Introduction of Connected Car M2M Connections and Services
Vehicles with internet connectivity and the capacity to interface with other equipment, networks, and services are called connected cars. This connectivity allows functions and services that improve safety and the driving experience and provide entertainment. At the heart of this technology are M2M connections, which let cars talk to each other with the infrastructure and the cloud. Huge volumes of data on driving patterns, auto diagnostics, and ambient factors are produced by connected cars. Automakers and service providers can utilize this information to analyze vehicle performance, pinpoint maintenance issues, and create more specialized services.
These improvements make it possible for businesses to offer more tailored products and services, which drives the growth of the market for connected car M2M connections and services.
For instance, Payment24, a top fuel management and payment solutions provider, introduced a smart refueling solution for connected cars with biometric characteristics in June 2021. The module permits automated fuel approval and payment withdrawal as the registered car approaches the fueling station. The service is expected to significantly lower fuel fraud and waste.
What Main Trends Affect the Connected Car M2M Connections and Services Market?
- An increase in Global Car Sales Drives Market Growth
A rise in worldwide car sales directly and significantly impacts the growth of the connected car M2M connections and services market. The market opportunity for connected services and solutions will grow as more automobiles with connected technologies are sold. The number of cars that can be outfitted with connected technology is increasing due to rising car sales. This increases the market for connected car services like entertainment, navigation, safety features, remote diagnostics, and more.
By 2040, there will be a huge increase in EV sales, from around 2 million in 2020 to about 73 million. Meanwhile, it’s predicted that EV sales will increase from 2% of all automobile sales to 61% during that time. In many developed nations, the percentage of EV sales is expected to reach considerably over 80%.
New automobile purchasers want their vehicles to be outfitted with the newest technology as they acclimate to digital lifestyles. This covers functions like remote control, smartphone integration, and the availability of several connected services. Owners of older automobiles may upgrade them with aftermarket connected car technologies in addition to purchasing new cars. This is especially true as more people become aware of these services and look for ways to improve the capabilities of their current automobiles.
The Factors are Hindering the Connected Car M2M Connections and Services Market Growth
- High Cost of Such Systems and Failures of Systems to Hinder Market Growth
The connected cars M2M connections and services industry may experience slow growth due to the high cost of connected car systems and the possibility of system breakdowns. Developing and integrating hardware, software, sensors, and communication technologies are only a few costs associated with implementing connected car systems. The cost of manufacturing connected automobiles, as well as the availability of affordable aftermarket upgrades for pre-existing vehicles, may be impacted by these costs. Particularly in price-sensitive areas, the hefty initial expenses may discourage some buyers from utilizing connected automobile capabilities.
Impact Of COVID-19 on the Connected Car M2M Connections and Services Market
The COVID-19 pandemic had a major impact on several industries, including the car industry and the market for M2M connections and services for connected cars. The epidemic hampered global supply chains, lacking the resources needed for connected automobile technologies, including electrical components. This might have impacted the development and use of connected car systems. The pandemic spurred the adoption of digital technologies in various sectors of the economy. This might have facilitated a quicker adoption of connected car solutions in several facets of people’s lives, including contactless payments, online reservations, and remote control of vehicle features.
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Top Companies Market Share in Connected Car M2M Connections and Services Market Report 2023 Industry: (In no particular order of Rank)
- Harman International
- Intel
- Audi
- Bosch
- Bell Mobility
- Delphi Automotive
- Autonet Mobile
- AT&T
- Tech Mahindra
- Ericsson
- Broadcom
- Mercedes-Benz
- Alcatel-Lucent
- NXP Semiconductors
- HERE
- Apple
- Daimler
- BMW
- Toyota
- Aeris
- Axway
- PSA Peugeot Citroen
- Verizon Telematics
- Hyundai Motors
- CalAmp
- Volkswagen
- Ford Motor Company
- Wipro
- Gemalto
- Sierra Wireless
- Qualcomm
- IBM
- Alpine Electronics
- Airbiquity
- General Motors
Competitive Landscape of Connected Car M2m Connections And Services Market
The global connected car M2M connections and services research report provides a complete competition landscape to provide readers with a thorough market overview. This research section offers in-depth information on major market participants based on several criteria, including company profile, portfolio analysis, business strategies, financial performance, regional presence, and recent developments. Information on the crucial tactics the biggest market participants used will also be included.
May 2022: LEVC (London Electric Vehicle Company) announced a new agreement with Geotab, the world leader in IoT and connected transportation, to provide cutting-edge fleet management technologies on its class-leading electric TX taxi and VN5 van.
(Source:www.geotab.com/uk/press-release/levc/)
February 2021: Ford Motors and Google agreed to a strategic alliance to create connected car service applications. The connected car business at Ford Motors is improved by this partnership.
Connected Car M2M Connections and Services Market Report 2023 Analysis
Global Connected Car M2M Connections and Services Market Report 2023 talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Connected Car M2M Connections and Services Market Report 2023 Industry growth. Connected Car M2M Connections and Services Market Report 2023 has been segmented with the help of its Product Types, Application , and others. Connected Car M2M Connections and Services Market Report 2023 analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
By Product Types, the Integrated Solutions Segment Lead the Connected Car M2M Connections and Services Market
According to Cognitive Market Research, the integrated solutions category is anticipated to dominate the connected car M2M connections and services market. Integrated vehicle connectivity solutions to establish a smooth and complete connected car environment, M2M connections and services combine various technologies, software platforms, and services. These solutions provide various advantages for car owners, manufacturers, service providers, and other stakeholders, allowing vehicles to connect, backend systems, and infrastructure.
Tethered solutions category is expected to be the fastest-growing connected car M2M connections and services market segment. Tethered solutions can offer cellular modem-connected in-car Wi-Fi hotspots by connecting them to the car’s system. As a result, passengers can use the vehicle’s network to connect their gadgets to the internet.
- Integrated Solutions
- Tethered Solutions
By Application, the Infotainment Segment Dominated the Connected Car M2M Connections and Services Market
According to Cognitive Market Research, the infotainment category is expected to dominate the connected car M2M connections and services market. The automotive industry has changed, especially in infotainment, due to connected car M2M connections and services. Vehicles can communicate with infrastructure, backend systems, and other vehicles using M2M technology to deliver various services and functionality. Connected automobile infotainment systems may provide real-time traffic updates and navigation.
The vehicle management category is expected to be the fastest-growing connected car M2M connections and services market segment. Due to their ability to provide real-time communication between vehicles and backend systems, connected car M2M connections and services are essential for vehicle management. The monitoring, regulation, and optimization of different areas of vehicle management are all made possible due to this communication.
- Infotainment
- Driver Assistance
- Vehicle Management
- On-Drive Management
- Others
The North America Connected Car M2M Connections and Services Market Account for the Largest Share of Global Market
According to Cognitive Market Research, North America represented a significant market share. The rollout of 5G networks was anticipated to have a big influence on the connected car market in North America. To enable real-time data sharing between vehicles, infrastructure, and backend systems, 5G delivers quicker and more dependable connections. This facilitates cutting-edge functions like better navigation, V2X (vehicle-to-everything) connection, and more engaging infotainment experiences. Over-the-air (OTA) updates have become a crucial component of connected car services in North America. Automakers used OTA technology to remotely update the vehicle software, correct defects, and add new features to eliminate the need for in-person dealership visits.
It expected that the United States Connected Car M2M Connections and Services Market Would Grow the Fastest in North America
Connected cars helped control traffic, ease congestion, and improve general urban mobility in the United States, leading to the development of smart cities. Integrating connected vehicles with smart city infrastructure made collaboration between the automotive and technology sectors possible. The changing connected automobile scene in the United States presented partnership prospects between automakers, tech firms, and start-ups. Innovative ideas may develop and be adopted more quickly through collaborative efforts.
The Major Factors for the Fastest Growth of Connected Car M2M Connections and Services in the Asia-Pacific Region in the Upcoming Years
The Asia-Pacific region offers a strong basis for connected car services due to the widespread use of smartphones and high mobile connectivity rates. A key factor is the seamless integration of mobile devices and cars. Regional regulatory agencies are introducing regulations and standards for car safety and emissions. Automakers can comply with these rules and lessen their environmental impact using connected car technologies. More customers are looking for environmentally friendly transit solutions as environmental concerns increase. Electric and hybrid connected cars, in particular, offer a more environmentally friendly option.
