APAC Internet of Cars Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 42.24 Billion |
| Market Size (2029) | USD 125.89 Billion |
| CAGR (2024 - 2029) | 24.41 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
APAC Internet of Cars Market Analysis
The Asia Pacific Internet Of Cars Market size is estimated at USD 42.24 billion in 2024, and is expected to reach USD 125.89 billion by 2029, growing at a CAGR of 24.41% during the forecast period (2024-2029).
Vehicles nowadays are outfitted with a variety of electronics and technology. However, considerable technical advancements over the last decade have resulted in connected cars being used, and this trend is projected to continue.
- Connected cars can detect potential dangers and relay this information to other vehicles in the area, reducing the risk of accidents. As they offer access to an wide range of online services, such as live traffic updates, weather forecasts, and real-time GPS navigation. Connected cars can process data from various sources to enable autonomous driving. This can significantly reduce accidents and make driving safer. They may also analyse driving patterns and provide feedback on fuel efficiency improvement to the driver, which would lead to savings of costs and reduced ecological impacts.
- The growing need for safer, more efficient, and convenient driving experiences and government measures to reduce the frequency of road accidents are key drivers driving demand for the Internet of cars market.
- One of the critical causes driving demand for IoV (Internet of Vehicles) around the Asia Pacific is the increasing sales of autonomous vehicles (AVs) and growing awareness of their benefits. Furthermore, the increased emphasis on driver and passenger safety due to the growing number of fatal road accidents is fueling demand for IoV to reduce the severity of injuries and collisions with other cars.
- Vehicle components such as the steering wheel, brakes, GPS, accelerator, and alarms can be remotely accessed, and a successful breach or hack can result in fatalities. Such factors are a few factors restraining the growth of the market.
- The pandemic situation created major impact of the customer’s financial incomes as people are now looking to complete needs rather than going after wants and desires such as buying a connected car.
APAC Internet of Cars Market Trends
New Technologies like 5G, Big Data Solutions, and AI to Boost the Demand for Internet-Enabled Cars
- The connected cars and related IoT features in automobiles are gaining popularity among the audience. Brands are adding new features to existing and expected models for enhanced user experience, convenience, and safety. But this also demands better connectivity for these features to perform as they desire. Hence, Asia Pacific, as a growing technology hub, is also witnessing telecom providers offering network and integrated solutions.
- For instance, Vodafone Idea provides Vi Smart Mobility in India, offering fully-integrated, connected car solutions for automotive OEMs. The company continues to provide the same in the region. The connected features in cars require fast and consistent internet. The introduction of 5G will bolster the overall growth of the market.
- The expected number of subscriptions will likely encourage the network providers to upgrade the existing facilities and infrastructure to facilitate the demand for 5G, IoT systems, both protective and regularly functioning, to receive the necessary network support. The high-speed internet would allow faster response time, increasing the effectiveness of in-car internet-driven features.
- According to the Mobile Economy 2023 report by the GSMA, 5G adoption will grow across Asia-Pacific, with more than 93% Percentage 5G connections, by 2030. This also encourages the automakers to install the existing and upcoming vehicles with compatible 5G bandwidths in respective markets for future-ready products.
- The increasing use of sensors and data technologies makes AI essential for quick and precise decision-making. Some automobiles use AI for Level 3 autonomous driving, but for the automotive industry to reach Level 5, significant enhancements must be made to the cars and infrastructure in Asia Pacific countries.
China Will Hold A Significant Market Share
- Owing to the increase in the connectivity features of the latest car models, China is likely to lead the market in the Asia-Pacific. As China's domestic market grows, In addition to securing industry investment, a dedicated Industrial Strategy and support from the Central Government, it will shape future connected vehicle sectors with higher technical advantages in ICT, data processing and platform services.
- The automotive market is a significant and rapidly growing segment within the automotive industry. With the increasing adoption of connected technologies and the (IoT), the automotive sector in region has witnessed significant advancements and opportunities for innovation.
- According to CAAM, In August 2023, approximately 2.3 million passenger cars and 310,000 commercial vehicles were sold in China, an increase compared to the previous month.
- The increasing adoption of the electric vehicles aross China indicates people's readiness to adopt new technologies. As most of the new-age electric vehicles feature connected car tech, including cloud-powered features, the rising sale of electric vehicles signifies the increasing interaction of the Chinese population with these features and technologies.
- In developing country like China, The demand for connected cars is likely to be driven by the growth of communication and information technology infrastructure, such as 5G or 4G LTE. In addition, due to the increase in safety regulations for security, protection and authorisation, the growth market will be stimulated by favourable government policies.
APAC Internet of Cars Industry Overview
The Asia-Pacific Internet of Cars market is semi-consolidated with different players. As the demand for connected systems and the Internet of Things are growing in the region, car manufacturers are trying to have an edge over their competitors by making joint ventures and partnerships and launching new products with advanced technology. This includes laying down the network foundation for the expected features and technologies to be introduced in the automotive industry.
- April 2023 - Mercedes-Benz hs announced In order to compete with Tesla and China's new entrants, the company has formed a partnership with Google on navigation as well as offering every vehicle equipped with an autonomous driving sensor performance that is computerlike.
- February 2023 - Cisco has announced it is working with Mercedes-Benz inoder to provide an optimal mobile office experience in its Benz E Class vehicles, With the intuitive features and modern luxury that Mercedes Benz and Webex customers are used to, this partnership will help people work safely, securely and comfortably in their vehicles.
APAC Internet of Cars Market Leaders
-
Cisco Systems
-
Google LLC
-
IBM
-
AT&T Communications Inc
-
Verizon Communications Inc
*Disclaimer: Major Players sorted in no particular order
APAC Internet of Cars Market News
- June 2023, Cisco and Audi has announced to enhance mobile car collaboration experiences for hybrid workers in to order meet consumer demand and provide a safe, secure and easy-to-use secure mobile collaboration experience, the Webex automotive application will be available through the in-vehicle Audi Application Store.
- May 2023, Alphabet Inc., through its subsidiary Google, introduced a number of new features and services designed for cars, including video conferencing, gaming, and YouTube. Google expanded the types of apps developers can bring to cars with Android Auto to include Internet of Things (IoT) and weather apps.
APAC Internet of Cars Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. EXECUTIVE SUMMARY
3. MARKET INSIGHTS
3.1 Market Overview
3.2 Industry Attractiveness - Porter's Five Forces Analysis
3.2.1 Bargaining Power of Suppliers
3.2.2 Bargaining Power of Buyers/Consumers
3.2.3 Threat of New Entrants
3.2.4 Threat of Substitutes
3.2.5 Intensity of Competitive Rivalry
3.3 Impact of Macro Economic Trends on the Market
3.4 Industry Policies
3.5 Technology Snapshot
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Increasing number of people connected to internet
4.1.2 Growth in adoption of Big Data solutions
4.1.3 New Technologies like 5G, Big Data Solutions, and AI to Boost the Demand for Internet-Enabled Cars
4.2 Market Restraints
4.2.1 Technology yet to become fully functional
4.2.2 Initial Costs are high
5. MARKET SEGMENTATION
5.1 By Component
5.1.1 Hardware
5.1.2 Software
5.1.3 Service
5.2 By Technology
5.2.1 Wi-FI
5.2.2 Bluetooth
5.2.3 NFC
5.2.4 Cellular
5.2.5 Other Technology Types
5.3 By Communication Equipment
5.3.1 Car-to-Car
5.3.2 Car-to-Infrastructure
5.3.3 Other Communication Equipment
5.4 By Country
5.4.1 China
5.4.2 India
5.4.3 Japan
5.4.4 South Korea
5.4.5 Rest of Aisa-Pacific
6. ASIA-PACIFIC INTERNET OF CARS MARKET - FORECAST
6.1 Asia-Pacific
6.1.1 Overview
6.1.2 Market Forecast and Analysis
6.1.3 Analyst View
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Cisco System Inc.
7.1.2 Google LLC
7.1.3 IBM Corporation
7.1.4 AT&T Inc.
7.1.5 Verizon Communications Inc.
7.1.6 Toyota Connected Asia-Pacific Limited
7.1.7 Volvo
7.1.8 Tesla Motors
7.1.9 Telefonaktiebolaget LM Ericsson
- *List Not Exhaustive
8. FUTURE OF ASIA-PACIFIC INTERNET OF CARS MARKET
APAC Internet of Cars Industry Segmentation
The Asia-Pacific Internet of Cars market report covers the current and upcoming trends with recent technological development in IoT implementations in cars. The report will analyze various market areas by vehicle, technology, connectivity, and end-user type, incorporating the use of in-car internet use for several features and use cases.
The market is segmented by components (hardware, software, service), technology (Wi-FI, bluetooth, NFC, cellular), communication equipment (car-to-car, car-to-infrastructure, and other communication equipment), country (China, India, Japan, South Korea, Rest of Aisa-Pacific). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
| By Component | |
| Hardware | |
| Software | |
| Service |
| By Technology | |
| Wi-FI | |
| Bluetooth | |
| NFC | |
| Cellular | |
| Other Technology Types |
| By Communication Equipment | |
| Car-to-Car | |
| Car-to-Infrastructure | |
| Other Communication Equipment |
| By Country | |
| China | |
| India | |
| Japan | |
| South Korea | |
| Rest of Aisa-Pacific |
APAC Internet of Cars Market Research FAQs
How big is the Asia Pacific Internet Of Cars Market?
The Asia Pacific Internet Of Cars Market size is expected to reach USD 42.24 billion in 2024 and grow at a CAGR of 24.41% to reach USD 125.89 billion by 2029.
What is the current Asia Pacific Internet Of Cars Market size?
In 2024, the Asia Pacific Internet Of Cars Market size is expected to reach USD 42.24 billion.
Who are the key players in Asia Pacific Internet Of Cars Market?
Cisco Systems, Google LLC, IBM, AT&T Communications Inc and Verizon Communications Inc are the major companies operating in the Asia Pacific Internet Of Cars Market.
What years does this Asia Pacific Internet Of Cars Market cover, and what was the market size in 2023?
In 2023, the Asia Pacific Internet Of Cars Market size was estimated at USD 31.93 billion. The report covers the Asia Pacific Internet Of Cars Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Asia Pacific Internet Of Cars Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
APAC Internet in Cars Industry Report
Statistics for the 2024 APAC Internet in Cars market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. APAC Internet in Cars analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
