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 Insights

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 global connected car market has been undergoing due to some key points which led by the technological advancements, change in consumer behavior and from new regulations. IT-equipment is experiencing an evolution from control units to fully-fledged platforms that can offer a host of services ranging from entertainment and navigating to telematics and after-sales diagnostics. Integrated, tethered and retrofit systems are enabling this internet connectivity revolution fostering uninterrupted surfing via cellular technologies like 4G and 5G that are governmentally developed; and satellite connectivity for the far-flung areas. These OEMs are willing to put forth all their resources to design high-end connected-car solutions with superior hardware and software and deliver an excellent driving experience while maintaining utmost safety and enable autonomy in a car.

North America is on top position, being followed at close distance by Europe and Asia-Pacific respectively. Their progress can be credited to the homogeneous regulatory climate and the emerging technologies that add to the increasing consumer appetite for smart services. The working relationship that is forged between automotive companies, technology investors, and the government institutions is indispensable as it helps in the search for remedy measures like cybersecurity, data security, and interoperability, which are imperative for the connected car system growth and evolution.

Global Connected Car Market Report Snapshots

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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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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

Global Connected Car Market Insights

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