Automotive Cloud provides the infrastructure to the vehicle for monitoring, transferring data, connecting, and service networks.
According to the MarkNtel Advisors' research report, "Global Automotive Cloud Market Analysis, 2021," the market likely to grow at a CAGR of around 18% during 2021-26 due to fast-evolving consumer behavior and snowballing advances in connected, autonomous, shared, and electric (CASE) technology. The mushrooming need for 5G and IoT for vehicle connectivity, burgeoning cloud-based infotainment systems deployment in premium vehicles, and increasing integration of blockchain in the cloud are driving the automotive cloud market growth in the forecast period.
Besides, growing awareness of cloud benefits in the auto industry, including cost-efficiency, high scalability & reliability, and surging inclination of customers toward connected cars, are increasing the demand for automotive cloud. Moreover, augmenting e-mobility and emerging digitalization in the connected vehicle is imposing a significant influence on the market growth.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: Germany, UK, France, Italy, Others|
|Asia-Pacific: China, India, Japan, South Korea, Others|
|South America: Brazil, Others|
|Europe: GCC, South Africa, Others|
|Key Companies Profiled||Harman International, Robert Bosch GmbH, Verizon Communications, Inc., Continental AG, Denso Corporation, Sierra Wireless, Tomtom International, Ericsson AB, Airbiquity, Blackberry Limited, Visteon Corporation, Telenav, Microsoft, Amazon Web Services, Inc., LG Electronics, etc.|
|Unit Denominations||USD Million/Billion|
Infotainment Witnessing Robust Growth
Based on the Application, the Infotainment segment is likely to witness robust growth in the Global Automotive Cloud market in the forecast period. Infotainment means information and entertainment. The system enhances passenger experience by providing applications for navigation & music, informational purpose, and weather & road conditions for a safe & pleasant driving experience. The rising deployment of technologies like Bluetooth connectivity, USB, and growing advancement in multimedia-enabled infotainment systems, such as touchscreen, Heads-up display, smartphone pairing, etc., is fueling the segment growth.
Besides, the launch of innovative infotainment systems, which connect with automotive technologies, such as smartphones, sensors, and telematics devices, enhance safety and ensure a productive driving experience. Moreover, the rising demand for luxury vehicles and the increasing focus of automakers on energy vehicles are likely to boost the Global Automotive Cloud market in the forecast period, reveals MarkNtel Advisors in their research report, "Global Automotive Cloud Market Analysis, 2021."
Passenger Vehicles Accounted for the Largest Market Share
Based on Vehicle Type, Passenger Vehicle accounted for the largest market share in the Global Automotive Cloud market in 2019 owing to robust growing passenger vehicle sales. The burgeoning deployment of advanced technologies to improve customer experience and reduce road accidents and the surging collaboration between companies and automotive OEMs for developing automated driving functions for passenger cars are factors driving the demand for the automotive cloud in the passenger segment.
Moreover, mounting demand for connected vehicles & autonomous driving and increased shared mobility due to the burgeoning emergence of ride-sharing companies in countries like China, India, Australia, and South Korea are factors strongly contributing to the market growth in coming years.