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Car as a Connected Living Ecosystem worth USD 1.5 trillion by 2035

Car as a Connected Living Ecosystem worth USD 1.5 trillion by 2035

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Car as a Connected Living Ecosystem worth USD 1.5 trillion by 2035

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  1. Car as a Connected Living Ecosystem worth USD 1.5 trillion by 2035 | MarketsandMarkets NEWS PROVIDED BY MarketsandMarkets May 09, 2024, 06:30 ET  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.  MarketsandMarkets Logo Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp? id=32781103 

  2. Car as a Connected Living Ecosystem Scope: Report Coverage Details Market Revenue in USD 8 billion 2023 Estimated Value by USD 1.5 trillion 2035 Growth Rate Poised to grow at a CAGR of 54.5% Market Size Available 2023–2035 for Forecast Period 2024–2035 Forecast Units Value (USD Billion - Trillion) Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends Connected Living (through the car) Market by Segments – In-car connectivity, Connected Energy, Connected Aftermarket, Segments Covered Connected Health, and other Geographies Covered Global Report Highlights Updated financial information / product portfolio of players Key Market Greenfield Market Opportunities 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 ?eet 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 o?ered by our smartphones today and even more, o?ering 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, o?er 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. 

  3. The wider ecosystem of connected car o?ers 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 o?er 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, o?ering 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. Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp? id=32781103  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 o?er vary levels of connectivity solutions through the car. Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=32781103  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 Arti?cial 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 Bene?ts of Buying the Report: 

  4. 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 (?rst 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 Diversi?cation: 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 o?erings. Get access to the latest updates on Car as a Connected Living Ecosystem Industry Growth Related Reports: 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 About MarketsandMarkets™: 

  5. MarketsandMarkets™ has been recognized as one of America's best management consulting ?rms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine o?ering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us pro?cient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting ?rms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to- Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To ?nd out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: sales@marketsandmarkets.com 

  6. Visit Our Website: https://www.marketsandmarkets.com/ Content Source: https://www.marketsandmarkets.com/PressReleases/car-as-a-connected-living- ecosystem.asp Logo: https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg SOURCE MarketsandMarkets 

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