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

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).

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.