Connected Car Market Growth 2024, Industry Trends, Demand and Analysis Report By 2032

Written by Elena Anderson  »  Updated on: July 10th, 2024

Connected Car Market Growth 2024, Industry Trends, Demand and Analysis Report By 2032

IMARC Group’s latest research report, titled “Connected Car Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” offers a comprehensive analysis of the connected car market growth. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry. the global connected car market size reached US$ 84.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 267.2 Billion by 2032, exhibiting a growth rate (CAGR) of 13.3% during 2024-2032.

Factors Affecting the Growth of the Connected Car Industry:

• Demand for Enhanced Safety Features: The connected car market is driven by an increasing demand for advanced safety features. Connected cars utilize technologies such as sensors, cameras, and communication systems to provide real-time data and assist in accident prevention. Features like collision detection, automatic emergency braking, and lane departure warnings contribute to improved road safety, driving the adoption of connected car technologies.

• Rising Interest in Vehicle Connectivity and Infotainment: Consumers are increasingly seeking connectivity and infotainment features in their vehicles. The connected car market responds to this demand by offering features like in-car Wi-Fi, smartphone integration, and advanced infotainment systems. The integration of these technologies enhances the overall driving experience, providing entertainment options, navigation assistance, and connectivity for hands-free communication.

• Advancements in Autonomous Driving Technologies: The evolution of autonomous driving technologies is a major driver of the connected car market. Connected cars play a crucial role in facilitating communication between vehicles, infrastructure, and the surrounding environment, supporting the development and deployment of autonomous vehicles. Features such as vehicle-to-everything (V2X) communication enable cars to exchange data with each other and with the infrastructure, contributing to enhanced traffic management and overall autonomous driving capabilities.

Sample Copy of Report at – https://www.imarcgroup.com/connected-car-market/requestsample

Leading Key Players in the Connected Car Industry:

• AT&T Inc

• Audi AG (Volkswagen AG)

• Bayerische Motoren Werke AG

• Continental AG

• Ford Motor Company

• Mercedes-Benz Group AG

• Qualcomm Incorporated

• Robert Bosch GmbH

• Samsung Electronics Co. Ltd

• Sierra Wireless

• Tesla Inc

• TomTom N.V

• Valeo, Verizon Communications Inc

• Vodafone Group Plc

Global Connected Car Market Trends:

The connected car industry is experiencing transformative trends reflective of the evolving automotive landscape. There's a growing focus on over-the-air (OTA) updates. Automakers are increasingly incorporating the capability for remote software updates, allowing for continuous improvement of vehicle functionalities and cybersecurity measures. This trend ensures that connected cars remain up-to-date with the latest features and security patches, enhancing the overall user experience.

Furthermore, there is an emphasis on data monetization and personalized services. As connected cars generate vast amounts of data, manufacturers and service providers are exploring ways to leverage this data for personalized services, such as predictive maintenance, targeted advertising, and customized in-car experiences. This trend aligns with the broader shift towards data-driven business models within the automotive industry. Moreover, the integration of artificial intelligence (AI) and machine learning is becoming increasingly prevalent. Connected cars leverage AI algorithms to analyze data, improve driving assistance features, and enhance user interactions.

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Connected Car Market Report Segmentation:

Breakup by Technology:

• 3G

• 4G/LTE

• 5G

4G/LTE accounts for the majority of the market share due to the need for faster and more reliable data transmission.

Breakup by Connectivity Solutions:

• Integrated

• Embedded

• Tethered

Integrated holds the largest share in the industry due to the desire for seamless and hassle-free user experiences.

Breakup by Service:

• Driver Assistance

• Safety

• Entertainment

• Vehicle Management

• Mobility Management

• Others

Driver assistance represents the leading market segment due to the increasing focus on enhancing road safety and the overall driving experience.

Breakup by End Market:

• Original Equipment Manufacturer (OEMs)

• Aftermarket

Original equipment manufacturer (OEMs) exhibits a clear dominance in the market due to the industry's recognition of connectivity as a pivotal element in modern vehicles.

Breakup by Region:

• North America (United States, Canada)

• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)

• Europe (Germany, France, United Kingdom, Italy, Spain, Others)

• Latin America (Brazil, Mexico, Others)

• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

North America accounted for the largest market share due to its tech-savvy consumer base, stringent safety regulations, and robust telecommunications infrastructure.

Key Highlights of the Report:

• Market Performance (2018-2023)

• Market Outlook (2024-2032)

• Porter’s Five Forces Analysis

• Market Drivers and Success Factors

• SWOT Analysis

• Value Chain

• Comprehensive Mapping of the Competitive Landscape

Who we are:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact US:

IMARC Group

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Email: [email protected]

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