The Global Automotive Cloud Based Solutions Market was worth US$ 55.31 billion in 2022 and is anticipated to reach a valuation of US$ 131.32 billion by 2028 and is predicted to register a CAGR of 18.88% during 2023-2028.
The technological developments are expanding to almost all industrial verticals, in particular, for the automotive industry. The cloud-based solutions are supposed to play a prominent role in this sector in the outlook period due to the multiple advantages they offer to drivers and passengers.
Market Drivers:
The rise in demand for advanced infotainment systems, the need for advanced driver assistance systems (ADAS), telematics, in-car networking, etc., are predicted to reinforce the utilization of cloud-based services in the automobile sector substantially within the near future. The cloud-based solutions marketplace for automotive has exhibited stable growth in emerging economies like China, India, and therefore the Middle East. The increasing focus of automobile makers to integrate the latest technologies in their products has been fuelling the demand for cloud-based solutions across the globe.
The increase in population has resulted in an increased demand for more passenger vehicles, along with the need for advanced features. The rise in consumer disposable income is also acting as a supporting aspect for the expansion of the global automotive cloud-based solutions business.
Market Restraints:
Although there is an increasing demand for cloud-based services, the market is also assumed to experience certain obstacles. Nevertheless, poor network connectivity and underdeveloped cloud infrastructure can hinder market growth.
Market Recent Developments:
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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 |
18.88% |
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Segments Covered |
By Application, Service Model, Deployment Type, Vehicle Type, Electric Vehicle Type, 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 |
Airbiquity, Inc., BlackBerry Ltd., Continental AG, Delphi Automotive PLC, Denso Corporation, Ericsson AB, HARMAN International, Robert Bosch GmbH, Sierra Wireless, Inc., TomTom International BV, Trimble, Inc., Verizon Wireless, and Others. |
Market Segmentation:
By application, the fleet management system is presumed to carry the most significant share of the market. With the modernization of the fleet business and an increase in industries like car-rental services and logistics & supply chain, the utilization of fleet management applications has increased considerably. Asia Pacific nations like India and China have witnessed tremendous growth in e-commerce, which is again, a business that depends on fleet management.
By service model segmentation, the cloud-based services marketplace for managed services is estimated to experience the best growth during the outlook period. With the establishment of higher cloud infrastructure and integration of cloud based services in cars and vehicles, the demand for managed services is predicted to grow significantly. Professional services wouldn't be sufficient for handling the extensive data generated. Managed services will, therefore, be an appropriate option for various service providers.
Passenger cars are the dominating sector in the global market and are likely to expand with a notable growth rate in the next few years. Commercial vehicles are also foreseen to contribute significantly in the predicted period.
By electric vehicle type, HEV is suspected of holding the largest share of the automotive cloud-based solutions market over the prediction period. The growth in this market segment is mainly credited to the rise in penetration of hybrid electric vehicles and the subsequent surge in cloud-based services in them for improved connectivity and semi-autonomous purposes.
Market Regional Analysis:
The Global Automotive Cloud Based Solutions Market Report includes the segmentation of regions:
The North American market is projected to witness balanced growth during the foreseen period. The prevailing vehicles in North America are already equipped with advanced safety features and infotainment systems, which drive the expansion of the market. The European automotive cloud-based solutions marketplace is growing at a gentle pace as most of the vehicles are equipped with high-end entertainment and safety features. There is an increasing popularity of automotive cloud-based services among manufacturers in this area. Asia Pacific is estimated to be the fastest-growing marketplace for automotive cloud-based services during the forecast period. In Japan, Fleet Management will reach a market size of US$3.5 Billion by the end of the analysis period. As the world’s second-largest economy and therefore the new game changer in global markets, China exhibits the potential to grow at 20.1% over the subsequent few years and add approximately US$14.7 Billion in terms of opportunity for the picking by aspiring businesses and their astute leaders.
Key Players of the Market:
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