The Global Top 10 Automotive Technologies Market was worth US$ 161.33 billion in 2022 and is anticipated to reach a valuation of US$ 413.78 billion by 2028 and is predicted to register a CAGR of 17.15% during 2023-2028.
Market Overview:
Today's vehicles have a tamper-proof digital identity that distinguishes them from other vehicles on the network. This enables easy tracking of vehicle data for various use cases such as insurance, driver safety, predictive maintenance, and fleet management. Sharing vehicle data not only helps the individual customer but also reviews the entire mobility ecosystem. Autonomous vehicles aim to minimize the need for human drivers and appear poised to transform daily transportation. AV vehicle fleets expand the reach of last-mile deliveries, reduce downtime, and aim to make public transportation relatively safer.
The growing demand for luxury vehicles with advanced technologies is driving the market of the Top 10 Automotive Technologies. Additionally, government safety regulations have fueled the growth of automotive technologies.
Market Drivers:
The growth in the global market is attributed to the rising need for luxury vehicles and advanced features in both developed and developing economies, the changing trend for autonomous and semi-autonomous vehicles, the increasing call for cell phone-like features in automobiles, and the OEM's preference for safety and advances technologies. Safe driving has fueled the growth of the global top 10 automotive technology market.
Market Restraints:
GPS is great, but it takes away the sheer pleasure of discovering it. Getting lost is not always scary and can bring unexpected joy. The entertainment options are plentiful, but when you have Wi-Fi hotspots and the ability to stream videos, games, and movies, it's worth a road or car trip. It all takes place on separate entertainment consoles, headsets, and tilted heads staring at blue screens. Car exhaust is a serious danger to the environment and with the number of vehicles on the road, it is a serious problem.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022 – 2028 |
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Base Year |
2022 |
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Forecast Period |
2023 - 2028 |
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CAGR |
17.15% |
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Segments Covered |
By Technology, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Intvo, Udelv, V2x Network, Notraffic, Lordstown Motors, Chargex, Launch Mobility, Beam, Revitsone, Apex AI, Procon analytics, Unit8, Awayr, Apostera, Cube intelligence, DAV, 9T labs, Moi, EcoG, KonnectShift, and Others. |
Market Segmentation:
The Onboard Internet Services segment is expected to grow at the highest CAGR during the outlook period. The growth of the application of Internet services on board is influenced by factors such as the deployment of high-speed connectivity solutions such as 4G and 5G, and the increasing penetration of telecommunications services in the automotive industry. For example, companies like BMW have begun to offer a SIM card integrated with their cars to directly make calls without connecting the mobile to the automobiles.
Market Regional Analysis:
The Global Top 10 Automotive Technologies Market Report includes the segmentation of regions:
The Asia Pacific region is expected to dominate the market for the top 10 automotive technologies and holds the dominant market share in terms of value during the forecast period. Asia-Pacific has made promising opportunities for the car market and innovation suppliers. Rising pay levels and fast urbanization are relied upon to help the market and lead to development in vehicle deals.
The coronavirus pandemic has led to a rapid and severe impact on the integrated automotive industry globally. Symptoms include a halt in Chinese parts exports, large-scale manufacturing disruptions in Europe, and the closure of assembly plants in the United States. This is putting intense pressure on an industry already facing a slowdown in global demand and is likely to lead to support the hike in M&A activity. However, the industry faces a headwind amid the global economic slowdown and the trade war between China and the United States. In addition, there are various other aspects at the regional level that affect the industry growth rate in a particular region. For example, factors such as the increase in GST in motor vehicles and the mandatory implementation of BS-VI engines in all vehicles are responsible for the declining growth rate of the automotive industry in India. While the market has not fully recovered from these new changes, it has been held back sharply by the recent Coronavirus outbreak. The spread of the novel COVID-19 virus around the world has forced factories to close, supply chain disruption, and workforce quarantine. Several automotive companies like Hyundai, Volkswagen AG, Toyota, and Tesla have closed their production plants for a specific period, which has had a major impact on the global auto industry. Asia-Pacific had the dominant share of the global automobile market, and China had about a third of the world's automobile consumption. In addition to China, economies such as India, South Korea, and Japan are also influencing the growth of the auto industry in the Asia-Pacific region. North America and Europe are also home to various automotive companies that contribute significantly to the global automotive industry. However, the recent COVID-19 outbreak has severely affected the automotive industry around the world. China has one of the worst impacts of this virus, as the country was the origin of this pandemic. Several areas in China, including Wuhan and Hubei, that supply about 60% of China's motor vehicle production demand, have been quarantined. This has caused a disruption in the supply chain in the whole world.
Market Key Players:
Market Recent Developments:
Frequently Asked Questions
The Global Top 10 Automotive Technologies Market is expected to grow with a CAGR of 17.15% between 2023-2028.
The Global Top 10 Automotive Technologies Market size is expected to reach a revised size of US$ 413.78 billion by 2028.
Intvo, Udelv, and V2x Network are the three Top 10 Automotive Technologies Market key players.
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