PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515547
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515547
Car Generated Data Market size was valued at USD 2,145.23 million in 2023, expanding at a CAGR of 19.8% from 2024 to 2032.
Car Generated Data is the data produced by autonomous and semi-autonomous cars. Original equipment manufacturers (OEMs) are putting premium connectivity into automobiles in response to growing safety concerns and demand for comfort features. Users can now access cutting-edge capabilities such as online payments, automobile tracking, vehicle diagnostics, and navigation because the vehicles now have server/internet connections.
Car-Generated Data Market- Market Dynamics
Rising Penetration of Connected Vehicles is Contributing to the Market
Connected vehicles provide a high demand for car-generated data, which highlights the market's growth. Connected cars collect and send data on the vehicle's state and driving behavior using a variety of onboard sensors and communication technologies. Connected vehicles generate massive amounts of data that may be monitored, analyzed, and used for a variety of purposes, including predictive maintenance and the delivery of highly tailored services that increase safety features. This linked technology in vehicles will not only improve the driving experience but will also offer up numerous potentials for exploiting data-driven insights to improve operational efficiency, safety, and overall vehicle performance in the automotive sector on a multidimensional scale. For instance, Statista estimates that the global market for connected cars will be worth USD 65 billion in 2023, up from USD 56 billion in 2022. Furthermore, it is expected to expand to approximately USD 121 billion by 2032.
Car Generated Data Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 19.8% over the forecast period (2024-2032)
Based on Application segmentation, Technical Sensor Data was predicted to show maximum market share in the year 2023
Based on Type segmentation, Predictive Analytics is the fastest growing section of the Car Generated Data Market.
Based on Fuel Type segmentation, Battery Electric Vehicle (BEV) was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Car Generated Data Market is segmented based on Application, Type, Fuel Type, Level of Autonomous, and Region.
The market is divided into seven categories based on Application: Advance Driver Assisted System (ADAS), Human Machine Interface Data (HMI), Technical Sensor Data, Infotainment Data, Infrastructure Data, Diagnostic Data, and Others. Technical Sensor Data is the dominant segment of the Car Generated Data Market. Technical sensor data is information acquired from numerous sensors fitted in automobiles that monitor and collect data on vehicle performance, ambient conditions, and other essential characteristics. This information is critical for advanced analytics, predictive maintenance, and improving vehicle operations.
The market is divided into three categories based on Type: Descriptive Analytics, Predictive Analytics and Prescriptive Analytics. Predictive Analytics is the fastest-growing section of the Car Generated Data Market. Predictive Analytics uses historical data, statistical algorithms, and machine learning approaches to predict future events based on data patterns and trends. Predictive analytics is critical in the automotive sector for projecting maintenance requirements, optimizing vehicle performance, predicting future breakdowns, and increasing overall operating efficiency.
Car Generated Data Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America dominated the market in terms of revenue due to the dominance of major industry participants as well as the region's increased acceptance and development of autonomous and semi-autonomous Global Car Generated Data Market vehicles.
Asia Pacific is predicted to develop at the fastest CAGR during the forecast period, owing to factors such as the region's expanding automotive sector and increased penetration of connected vehicles.
In the competitive landscape of the Car Generated Data Market, a variety of companies and technology organizations are actively creating and supplying innovative solutions for using vehicle data. Key market companies include Drust, Sight Machine, ZenDrive, PitStop, CARFIT, and Tourmaline Labs. These companies compete by providing data-driven insights, predictive analytics, and solutions that enable the optimal use of car-generated data for a variety of purposes, including predictive maintenance, driver behavior monitoring, and improved vehicle performance.
In January 2023, Stellantis announced the launch of a new business unit committed to converting all of that vehicle data into marketable products. This new business unit, Mobilisights, is expected to produce USD 21.74 billion in yearly revenue from software-related services by the end of the decade.
GLOBAL CAR GENERATED DATA MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Drust
Sight Machine
ZenDrive
PitStop
CARFIT
Tourmaline Labs
Clairvoyant
Air
Zene
Caffeine
Others