Automotive Cloud Market size was over USD 29.05 billion in 2023 and is projected to reach USD 186.99 billion by the end of 2036, growing at around 15.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of automotive cloud is assessed at USD 32.63 billion.
Cloud computing has enormous scope in the forthcoming years leading to safer vehicles. The automobile manufacturers have opted latest technology and took innovation to offer best-in-class facilities to customers. Another important aspect of cloud computing in the automotive industry is the adoption of green technology. The automotive industry is constantly encountering environmental issues, and today's consumers are aware and finding alternative forms of transportation. With the cloud's help, vehicles can embrace green technology for efficient driving and reduce CO2 emissions. Cloud computing develops the required systems and processes to build and design electric vehicles. It results in lower costs in inventory planning, replenishment, forecasting, and transport scheduling and optimization.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
15.4% |
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Base Year Market Size (2023) |
USD 29.05 billion |
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Forecast Year Market Size (2036) |
USD 186.99 billion |
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Regional Scope |
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The automotive cloud market is segmented on application into fleet management, infotainment systems, telematics, over the air updates, ADAS, and others, out of which the fleet management segment is anticipated to grab the largest share by the end of 2022. Due to the growing businesses such as car-rental services and logistics & supply chain, fleet management applications have increased considerably, leading to the growth of the segment during the forecast period.
On the basis of the service model, the managed services segment in the global automotive cloud market are projected to grow with a significant CAGR over the forecast period. The growth of the segment is due to higher cloud infrastructure and integration of cloud-based services in cars and vehicles.
Our in-depth analysis of the global automotive cloud market includes the following segments
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By Application |
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By Electric Vehicle Type |
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By Vehicle Type |
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By Service Model
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By Deployment
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APAC Market Statistics
Geographically, the automotive cloud market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. Asia Pacific industry is estimated to account for largest revenue share by 2036, as government have mandated fleet vehicles to have telematics systems and pre-installed satellite positioning so as to enhance fuel economy and vehicle wear. In addition to this, telematics insurance is fashioning around the developing countries. Japan’s automotive industry already took an initiative to tie up with insurance company.
Europe Market Analysis
The automotive cloud-based solutions in Europe are growing at a gentle pace due to the vehicles in the region are equipped with high-end entertainment and safety features. Another driving factor is increasing popularity of connected cars among consumer due to the offerings like remote anti-theft alarms.
Author Credits: Saima Khursheed
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