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 2024-2031

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.