USD 34.56 billion
Connected Car Market Size, Share, Growth Analysis, By Service(Navigation, Operational data, Remote Diagnostics, Multimedia Streaming), By Hardware(Head Unit, Central Gateway, Intelligent Antenna, Electronic Control Unit), By Form Type(Embedded, Integrated), By End Use(Original Equipment Manufacturer, Aftermarket), By Transponder(On Board Unit, and Roadside Unit), By Network(DSRC, and Cellular (4G, 5G)), By Electric Vehicle Type(BEV, PHEV, and FCEV), By Application(Data Capture and Management, Dynamic Mobility, Road Weather Management, Real-time Information Synthesis), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG25AG2015 |
Region:
Global |
Published Date: August, 2024
Pages:
223
|Tables:
89
|Figures:
76
Connected Car Market Insights
Connected Car Market size was valued at USD 41.29 Billion in 2023 and is poised to grow from USD 49.34 Billion in 2024 to USD 171.75 Billion by 2032, growing at a CAGR of 19.50% during the forecast period (2025-2032).
A connected car enables connectivity while providing strong network technology, comfort, performance, safety, and security. This facilitates real-time communication by allowing the driver to interact with web platforms. The primary drivers of the growth of the global connected vehicles market are the rise in consumer demand for connection solutions, the surge in the necessity for constant connectivity, the increase in technological dependence, and the rise in the population of tech-savvy individuals. Over the years, several connectivity solutions have been developed by manufacturers and service providers, including the machine-to-machine (M2M) communication platform.
Technological developments, increased auto manufacturing, and rising demand for comfort and luxury in cars are all anticipated to contribute to the market's expansion. Furthermore, it is projected that elements like the advancement of international automotive standards and the high upkeep costs of sophisticated suspension systems will impede the expansion of the global connected car market. On the other hand, increased demand for lightweight suspension systems and the creation of sophisticated suspension systems might present stronger growth prospects for the industry. Many automakers are moving to 5G equipped connected car solutions, which, depending on the circumstance, can also provide 3G/4G service.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Integrated Systems
Fastest Growth
Embedded
Growth Rate
19.50% CAGR
Global Connected Car Market ($ Bn)
Country Share for North America Region (%)
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Connected Car Market Segmental Analysis
Global connected car market is segmented based on service, hardware, form type, end market, transponder, network, electric vehicle type, and region. In terms of service, the market can be segmented into navigation, remote diagnostics, multimedia streaming, social media and other apps, OTA updates, on road assistance, e-call and SOS assistance, cybersecurity, remote operation, collision warning, auto parking/ connected parking, autopilot, home integration, Stolen Vehicle Recovery/Warning. Based on hardware, the market is segmented into head unit, central gateway, intelligent antenna, electronic control unit, telematic control unit, keyless entry systems, and sensors. Based on form type, the market is segmented into embedded, and integrated. Based on end market, the market is segmented into original equipment manufacturer (OEM), and aftermarket. Based on transponder, the market is segmented into on board unit, and roadside unit. Based on network, the market is segmented into DSRC, and cellular (4G, and 5G). Based on electric vehicle type, the market is segmented into BEV, PHEV, and FCEV. Based on application, the market is segmented into Data Capture and Management, Dynamic Mobility, Road Weather Management, Real-time Information Synthesis, Vehicle Health Monitoring. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Technology
As per categorization by technology, the market is classified as 3G, 4G/LTE and 5G. Among these, 4G/LTE earned the largest share and continues to dominate the market. The global connected car market’s use of 4G/LTE technology is snowballing, thus leading to enhanced vehicle connectivity, real time data sharing and access to services such as entertainment, navigation or diagnostics. Its dominance stems from high-speed data transfer, low latency and large areas of network coverage that allows a seamless connection between the road and cars resulting in improved customer satisfaction.
The global construction chemicals market is set to grow rapidly due to the implementation of 5G technology, which enables real-time information transfer and improved automation and safer working conditions at building sites. Furthermore, it facilitates advanced applications such as predictive maintenance, smart machines and remote monitoring thanks to its quick connection that increases efficiency and productivity during construction.
Analysis by Connectivity Solutions
The automobile is moving towards becoming a smart system due to the global connected car market integrating technologies that enhance aspects such as infotainment, safety and navigation. Their dominance in the sector is attributed to consumer expectation of seamless experiences, improved connectivity as well as the ability to gather and analyze real-time data for better performance, hence higher levels of satisfaction.
Considering that embedded technologies enable smart applications like real-time monitoring and enhanced materials management, it is expected that the global market for construction chemicals will grow at an even faster pace. When integrated together, these applications increase productivity on site thus lowering waste thereby improving safety levels in the construction sites while at same time serving as a basis for creative solutions aimed at maximizing performance and sustainability in building projects.
Global Connected Car Market By End Use
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Connected Car Market Regional Insights
North America has started to become the region that is experiencing the most robust growth rate compared to other regions when it comes to construction chemicals worldwide due to a surge in infrastructure development and rehabilitation projects. The region’s strong post-pandemic economic recovery has increased investments in residential and commercial development thereby raising demand for modern construction chemicals that enhance sustainable practices and significantly improve longevity. Additionally, advanced technologies are transforming the construction industry and boosting the need for industry-specific chemical products. Building information modelling (BIM) and intelligent materials are examples of such technologies. North America is at the forefront of the building chemicals sector due to regulatory measures that promote sustainable building due to their focus on environmental-friendly materials.
In recent years, the global connected car market in Asia-Pacific has seen unprecedented growth owing to factors like accelerated pace of urbanization and rising consumer demand amongst others as well as advancement in technology. For instance, China, Japan and South Korea are at the forefront of upgrading their transport systems to keep pace with innovations in automobile industry. More people would be going to the mall than ever before since they are able to do all this from their homes without any stress or time wastage involved. Which means that it’s better if we don’t start buying a lot as it may cause congestion. For this reason, connected automobile solutions are growing rapidly within this region, making it a global leader in the industry.
Global Connected Car Market By Region
- Largest
- Fastest
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Connected Car Market Dynamics
Connected Car Market Drivers
Increasing Demand for Advanced Safety Features
- The need for connected cars with advanced driver-assistance systems (ADAS) is growing as consumers place a higher priority on safety. The addition of some products like newly developed items, adaptive cruise control and other vehicles features rightfully deserve to have been included into standards those look at making vehicles safer; these aspects help expand their market share.
Expansion of Smart City Infrastructure
- Smart city initiatives around the globe are promoting the combination of connected vehicle technology and urban infrastructure. Traffic management and transportation efficiency at large in cities approved by authorities are influenced positively by V2X communication which enhances the connection between vehicles and everything.
Restraints
Data Privacy and Security Concerns
- The rapid advancement of continuously connected cars results in magnified worries about cybersecurity and data privacy. Manufacturers and users may be deterred from utilizing connected automobile technologies to the highest degree possible as data breaches may lead to unapproved access to personal information or even to automotive systems.
High Development and Integration Costs
- Expensive infrastructure, research and development are needed for new connected car technologies which will consequently form their integration. In fact, these excessive costs could inhibit growth of the entire connected car sector by restricting adoption rate for linkages among smaller manufacturers’ products.
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Connected Car Market Competitive Landscape
In the intensely competitive world of connected cars, the leading players are continually upping their game to increase their market share and to come up with something new. The big corporations putting more money into advanced technologies such as artificial intelligence (AI), internet of things (IoT) and vehicle-to-everything (V2X) communications include Tesla, Ford, General Motors, BMW and Audi. Additionally, car manufacturers are partnering with technology organizations such as Qualcomm, Cisco and Ericsson to revolutionize the connectivity solutions. Thus, companies can continuously create more innovative features to fulfill shifting consumer requirements as well as regulation directives.
Top Player’s Company Profiles
- General Motors (US)
- AUDI AG (Germany)
- Ford (US)
- Mercedes-Benz (Germany)
- Toyota (Japan)
- Volkswagen (Germany)
- Nissan (Japan)
- Volvo (Sweden)
- Honda (Japan)
- Porsche (Germany)
- Hyundai (South Korea)
- Kia (South Korea)
- Tata Motors (India)
- AT&T Intellectual Property (US)
- Aptiv (Ireland)
- Google LLC (US)
- NXP Semiconductors (Netherlands)
- Qualcomm Incorporated (US)
- TomTom (Netherlands)
- Zebra Technologies (US)
Recent Developments
- In February 2024, Continental's latest digital instrument for truck tire examination, the ContiConnect Lite. It pairs tire sensors with tire management and offers a smartphone link to some of the ContiConnect potentials. This technology enhances security, reduces repair costs and interruptions in service as well as increases fuel economy through providing truck operators and fleet managers with access to tire data for managing five vehicles at once, including receiving warnings about tires issues.
- In February 2024, With the release of the HARMAN Ready Connect 5G Telematics Control Unit (TCU), Harman International made a substantial contribution to vehicle communication by utilising the Snapdragon Digital Chassis from Qualcomm Technologies, Inc. (US). The 5G-enabled TCU is intended to save manufacturers' time to market and engineering costs while providing customers with sophisticated in-cabin experiences.
- In September 2023, by using the Snapdragon Digital Chassis from Qualcomm Technologies, Inc. (US), Harman International enabled vehicle communication to a large degree when it introduced the HARMAN Ready Connect 5G Telematics Control Unit (TCU). This 5G-enabled TCU will decrease the time taken by manufacturers to bring their products into the market and the cost of engineering them while providing customers with advanced in-cabin experiences.
Connected Car Key Market Trends
- Connectivity in Electric and Autonomous Vehicles for a Sustainable Future: One significant shift in focus has occurred in recent times where there is a lot of emphasis being placed on electric and self-driving cars. Connected cars play an important role in guiding the growth of the car industry to a sustainable and autonomous future. Connection technology has been integrated into electric and driverless vehicles to boost performance and allow for features such as advanced driver assistance systems (ADAS) that can be updated over-the-air as well as remote monitoring capabilities for such cars.
- 5G Technology is Transforming the Connected Car Landscape: Big changes are happening in the connected vehicle world with 5G technology being introduced. The rapid speeds and low latencies of 5G networks allow for better vehicle-to-everything (V2X) connectivity, thus opening new avenues for immediate verbal exchanges. This trend improves safety features like traffic management and collision prevention while also opening the door for future developments, such fully autonomous driving capabilities that rely on instantaneous data sharing.
Connected Car Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the integration of electric and autonomous vehicles, growing customer desire for safety features, and developments in communication technology are driving considerable growth in the global connected car market. The smart city infrastructure development and the V2X connectivity improvement between 5G networks factors greatly in tapping into the unexplored opportunities that exist in this market.
However, risks to growth include issues with data privacy and expensive development. According to regional dynamics, big companies are aggressively innovating and working together to satisfy the changing demands of consumers, with North America and Asia Pacific leading the way. The world of automobiles is being redefined by connectivity, and connected cars appear to have a bright future.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 34.56 Billion |
| Market size value in 2031 | USD 143.72 Billion |
| Growth Rate | 19.50% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Connected Car Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Connected Car Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Connected Car Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Connected Car Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Connected Car Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Connected Car Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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