Global Connected Car Market

Connected Car Market Size, Share, Growth Analysis, By Service(Navigation, Remote Diagnostics, On Road Assistance, OTA Updates, Others), Vehicle Connectivity(V2N, V2I, V2V, V2C, Others), Hardware, Form Type, End Market, Transponder, Network, Vehicle Type, and Region - Industry Forecast 2024-2031


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

Connected Car Market Regional Insights

North America is the largest region in the global connected car market and is expected to have a share of about 36.7%. The presence of big automobile manufacturers in the region leads towards the dominance of this region. The manufacturers also help in providing the latest technology which also drives the market growth. The advanced wireless communication and the widespread availability of high-speed Internet also contributes towards the regions dominance as they help in supporting the growth of connected cars. The initiatives made by the government help in supporting research and development in the region which plays an important role in the area's dominance. The infrastructural advancements provide smooth connectivity and data transfer between vehicles and external networks which help in facilitating and connect the features of different connected car. 

On the other hand, Asia Pacific is the fastest growing region and is expected to grow at CAGR of about 14.8% during the forecasted period. The growth in the economy of some countries such as China India and Brazil are contributing to the increasing usage of such advanced technology. The rise in the use of smartphone, increase in the high-speed Internet services, and lowering the selling price of smartphones in this region are propelling the sales of these vehicles. Additionally, the rise in the consumer disposable income is also expected to drive the market. Due to this people are moving towards buying advanced and luxury cars which is driving the market expansion. Manufacturers are making advanced connectivity technology in budget and small car segments which is also targeting the middle class leading towards their adoption. The government initiatives and campaigns are encouraging smart transport which is influencing the development of connected cars in this region. 

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FAQs

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).  

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 advance technologies.  '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) ', 'Fiat Chrysler Automobiles (US) ', 'AT&T Intellectual Property (US) ', 'Aptiv (Ireland) ', 'Google LLC (US) ', 'NXP Semiconductors (Netherlands)  '

Technology progress, specifically in the innovative solutions related to artificial intelligence, IoT, and 5G connectivity, contribute significantly to the increase in the connected cars market growth. In 2023, With expanding 5G coverage and the introduction of L3+ ADAS, the adoption of 5G in connected cars is expected to accelerate throughout the decade. The introduction of 5G RedCap in 2026 will further facilitate its application in lower-tier cars, promoting widespread adoption more rapidly. It is projected that by 2030, nearly 90% of cars sold will feature 5G connectivity. Such innovative technologies will add more functionality to the already available features like real-time navigation and sophisticated telemetric and will make the driving safer. These enhance not only the user experience by providing them the innovative features. 

Shift Towards Subscription-Based Models: The shift towards subscription-based models is continuously evolving in the connected cars services market. These provide rental options for the customers which they can pay monthly or on annually basis regardless of the usual purchases' traditional ownership models. To remain up to date and provide the latest advancements and security solutions these offer premium subscription plans which include gold plan in which continuous updates and improvements are provided for ensuring that connected cars systems are latest. The instant services provided in this segment drives the market expansion leading towards the continuous evolution off the market.

North America is the largest region in the global connected car market and is expected to have a share of about 36.7%. The presence of big automobile manufacturers in the region leads towards the dominance of this region. The manufacturers also help in providing the latest technology which also drives the market growth. The advanced wireless communication and the widespread availability of high-speed Internet also contributes towards the regions dominance as they help in supporting the growth of connected cars. The initiatives made by the government help in supporting research and development in the region which plays an important role in the area's dominance. The infrastructural advancements provide smooth connectivity and data transfer between vehicles and external networks which help in facilitating and connect the features of different connected car. 

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Global Connected Car Market

Report ID: SQMIG25AG2015

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