Growing Demand For Connected Cars To Drive The Growth Of Automotive Cloud Market

Automotive Cloud Market


The global Automotive Cloud Market is estimated to be valued at US$ 24.16 Bn or Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The automotive cloud market involves integration of cloud computing technology in vehicles. It helps connect vehicles to wireless network systems and provides over-the-air software updates and diagnostics services to enhance user experience. Automotive cloud enables various applications such as entertainment, fleet management, navigation, and remote access services. It helps manage vehicle performance, improve fuel efficiency, enhance user safety, and reduce CO2 emissions. The growing demand for connected vehicles is expected to drive the growth of automotive cloud market during the forecast period.

Market key trends:
One of the major trends in the automotive cloud market is the increasing adoption of advanced technologies such as artificial intelligence, 5G connectivity, and electric vehicles. AI-enabled cloud services are being used for applications like predictive maintenance, self-driving technologies, and personalized in-vehicle experiences. The emergence of 5G technology will boost cloud connectivity in vehicles. Moreover, cloud services are also being adopted for fleet management of electric vehicles. Cloud-based fleet management solutions help track battery usage, view charging station locations, and monitor driver behavior. This is expected to significantly contribute to the automotive cloud market expansion over the forecast period.
Porter’s Analysis

Threat of new entrants: The automotive cloud market requires high R&D investment and established distribution networks. This poses significant barriers for new companies to enter the market.

Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of several vendors providing automotive cloud solutions. However, switching costs are relatively high.

Bargaining power of suppliers: Major technology players like Microsoft, Amazon Web Services etc act as prominent suppliers with significant bargaining power over pricing and new technologies.

Threat of new substitutes: There are currently no direct substitutes for automotive cloud services. However, advances in 5G and edge computing can emerge as potential threats.

Competitive rivalry: The global automotive cloud market is moderately competitive due to the presence of major players. Players compete based on technological innovations, service portfolios and pricing.

Key Takeaways

The Global Automotive Cloud Market Demand is expected to witness high growth, exhibiting CAGR of 18% over the forecast period, due to increasing connectivity in vehicles and demand for advanced mobility services.

North America is expected to dominate the global automotive cloud market during the forecast period. This is attributed to the presence of major automotive cloud companies and early adoption of advanced technologies in the region.

Key players operating in the automotive cloud market are Airbiquity, Amazon, Bosch, CloudMade, Connexion, Continental, Denso, Ericsson AB, Harman, Intellias, LG Electronics, Microsoft, Sierra Wireless, Telenav, and Verizon. These players are focusing on new product development and partnerships to gain market share.

Read More:

Comments

Post a Comment

Popular posts from this blog

Cellulose Films is the largest segment driving the growth of Cellulose Plastics Market

Image
  Cellulose Plastics Market The global Cellulose Plastics Market is estimated to be valued at US$ 819.69 Mn or Million in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030 , as highlighted in a new report published by Coherent Market Insights. Market Overview: Cellulose plastics are bioplastics made from cellulose, one of the most abundant organic polymer on Earth. They are produced from plant materials like wood and agricultural residues. Cellulose plastics offer advantages like biodegradability, recyclability and sustainability. They are widely used in agriculture films, food packaging and textiles. Market key trends: One of the key trend in the cellulose plastics market is growing demand for biodegradable and sustainable packaging solutions. Rising environmental concerns regarding widespread use of conventional plastics is driving the demand for eco-friendly cellulose plastics. Strict government regulations prohibiting use of single use plast
Read more

Electronic Warfare Market Poised to Witness High Growth Owing to Increasing Usage of EW Systems Across Military and Defense Sectors

Image
Electronic Warfare Market Electronic warfare (EW) systems are used for detecting, deceiving or damaging enemy’s communication and radar systems. It involves deliberate emission or suppression of electromagnetic energy to maintain information dominance. EW systems find wide applications across military, including land, sea, air and space operations for counteracting threats from armed forces of other nations. The need for situational awareness and gaining tactical advantage over opponents has catalyzed demand from armed forces globally. The global electronic warfare market is estimated to be valued at US$ 18.45 Bn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024 to 2031.  Key players operating in the electronic warfare market are BAE Systems plc, Elbit Systems Ltd., General Dynamics Corporation, Israel Aerospace Industries Ltd., L3Harris Technologies Inc., Leonardo SpA, Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Technologies Corpor
Read more

Eyewear Market Is Estimated To Witness High Growth Owing To the Growing Demand for Prescription Eyewear

Image
  Eyewear Market The global Eyewear Market is estimated to be valued at US$ 273.4 billion in 2018 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023-2030 , as highlighted in a new report published by Coherent Market Insights. Market Overview: The Eyewear Market includes products such as prescription glasses, contact lenses, and sunglasses. These products offer vision correction and protection from harmful ultraviolet (UV) rays. The increasing prevalence of eye disorders and the growing awareness about the importance of eye health are driving the demand for eyewear products. Furthermore, the rising use of digital devices and exposure to blue light is also contributing to the need for prescription eyewear to reduce eye strain and prevent vision problems. Market Key Trends: One key trend in the Eyewear Market is the increasing demand for fashionable and luxury eyewear. Consumers are not only seeking vision correction but also looking for eyewear that complements
Read more