Global Connected Car Market

Global Connected Car Market Size, Share, Growth Analysis, By Technology(Embedded, Tethered), By Component(Hardware, Software), By Distribution Channel(OEM, Aftermarket) - Industry Forecast 2024-2031

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

Global Connected Car Market News

  • In February 2024, Harman announced the launch of the Harman Ready Connect 5G Telematics Control Unit (TCU), leveraging new Snapdragon Digital Chassis connected car technologies from Qualcomm Technologies, Inc. to push connectivity boundaries and democratise the automotive connectivity landscape.
  • In February 2023, NTT DATA launched of a Connected Car Data Initiative to reduce traffic congestion & CO2 emissions. NTT DATA to develop a proof of concept (POC) in February 2023 utilizing connected car data owned by TOYOTA MOTOR CORPORATION in a parking lot at Mitsui Shopping Park LaLaport TOKYO-BAY, a shopping mall operated by Mitsui Fudosan Group.
  • In August 2022, myTVS announced the launch of a connected car platform, ‘myTVS Life360’ for all the post-warranty passenger cars. This is for the first time in India that an aftermarket player offers a ‘Super app’ to passenger car customers that will provide vehicle service, emergency assistance, parts, insurance, payment platform, and accessories, along with a wide range of service products.
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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).

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'

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.

Integration of AI and Machine Learning: Connected car technology integration with AI is on the rise, encompassing such technologies as AI and machine learning. Such automation systems and vehicles are equipped to do hard data analysis that leads to prompt decisions in real-time, thus, improving safety, efficiency, and experience provided to the user. Machine learning algorithms can personalize driver´s preferences, route plan efficiently with the help of traffic congestion, and predictive maintenance also can contribute such a phenomenon. The AI revolution is ongoing and with that, the autonomy of the connected car keeps improving, thus making the latter more adaptive and smarter, thereby redefining the way people interact with the roads and vehicles.

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.

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