Global Connected Car Market is Anticipated to Hold a Value worth US$ 228.43 Billion by 2031: Transparency Market Research, Inc.

Increasing demand for high-end luxury cars and rapid adoption of integrated connectivity systems in vehicles, the growing trend of having comfortable, safe, and convenient cars for consumers in various developing countries is contributing to the market growth

Wilmington, Delaware, United States, Sept. 26, 2023 (GLOBE NEWSWIRE) — The global connected car market is projected to flourish at a CAGR of 22.7% from 2022 to 2031. As per the report published by Transparency Market Research, a valuation of US$228.3 billion is anticipated for the market in 2031. As of 2023, the market for connected cars is expected to close at US$ 44.4 billion.

Increasing consumer demand for connected features in vehicles is driving the connected car market. Features such as in-car Wi-Fi, advanced infotainment systems, real-time traffic updates, and remote vehicle management are in high demand.

Rising demand for value-added technological systems such as artificial intelligence (AI), machine learning (ML), and 5G technology to provide safety and comfort in the vehicles, which is expected to drive the connected car market growth during forecast period. 

The rising advancement, development and proliferation of IoT technology enable seamless connectivity between vehicles and external devices, networks, and services, driving the market growth.

Government regulations worldwide are emphasizing vehicle safety, emissions reduction, and driver assistance systems. This is driving automakers to incorporate connectivity and advanced safety features, boosting the growth of the market.

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Market Snapshot:

Key Takeaways from the Market Study

• As of 2022, the connected car market was valued at US$ 36.2 billion
• Based on technology, the embedded segment dominated the global connected car market, embedded technology in cars is widely utilized due to rising cloud-based services for connectivity
• Based on application, the telematics segment dominated the global connected car market, in terms of revenue, in 2020. The telematics in the car is used for monitoring the car’s internal behavior and then it suggests particular action.

Connected Car Market: Key Trends and Opportunistic Frontiers

• Automotive manufacturers are forming partnerships with tech companies, network providers, and software developers to enhance their connected car offerings.
• Smart city projects that focus on traffic management, reduced congestion, and improved urban mobility rely on connected vehicle data to enhance transportation systems.

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Connected Car Market- Regional Analysis

• North America holds the major share in the global connected car market in terms of revenue for 2020, as in these regions the consumers are more tech-savvy and have the highest adoption of technological features in their cars. The advanced telecommunications infrastructure and a strong automotive industry drive the market demand in the region.
• Asia Pacific accounts for a significant share of the connected car market owing to the large automotive market. The increasing technological advancements and government support for smart transportation contribute to rapid growth in connected car adoption. The growing automotive innovations and increased incorporation of connected features in cars, drive the market demand.

Competitive Landscape

The connected car market is highly consolidated with the presence of a few market players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global connected car market report:

• Qualcomm Technologies, Inc.
• Robert Bosch GmbH
• Continental AG
• Airbiquity Inc.
• CloudMade
• Daimler AG
• Intellias Ltd.
• Sierra Wireless
• Tesla
• LUXOFT
• Ford Motor Company
• Audi AG
• BMW Group
• TomTom International
• AT&T Inc., etc.

Key Developments in the Connected Car Market

• BMW has been working on enhancing its iDrive infotainment system and integrating it with advanced driver assistance features. They are also involved in developing electric and hybrid vehicles.
• Toyota has been developing the Toyota Connected platform, which offers connected services such as remote vehicle start, vehicle health reports, and connected navigation.
• Ford has been focusing on the development of the FordPass Connect platform, which provides in-vehicle Wi-Fi hotspot capabilities and remote vehicle management through a smartphone app. They are also actively working on electric and autonomous vehicle technologies.
• General Motors has been investing in advanced driver assistance systems (ADAS) and autonomous driving technology. Their “Super Cruise” system offers hands-free driving on highways, contributing to the development of self-driving connected cars.

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Connected Car Market – Key Segments

Car Type

• Hatchback
• Sedan
• SUV

Application

• Telematics
• Infotainment
• Drive Assistance
• Mobility Management
• Vehicle Tracking
• Parking Assist
• Others

Connectivity

• Dedicated Short Range Communication (DSRC)
• Cellular
• Wireless

Technology

• Embedded
• Tethered
• Integrated

Sales Channel

• OEM
• Aftermarket

Communication Type

• Vehicle to Vehicle
• Vehicle to Infrastructure

Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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