Connected Car Market Growth, Share, Upcoming Opportunities, and Forecast 2024-2032

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.

Connected Car Market Trends:

The global connected car market is experiencing significant growth driven by the increasing demand for advanced safety features and enhanced driving experience, as consumers seek vehicles equipped with real-time navigation, emergency assistance, and advanced driver assistance systems (ADAS). Additionally, the rapid advancements in Internet of Things (IoT) technology and the proliferation of high-speed internet connectivity are facilitating the integration of sophisticated telematics and infotainment systems in vehicles. Along with this, the rising adoption of autonomous and semi-autonomous driving technologies is further propelling market growth. Furthermore, stringent government regulations and initiatives aimed at improving road safety and reducing traffic accidents are encouraging the adoption of connected car technologies. The growing trend of smart cities and the development of intelligent transportation systems are also positively influencing the market.

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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

Connected Car Market Growth Analysis:

The scope of the market is extensive, encompassing various segments such as vehicle-to-vehicle (V2V) communication, vehicle-to-infrastructure (V2I) communication, and vehicle-to-everything (V2X) communication. Market growth analysis indicates a significant trend towards the integration of artificial intelligence (AI) and machine learning (ML) in connected car systems to enhance predictive maintenance, personalized user experiences, and real-time traffic management. The market is also benefiting from the rising demand for electric vehicles (EVs), which often incorporate advanced connected technologies for efficient energy management and enhanced user convenience. In addition, the development of 5G networks is expected to revolutionize the connected car ecosystem by providing ultra-reliable low-latency communication (URLLC) and massive machine-type communication (mMTC). Moreover, the increasing collaboration between automotive manufacturers, technology firms, and telecommunication companies is driving innovation and expanding the market's potential.

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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

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