Report Highlights
The Global Connected Car Market Expected to Reach $390.23 Billion by 2034
Introduction to the Connected Car Market
The connected car market is undergoing significant growth, propelled by various key factors and market drivers. In an optimistic scenario, the market is evaluated at a valuation of $97.19 billion in 2024 and is projected to expand at a CAGR of 14.91% to reach $390.23 billion by 2034.
With vehicles outfitted with a multitude of sensors to facilitate communication with other vehicles and external systems, as well as internet access, the connected car market marks a substantial advancement in the automotive sector. Improved features, including infotainment, advanced driver assistance systems (ADAS), real-time navigation, and vehicle-to-everything (V2X) connection, are available with these connected automobiles. Connected cars change the driving experience and open the door for autonomous vehicles by combining technologies such as IoT, AI, and 5G to improve safety, convenience, and efficiency for drivers.
The market for linked cars is expanding quickly due to a number of factors. The main one is the development of smart infrastructure. For smooth V2X communication, investments in intelligent traffic systems, smart roads, and cutting-edge communication networks such as 5G are essential. The real-time data sharing that these advancements enable improves traffic management, lessens congestion, and facilitates the adoption of ADAS and autonomous driving technologies, thus enhancing the capabilities of connected cars. Further propelling market expansion is consumer desire for upgraded safety features, real-time data, and sophisticated entertainment systems.
Through a variety of programs and legal frameworks, governments throughout the world are crucial to the evolution of the connected automobile business. Both the federal and state governments of the U.S. are funding smart city initiatives that include linked car infrastructure, such as dedicated short-range communication (DSRC) systems and smart traffic signals. To enhance road safety and cut emissions, the European Union has implemented rules and financial initiatives to support the development and implementation of automated and connected vehicles. To facilitate the widespread adoption of connected automobiles, Asian nations such as China and Japan are making significant investments in 5G infrastructure and smart transportation systems.
In conclusion, technical breakthroughs, the creation of intelligent infrastructure, and encouraging government measures are expected to propel the connected automobile market's significant expansion. Connected automobiles are a crucial part of the transportation systems of the future because they improve safety, convenience, and efficiency through the integration of IoT, AI, and 5G technology. The connected car market will see accelerated adoption and development as governments continue to invest in smart infrastructure and regulatory frameworks change to support these innovations. This will transform the automotive landscape and present significant opportunities for consumers, automakers, and technology companies.
Market Segmentation:
Segmentation 1: by Application
- Mobility Management
- Telematics
- Infotainment
- Driver Assistance
- Navigation
- Others (eCall, Autopilot, Remote Diagnostics, and Home Integration)
Segmentation 2: by Vehicle Type
- Internal Combustion Engine (ICE) Vehicle
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
Segmentation 3: by Network Type
- Operational Data
- Dedicated Short-Range Communication
- Cellular
- Satellite
Segmentation 4: by Sales Channel
- OEM
- Aftermarket
Segmentation 5: by Form
- Embedded
- Integrated
Segmentation 6: by Hardware
- Head Unit
- Central Gateway
- Intelligent Antenna
- Electronic Contril Unit (ECU)
- Telematic Control Unit
- Keyless Entry System
- Sensor
Segmentation 7: by Transponder
- Onboard Unit
- Roadside Unit
Segmentation 8: by Region
- North America
- Europe
- Asia-Pacific
- Rest-of-the-World
How can this Report add value to an organization?
Product/Innovation Strategy: The global connected car market has been extensively segmented based on various categories, such as application, vehicle type, network type, sales channel, form, transponder, and hardware. This can help readers get a clear overview of which segments account for the largest share and which ones are well-positioned to grow in the coming years.
Competitive Strategy: A detailed competitive benchmarking of the players operating in the global connected car market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Report Synopsis
| Report Metrics | Details |
| Base year considered | 2024 |
| Forecast period considered | 2024-2034 |
| Base year market size | $97.19 Billion in 2024 |
| Market size forecast | $390.23 Billion by 2034 |
| Growth rate | 14.91% |
| Units considered | $ Billion |
| Segments covered | By Application, By Vehicle Type, By Network Type, By Sales Channel, By Form, By Hardware, By Transponder, By Region |
| Industry covered | Automotive / Mobility |
| Regions covered | North America, Europe, Asia-Pacific, South America, Middle East and Africa |
| Countries covered | U.S., Canada, Mexico, France, Germany, U.K., Italy, Rest-of Europe, China, Japan, India, South Korea, Rest-of-Asia-Pacific, Rest-of-the-World |
| Companies studied |
|
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on thorough secondary research, which includes analyzing company coverage, product portfolio, market penetration, and insights gathered from primary experts.
Some of the prominent companies in this market are:
- Tesla
- Continental AG
- Harman International
- Robert Bosch GmbH
- Viseton
- Ford Motor Company
- AT&T
Key Questions Answered in this Report:
- What are the main factors driving the demand for connected cars?
- What are the major patents filed by the companies active in the global connected car market?
- Which are the key players in the global connected car market, and what are their respective market shares?
- What are the strategies adopted by the key companies to gain a competitive edge in the global connected car market?
- What is the futuristic outlook for the global connected car market in terms of growth potential?
- What is the current estimation of the global connected car market, and what growth trajectory is projected from 2024 to 2034?
- Which application and product segments are expected to lead the market over the forecast period 2024-2034?
- Which regions demonstrate the highest adoption rates for connected cars, and what factors contribute to their leadership?
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