Market Size of Asia Pacific Internet Of Cars Industry
| 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 |
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Asia Pacific 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.
