What is the global market size of Connected Car Market?

Global Connected Car Market size was valued at USD 28.92 billion in 2022 and is poised to grow from USD 34.56 billion in 2023 to USD 143.72 billion by 2031, growing at a CAGR of 19.50% during the forecast period (2024-2031).

Who are the key vendors in the Global Connected Car Market?

The company's primary objectives are the deployment of a wide array of cutting-edge connectivity technologies, the creation of self-driving cars for intelligent transportation, and secure mobility management. Another important aspect contributing to the company's dominance is the company's ongoing R&D activities, which are producing cutting-edge technologies. 'BMW (Germany)', 'General Motors (USA)', 'Audi (Germany)', 'Ford', 'Mercedes-Benz', 'Toyota', 'Tesla', 'Volkswagen', 'Nissan', 'Volvo', 'Honda', 'Porsche', 'Hyundai', 'Kia', 'Fiat Chrysler Automobiles', 'Mitsubishi', 'Tata Motors', 'PSA Peugeot Citroën', 'Geely', 'SAIC Motor Corporation'

What is the key driver of Global Connected Car Market?

Technology progress, specifically in the innovative solutions related to artificial intelligence, IoT, and 5G connectivity, contribute significantly to the increase in the connected cars markets growth. Such innovative technologies let one add more functionality to the already available features like real-time navigation and sophisticated telemetric and make driving safer. These enhance not only the user experience but also the ease of the consumer.

Which region accounted for the largest share in Global Connected Car Market?

North America has emerged as the largest market region for connected car market around the globe. The automotive sector is solid in the North American region, the technology hubs are emerging, and the consumers are adopting the deployed connected car technology at a high rate, which puts the North America region at the forefront in the connected car domain. A region has advantages in terms of the positive regulatory factors, convenient connectivity infrastructure and the techno-consumer awareness thanks to which new vehicles are enthusiastically accepted. The region essentially gives birth to the concept of ´connected car´ with major automotive OEMs and technology companies closing in the area. Furthermore, the uprising of core participants and the continuity of research & development initiatives play an important role in topping the chart of North American market for connected cars.

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

Report ID: SQMIG25AG2015 | Region: Global | Published Date: August, 2024
Pages: 223 | Tables: 89 | Figures: 76

Connected Car Market News

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 Market Report Snapshots

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Global Connected Car Market size was valued at USD 34.56 Billion in 2022 and is poised to grow from USD 41.29 Billion in 2023 to USD 143.72 Billion by 2031, growing at a CAGR of 19.50% during the forecast period (2024-2031).

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. '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)'

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.

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.

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.

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What is the global market size of Connected Car Market?

Who are the key vendors in the Connected Car Market?

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Which region accounted for the largest share in Connected Car Market?

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