South Korea Connected Cars Market Assessment, By Network [3G, 4G-LTE, 5G], By System Type [Embedded System, Tethered], By Components [Central Gateway, Head Unit, Electronic Control Unit, Telematics Control Unit, Others], By Vehicle Type [Internal Combustion Engines Vehicle, Electric/ Hybrid Vehicle], By Communication Type [Vehicle to Infrastructure, Vehicle to Vehicle, Vehicle to Pedestrian, Vehicle to Cloud], By Sales Channel [Original Equipment Manufacturer, After Market], By Application [Navigation, Safety, Entertainment], By Region, Opportunities and Forecast, 2016-2030F

The South Korea connected cars market size was valued at USD 4.1 billion in 2022 which is expected to grow to USD 9.2 billion in 2030 with a CAGR of 10.65% during the forecast period between 2023 and 2030.

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South Korea connected cars market size was valued at USD 4.1 billion in 2022, expected to reach USD 9.2 billion in 2030, with a CAGR of 10.65% for the forecast period between 2023 and 2030. The South Korean connected cars market is experiencing rapid growth and innovation due to various market drivers. Smart cars with advanced connectivity technologies enable seamless communication with external devices, networks, and infrastructure. South Korea's technological prowess and robust automotive industry have made space in the South Korean connected cars market. Demand for advanced features and connectivity in vehicles is driving the market growth, with tech-savvy consumers seeking smart and connected solutions that enhance driving experiences, demanding safety features and convenient services.

South Korea's government is driving the connected cars market through smart transportation and smart city initiatives, offering incentives and subsidies to reduce traffic congestion and improve road safety. Collaborations between automotive manufacturers and tech companies have led to advanced connected car technologies like artificial intelligence and autonomous driving. The emergence of 5G technology is set to revolutionize the market, enabling real-time data transmission, autonomous driving, predictive maintenance, and personalized services.

For instance, in January 2023, LG Uplus Corp., the third-largest mobile carrier in South Korea, agreed to provide exclusive wireless communication services to Hyundai Motor Group for its connected cars.

EVs to Boost Market's Growth

The South Korean connected cars market is poised for substantial growth, primarily propelled by the increasing adoption of electric vehicles (EVs). As the global automotive industry embraces eco-friendly solutions, EVs have garnered significant popularity due to their reduced emissions and decreased reliance on fossil fuels. EVs rely heavily on connectivity for features like remote monitoring, battery management, and over-the-air updates, so there is a burgeoning demand for connected car solutions. South Korean consumers' growing interest in EVs and enthusiasm for innovative in-car technologies are driving manufacturers to develop more advanced and interconnected vehicles. This trend offers fertile ground for expanding the connected cars market in South Korea, presenting fresh opportunities for innovation and market penetration.

For instance, in 2023, Toyota introduced its PROACE Verso M 50 kWh, a vehicle designed to offer eco-friendly and efficient transportation. It boasts a spacious and adaptable interior to accommodate both passengers and cargo. With its electric powertrain, the PROACE Verso M 50 kWh aims to deliver a sustainable and comfortable driving experience, aligning with the evolving preferences of environmentally conscious consumers.

Growing Demand for Advanced Safety Features

The market is experiencing a surging demand for innovative safety features, which is driving the widespread adoption of smart and interconnected vehicles in the South Korea market. As safety takes center stage in consumers' driving priorities, there's a growing desire for vehicles equipped with state-of-the-art safety technologies capable of accident prevention and occupant protection. Connected cars offer a comprehensive suite of safety features, including collision avoidance systems, lane departure warnings, adaptive cruise control, and automated emergency services, contributing to overall road safety enhancement.

The collaboration between connectivity and advanced safety features enables real-time data exchange, empowering vehicles to communicate with each other and infrastructure, thereby minimizing potential hazards on the road. This heightened awareness of the tangible benefits these safety technologies offer propels market growth as South Korean consumers enthusiastically embrace connected cars for a safer and more secure driving experience. The trend toward advanced safety solutions is set to continue shaping the South Korean automotive landscape, paving the way for a safer and technologically sophisticated driving future.

Growing Popularity of Infotainment and Telematics Services

The South Korean connected cars market is witnessing the growing popularity of infotainment and telematics services, driving the demand for smart and interconnected vehicles. Consumers increasingly seek in-car entertainment options and connectivity solutions to stay connected while on the move. Infotainment systems offer many features, including multimedia streaming, smartphone integration, voice control, and access to various apps and services. Furthermore, telematics services provide real-time information about the vehicle's performance, location, and diagnostics, enabling better vehicle management and maintenance.

Integrating infotainment and telematics services in cars has made them more appealing to South Korean consumers. Automotive manufacturers are now prioritizing these solutions, driving the market growth in the country. Hyundai's IONIQ 6 model, launched in 2023, offers a seamless, connected driving experience with multimedia streaming, smartphone connectivity, and voice control. Telematics services provide real-time vehicle information, diagnostics, and location tracking, aiming to provide a technologically advanced and enjoyable driving journey.

Impact of COVID-19

The pandemic significantly impacted the connected cars market in South Korea. With the outbreak, the automotive industry faced disruptions in supply chains, production slowdowns, and a decline in consumer demand. As people were confined to their homes during lockdowns, the need for personal transportation decreased, affecting the sales of connected cars. Economic uncertainties and job losses also led to decreased purchasing power, further dampening the market. However, the pandemic highlighted the importance of connected technologies in ensuring safer and more efficient transportation. As South Korea gradually recovers and adapts to the new normal, the connected cars market is expected to bounce back, driven by the growing emphasis on smart mobility solutions and the integration of advanced vehicle technologies. 

Impact of Russia-Ukraine War  

The Russia-Ukraine war has indirectly impacted the connected cars market in South Korea. The conflict has resulted in economic uncertainties and disruptions in global supply chains. South Korea, a major exporter of automotive components and vehicles, has felt the repercussions of these disruptions. The increased volatility in international markets, coupled with rising energy prices has created an atmosphere of caution and instability, affecting consumer confidence and spending patterns. As a result, the demand for connected cars in South Korea have experienced a slowdown due to the uncertain economic environment. Additionally, the war had the potential to disrupt global trade flows and increase geopolitical risks, which could further impact the market's recovery and growth in the long term.

South Korea Connected Cars Market: Report Scope

South Korea Connected Cars Market Assessment, Opportunities and Forecast, 2016-2030F” is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative & quantitative assessment of the current state of the South Korea Connected Cars Market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, COVID-19 and Russia-Ukraine war impact, opportunities, and forecast between 2023 and 2030. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business model, competitive intelligence, etc.

Report Attribute

Details

Base Year of the Analysis

2022

Historical Period

2016-2021

Forecast Period

2023-2030

Projected Growth Rate

CAGR of 10.65% between 2023 and 2030

Revenue Forecast in 2030

USD 9.2 billion

Units

Revenue in USD billion

Segments Covered

Network, System, Components, Vehicle, Communication, Sales Channel, Application

Regions Covered

Chungcheong, Gangwon, Gyeonggi, Gyeongsang, Jeolla, Jeju

Key Companies Profiled

Continental AG, BANF, Alt-a Inc., DENSO CORPORATION., Bosch Korea Ltd., ZF Friedrichshafen, BMW AG, Mercedes-Benz Group AG., NXP Semiconductors., Mazda Motors (Deutschland) G.m.b.H., Volkswagen Group, Volvo AG, Hyundai

Customization Scope

15% free report customization with purchase

Pricing and Purchase Options

Avail the customized purchase options to fulfil your precise research needs

Delivery Format

PDF and Excel through email (subject to the license purchased)

In this report, South Korea Connected Cars Market has been segmented into the following categories: 

1.       By Network

1.1.     3G

1.2.     4G-LTE

1.3.     5G

2.       By System Type

2.1.     Embedded System

2.2.     Tethered

3.       By Components

3.1.     Central Gateway

3.2.     Head Unit

3.3.     Electronic Control Unit (ECU)

3.4.     Telematics Control Unit (TCU)

3.5.     Others

4.       By Vehicle Type

4.1.     Internal Combustion Engines (ICE) Vehicle

4.2.     Electric/ Hybrid Vehicle

5.       By Communication Type

5.1.     Vehicle to Infrastructure

5.2.     Vehicle to Vehicle

5.3.     Vehicle to Pedestrian

5.4.     Vehicle to Cloud

5.5.     Others

6.       By Sales Channel

6.1.     Original Equipment Manufacturer (OEM)

6.2.     After Market

7.       By Application

7.1.     Navigation

7.2.     Safety

7.3.     Entertainment

8.       By Region

8.1.    Chungcheong

8.2.    Gangwon

8.3.    Gyeonggi

8.4.    Gyeongsang

8.5.    Jeolla

8.6.    Jeju

Key Players Landscape and Outlook

The leading companies invest in research and development to expand their product offerings and maintain a competitive advantage. Additionally, they are forming strategic partnerships with technology and telecommunications firms to drive the development of innovative connected car solutions. The South Korean connected cars market is set to experience significant growth in the coming years, fueled by the growing demand for advanced connectivity features. Moreover, the increasing popularity of electric vehicles, which rely on strong connectivity capabilities, is expected to further contribute to market expansion. With their ample resources, expertise, and proven track, the key players in the South Korean connected cars market are well-positioned to seize these growth opportunities and thrive in the competitive landscape. 

For example, according to the news published in Korea Bizwire on May 2023, South Korea has seen a remarkable surge in connected cars, with over 7 million vehicles, constituting one-fourth of the total number on roads. This impressive adoption rate reflects the country's increasing consumer demand for smart and interconnected vehicles. The significant presence of connected cars shows growing preference for advanced in-car technologies and enhanced connectivity features among South Korean drivers, further propelling the country's connected cars market. 

Key Players Operating in South Korea Connected Cars Market are:

·         Continental AG

·         BANF

·         Alt-a Inc.

·         DENSO CORPORATION.

·         Bosch Korea Ltd.

·         ZF Friedrichshafen

·         BMW AG

·         Mercedes-Benz Group AG.

·         NXP Semiconductors.

·         Mazda Motors (Deutschland) G.m.b.H.

·         Volkswagen Group

·         Volvo AG

·         Hyundai

Markets and Data’s reports answer the following questions:

    What is the current and future market size of the product/service in question globally or specific to different countries?

    How are the markets divided into different product/service segments and the market size and growth of each segment?

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    How are the markets predicted to develop in the future and what factors will drive or inhibit growth?

    What is the business environment and regulatory landscape specific to the product/service? 

If you can't find what you're searching for or have any custom requirements for South Korea Connected Cars Market, you may approach our team at info@marketsandata.com

Table of Contents 

1.       Research Methodology

2.       Project Scope & Definitions

3.       Impact of COVID-19 on South Korea Connected Car Market

4.       Impact of Russia-Ukraine War

5.       Executive Summary

6.       Voice of Customer

6.1.    Demographics (Age, Geography, Income, etc.) 

6.2.    Brand Recognition and Recall Rate

6.3.    Factors Considered in Purchase Decision

6.3.1.Reliability 

6.3.2. Design and Safety Features

6.3.3. Technology and Entertainment

6.3.4.Repair and Maintenance

6.3.5.Roadside Assistance

6.3.6.Reviews and Recommendations 

6.4.    Product Customization

6.5.    Medium of Purchase for Add-on Features 

7.       South Korea Connected Cars Market Outlook, 2016-2030F

7.1.    Market Size & Forecast

7.1.1.By Value

7.1.2.By Volume

7.2.    By Network

7.2.1. 3G

7.2.2. 4G-LTE

7.2.3. 5G

7.3.    By System Type

7.3.1. Embedded System

7.3.2. Tethered

7.4.    By Components

7.4.1. Central Gateway

7.4.2. Head Unit

7.4.3. Electronic Control Unit (ECU)

7.4.4. Telematics Control Unit (TCU)

7.4.5. Others

7.5.    By Vehicle Type

7.5.1. Internal Combustion Engines (ICE) Vehicle

7.5.2. Electric/ Hybrid Vehicle

7.6.    By Communication Type

7.6.1. Vehicle to Infrastructure

7.6.2. Vehicle to Vehicle

7.6.3. Vehicle to Pedestrian

7.6.4. Vehicle to Cloud

7.6.5. Others

7.7.    By Sales Channel

7.7.1. Original Equipment Manufacturer (OEM)

7.7.2. After Market

7.8.    By Application

7.8.1. Navigation

7.8.2. Safety

7.8.3. Entertainment

7.9.    By Region

7.9.1.Chungcheong

7.9.2.Gangwon

7.9.3.Gyeonggi

7.9.4.Gyeongsang

7.9.5.Jeolla 

7.9.6.Jeju

7.10.                     By Company Market Share (%), 2022

8.       Market Mapping, 2022

8.1.    By Network

8.2.    By System Type

8.3.    By Components

8.4.    By Vehicle Type

8.5.    By Communication Type

8.6.    By Sales Channel

8.7.    By Application

8.8.    By Region

9.       Macro Environment and Industry Structure

9.1.    Supply Demand Analysis

9.2.    Import Export Analysis

9.3.    Value Chain Analysis

9.4.    PESTEL Analysis

9.4.1.Political Factors

9.4.2.Economic System

9.4.3.Social Implications

9.4.4.Technological Advancements

9.4.5.Environmental Impacts

9.4.6.Legal Compliances and Regulatory Policies (Statutory Bodies Included)

9.5.    Porter’s Five Forces Analysis

9.5.1.Supplier Power

9.5.2.Buyer Power

9.5.3.Substitution Threat

9.5.4.Threat from New Entrant

9.5.5.Competitive Rivalry

10.   Market Dynamics

10.1.                     Growth Drivers

10.2.                     Growth Inhibitors (Challenges and Restraints)

11.   Key Players Landscape

11.1.                     Competition Matrix of Top Five Market Leaders

11.2.                     Market Revenue Analysis of Top Five Market Leaders (in %, 2022)

11.3.                     Mergers and Acquisitions/Joint Ventures (If Applicable)

11.4.                     SWOT Analysis (For Five Market Players)

11.5.                     Patent Analysis (If Applicable)

12.   Pricing Analysis

13.   Case Studies

14.   Key Players Outlook

14.1.                     Continental AG

14.1.1.    Company Details

14.1.2.    Key Management Personnel

14.1.3.    Products & Services

14.1.4.    Financials (As reported)

14.1.5.    Key Market Focus & Geographical Presence

14.1.6.    Recent Developments

14.2.                     BANF

14.3.                     Alt-a Inc.

14.4.                     DENSO CORPORATION.

14.5.                     Bosch Korea Ltd.

14.6.                     ZF Friedrichshafen

14.7.                     BMW AG

14.8.                     Mercedes-Benz Group AG.

14.9.                     NXP Semiconductors.

14.10.                  Mazda Motors (Deutschland) G.m.b.H.

14.11.                  Volkswagen Group

14.12.                  Volvo AG

14.13.                  Hyundai

*Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work

15.   Strategic Recommendations

16.   About Us & Disclaimer

List of Figures: South Korea Connected Cars Market

Figure 1. South Korea Connected Cars Market, By Value, In USD Billion, 2016-2030F

Figure 2. South Korea Connected Cars Market, By Volume, In Unit Thousand, 2016-2030F

Figure 3. South Korea Connected Cars Market Share, By Networks, In USD Billion, 2016-2030F

Figure 4. South Korea Connected Cars Market Share, By System Type, In USD Billion, 2016-2030F

Figure 5. South Korea Connected Cars Market Share, By Components, In USD Billion, 2016-2030F

Figure 6. South Korea Connected Cars Market Share, By Vehicle Type, In USD Billion, 2016-2030F

Figure 7. South Korea Connected Cars Market Share, By Communication Type, In USD Billion, 2016-2030F

Figure 8. South Korea Connected Cars Market Share, By Sales Channel, In USD Billion, 2016-2030F

Figure 9. South Korea Connected Cars Market Share, By Application, In USD Billion, 2016-2030F

Figure 10. South Korea Connected Cars Market Share, By Region, In USD Billion, 2016-2030F

Figure 11. By Networks Map-Market Size (USD Billion) & Growth Rate (%), 2022

Figure 12. By System Type Map-Market Size (USD Billion) & Growth Rate (%), 2022

Figure 13. By Components Map-Market Size (USD Billion) & Growth Rate (%), 2022

Figure 14. By Vehicle Type Map-Market Size (USD Billion) & Growth Rate (%), 2022

Figure 15. By Communication Type Map-Market Size (USD Billion) & Growth Rate (%), 2022

Figure 16. By Sales Channel Map-Market Size (USD Billion) & Growth Rate (%), 2022

Figure 17. By Application Map-Market Size (USD Billion) & Growth Rate (%), 2022

Figure 18. By Region Map-Market Size (USD Billion) & Growth Rate (%), 2022

List of Tables: South Korea Connected Cars Market

Table 1. Pricing Analysis of Products from Key Players

Table 2. Competition Matrix of Top 5 Market Leaders

Table 3. Mergers & Acquisitions/ Joint Ventures (If Applicable)

Table 4. About Us - Regions and Countries Where We Have Executed Client Projects

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