CHICAGO, May 9, 2024 /PRNewswire/ -- Car as a
Connected Living Ecosystem is estimated to grow from
USD 8 billion in 2023 to more than
USD 1.5 trillion by 2035 at the CAGR
of 54.5%. according to a new report by MarketsandMarkets.
Factors such as technology developments and advanced connectivity
levels across automotive OEMs and customer perceptions &
service expectations from connected cars are driving the growth of
the car as a connected living ecosystem market. Customers,
especially the GenZ customers and customers paying a premium for
the advanced connectivity, expect to see a range of connected
features such as advanced safety, remote vehicle features,
security, car-home connectivity, and EV & energy management
services. Almost all OEMs such as Mercedes
Benz, BMW, Stellantis, VW and others are aggressively
focused on the connected car market to earn new revenue
streams.
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Car as a Connected Living Ecosystem Scope:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
USD 8
billion
|
Estimated Value by
2035
|
USD 1.5
trillion
|
Growth Rate
|
Poised to grow at a
CAGR of 54.5%
|
Market Size Available
for
|
2023–2035
|
Forecast
Period
|
2024–2035
|
Forecast
Units
|
Value (USD Billion -
Trillion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Connected Living
(through the car) Market by Segments – In-car connectivity,
Connected Energy, Connected Aftermarket, Connected Health, and
other
|
Geographies
Covered
|
Global
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Greenfield
Market
|
Key Market
Drivers
|
Advanced Technologies
& Customer Propensity to Adopt
|
The car is emerging as the new smartphone.
Connected cars have moved beyond being data generating machines
for fleet management and safety compliance. Connected cars have
emerged as the golden goose for automakers, with its ability to
drive continuous revenues across lifetime. The cars are capable of
performing almost any function that is offered by our smartphones
today and even more, offering comprehensive connected living
solutions at the touch of a button. The cars can remotely unlock,
drive and navigate themselves, save themselves from potential
hazards and security threats, manage energy requirements, offer
in-car marketplaces with integrated payment platforms, entertain
passengers, take care of their health and homes, manage work
diaries, civil responsibilities, and can integrate the physical and
virtual realm.
The In-Car Connectivity segment is expected to dominate the
digital connected living services market.
There services are expected to be available to customers at an
annual cost of $1,600 by 2035. Over
the next decade, OEMs must identify their connectivity and
subscription revenue strategy – in-car experience is expected to
earn the lion's share of revenue at 87% with health, energy, and
aftermarket developing as formidable segments. However, the key
challenge is to strike the right balance between subscription costs
and customer willingness to pay.
The wider ecosystem of connected car offers further growth
potential.
OEMs stand to gain further through developing competencies in
the wider automotive ecosystem such as energy management services
and connected insurance. Tesla, Hyundai, GM, and Ford are not just
selling EVs but the entire spectrum of services such as renewable
energy generation, energy storage, and V2G technology, required for
energy independence. Tesla, GM, and JLR are leveraging connected
vehicle data to offer connected insurance services underwritten by
insurance companies. A third revenue stream is data monetization
partnerships with various stakeholders such as cities, automotive
workshops, and others. Several other revenue streams could emerge
from a single connected car.
From being able to communicate with drivers, offering AR based
driver assist and autonomous driving systems and automatically
managed maintenance systems, to managing energy services, insurance
and healthcare through the car's ecosystem. 6G connectivity, V2X
technology, and VR repair and maintenance will change the way
customers experience the car.
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Key Market Players of Car as a Connected Living
Ecosystem Industry:
Major players in the Car as a Connected Living include
Mercedez Benz (Germany), BMW (Germany), VW (Germany), Stellantis (Netherlands), Hyundai (South Korea), Toyota (Japan), GM (USA), Ford (USA), Nio
(China), Xpeng (China). All OEMs offer vary levels of
connectivity solutions through the car.
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Car as a Connected Living Ecosystem Industry Recent
Developments:
- In January 2024, Mercedes Benz unveiled its AI powered MBUX
Virtual Assistant.
- In January 2024, Stellantis
acquired Artificial Intelligence Technologies and IP from CloudMade
for advanced connectivity features.
- In January 2024, GM introduced
OnStar connectivity features in Saudi
Arabia.
Car as a Connected Living Ecosystem Size - Key Benefits of
Buying the Report:
- The report will help the market leaders/new entrants in this
market with information on the closest approximations of the
revenue numbers for the connected living solutions.
- This report will help stakeholders understand the competitive
landscape and gain more insights to position their businesses
better and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the
market and provides them with information on key market drivers,
restraints, challenges, and
opportunities.
This report provides insights on:
- Analysis of key drivers (advanced technologies, customer
propensity to adopt), restraints (cost of technology development),
challenges (undertaking strategic partnerships), and opportunities
(first mover advantage).
- Product Development/Innovation: Detailed insights on upcoming
technologies, research & development activities, and new
product & service launches in the connected living space.
- Market Development: Comprehensive information about lucrative
markets - the report analyses the future of connected living
solutions through the car.
- Market Diversification: Exhaustive information about new
products & services, recent developments, and investments in
the connected living space.
- Competitive Assessment: Competitor benchmarking to understand
ket industry connected living service offerings.
Get access to the latest updates on Car as a Connected Living
Ecosystem Industry Growth
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Connected Car Market - Global Forecast to 2026
India Connected Car Market - Forecast to
2025
Connected Rail Market - Global forecast to
2027
Connected Motorcycle Market - Global Forecast
to 2027
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