Use of Internet Coupled With Demand of Advanced Vehicles to Drive the South Korea Connected Vehicle Market: Ken Research

The connected vehicle use communication techniques to communicate between the vehicle and users. The use of connected vehicle have improved commutation times and vehicle efficiency. There are various types of the communication techniques used types of communications such as vehicle to vehicle (V2V), vehicle to infrastructure (V2I), vehicle to pedestrian (V2P), vehicle to cloud (V2C) and vehicle to everything (V2X). The use of connected technologies had improved considerably due to the use of cameras, radar, lidar and other sensors. The on board communication equipment at vehicles have a high range of alerts systems of dangerous situations and prevent the major accidents.

Some of the major features of the connected vehicles are vehicle tracking, safety & security, infotainment system, Wi-Fi hotspots, automotive system diagnosis and prognosis, fleet management, parking assistance, navigation, hands free control & voice commands, road side assistance and contextual help and many others. Based on the applications the connected vehicle can be segmented into dynamic mobility applications, vehicle health monitoring, data capture & management, V2V and V2I communication for safety and road weather management etc. In the connected vehicles speed and the distance to other vehicles can be adjusted immediately based on the response to conditions on the road. The voice recognition features help the drivers to communicate with a virtual personal assistant to schedule the routine work without being stopped to particular place while the vehicle’s navigation system guides the car through traffic.

According to study, “South Korea Connected Vehicle Market (2018-2023)” some of the major companies that are currently working in the South Korea connected vehicle market are Continental AG, NXP Semiconductors, Aptiv PLC, Robert Bosch GmbH, Denso, ZF Friedrichshafen.

The connected vehicle market is categorized into connected car market, connected truck market, connected bus market and connected train market. Connected car market is segmented into wireless & cellular modules, fleet manager, processors, sensors, original equipment manufacturer (OEM) services and aftermarket services. On the basis of technology, the market is segmented into 2G, 3G and 4G/LTE. On the basis of application, the market is segmented into infotainment, navigation and telematics. Additionally, on the basis of services, the market is segmented into safety & security, connected services and autonomous driving services.

Ministry of Land, Infrastructure and Transport (MOLIT) is a government regulating agency, which is responsible for connecting communicating equipment in all new vehicles. Adding upon technology is confined to smartphones or smart speakers, automakers are expected to provide artificial intelligence software in a vehicle’s infotainment system. Moreover the market of connected vehicle is mainly driven by increasing need for connectivity among the customers. Followed by increasing in the technological advancements, decreasing traffic congestion, reducing energy consumption, incorporation of internet of things (IoT) based technologies; demand for vehicle-to-vehicle (V2V) connectivity technology, and improving safety and demanding for an autonomous driving experiencehave increased significantly which led to the growth of the market.

It is estimated that the revenue of connected car market will be reached at US $648 million by 2023. It is also estimated that the country will be a prominent market due to improved connectivity infrastructure and high growth in the automotive sector in the forecast period.

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