected to garner US$ 5,437.51 million by 2030 to expand at 19.0% CAGR during 2022-2030.
Based on country, the South & Central America connected vehicle market has been categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 81.8% share of South & Central America connected vehicle market in 2022. It was assessed at US$ 2,609.88 million in 2022 and is likely to hit US$ 11,246.44 million by 2030, exhibiting a CAGR of 20.0% during the 2022-2030 period.
Key players operating in the South & Central America 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.
- In October 2022, Amazon Web Services and the BMW Group entered into a partnership to develop cloud software to distribute and manage data generated by connected vehicles. The software is intended to gather vehicle data from many sources in order to accelerate feature development and improve software life cycle management.
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