Computer on Wheels Market to Reach $3.8 Billion, Globally, by 2033 at 7.3% CAGR: Allied Market Research
Wilmington, Delaware, Aug. 22, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Computer on Wheels Market by Component (Hardware and Software) and Vehicle (Light Duty Vehicle, Heavy Duty Vehicle, and Robotaxi): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the computer on wheels market was valued at $1.9 billion in 2023, and is estimated to reach $3.8 billion by 2033, growing at a CAGR of 7.3% from 2024 to 2033.
Prime determinants of growth
Progression in technology and change in consumer demand are two factors driving the growth of computer on wheels market. Furthermore, the data management issues and high development expenditure risk are two main factors restraining the growth of this market. Moreover, rise in electric vehicles is a significant growth opportunity for the global computer on wheels market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Base Year | 2023 |
| Market Size in 2023 | $1.9 billion |
| Market Size in 2033 | $3.8 billion |
| CAGR | 7.3% |
| No. of Pages in Report | 250 |
| Segments Covered | Component, Vehicle Type and Region. |
| Drivers | Progression in technology |
| Change in consumer demands | |
| Opportunities | Data management issues |
| High development expenditure risk | |
| Restraint | Rise in electric vehicles |
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Segment Highlights
The computer on wheels market is segmented into component, vehicle, and region. Based on component, the market is bifurcated into hardware and software. As per vehicle, the market is divided into light duty vehicle, heavy duty vehicle, and robotaxi. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Based on component, the software segment is dominating the computer on wheels market. This is due to property of software to provide features such as autonomous driving, advanced driver assistance systems (ADAS), connectivity solutions, and in-vehicle infotainment systems. However, hardware segment is also growing at a significant rate. This is because hardware provides the physical infrastructure and computing power necessary for computer on wheels systems, due to the increasing emphasis on software-driven innovation, connectivity, and customization.
Based on vehicle type, the light duty vehicle segment, is dominating the market. This is due to large volume of production of light duty vehicle and widespread consumer adoption. However, the robotaxi segment is growing at an increasing rate. This is because autonomous driving technology is continuously advancing, and there is growing interest in deploying robotaxi fleets for urban mobility solutions.
Regional Outlook
Based on region, North America region is dominating the market. This is due to strong presence of tech giants and automotive manufacturers investing in computerized vehicle technologies. However, the Asia-Pacific region is growing at an increasing rate due to presence of tech-savvy consumers, strong manufacturing capabilities, and government initiatives promoting electric vehicles and smart transportation systems.
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Key Players:
- Tesla Inc.
- Volvo
- Cardiad (Volkswagen Group)
- Honda
- BMW
- Aptiv
- Mercedes Benz
- Lyft Inc.
- Didi Chuxing Technology Co.
- Baidu
- Jaco
- Advantech
- Scott Clark Medical
- Cura
- Nanjing Tianao
- Ergotron
- Capsa Solutions
- Enovate
- Rubbermaid
- Parity Medical
- Stanley
- Villard
- ITD
- Bytec
- Convergint Innovation Medical
The report provides a detailed analysis of these key players in the global computer on wheels market. These players have adopted different strategies such as new product launch, and collaboration to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Developments:
- In September 2023, Tesla Inc. launched new Tesla model 3. Tesla started selling the model in Europe and China. This new vehicle has many exterior and internal modifications that make it a huge advance over the original. The car model consists of a center touchscreen that is 17 inches and has brighter screen and high contrast.
- In November 2022, Volvo Cars launched the Volvo EX90 SUV, ushering in a new age of electrification, technology, and safety for the company in Stockholm. With a new powertrain, fresh branding, and software-defined artificial intelligence (AI) computation, the flagship car is completely revamped and driven by the Nvidia Drive Orin and Drive Xavier platforms.
- In May 2022, the software division of the Volkswagen Group, CARIAD, collaborated with Qualcomm Technologies, Inc. for system-on-chips (SoCs) for its software platform, which enabled Level 4 assistance and automated driving functionalities. The Snapdragon RideTM Platform SoCs from Qualcomm Technologies played a significant role as hardware in CARIAD's scalable and standardized compute platform.
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