Connected Car Market Report and Forecast 2024-2032

According to the report, the global connected car market is projected to grow at a CAGR of 16.8% between 2024 and 2032. Aided by the relentless pace of technological advancements and the burgeoning demand for enhanced vehicular communication features, the market is expected to grow significantly by 2032.

Connected cars, seen as the next revolution in the automobile industry, are essentially vehicles equipped with internet connectivity, allowing them to access, send, and receive data. This attribute facilitates a plethora of functionalities, including real-time traffic updates, improved navigation, remote vehicle diagnostics, and the burgeoning field of autonomous driving.

The advent and integration of Internet of Things (IoT) into automotive design and functionality are amplifying the potential of connected cars. Vehicles today are not just a mode of transportation; they are becoming digital hubs on wheels, seamlessly integrating with our smart devices and the larger digital ecosystems of our smart cities.

Several factors are propelling the upward trajectory of the connected car market growth. Primary among these is the consumers' rising preference for safety features. Connected cars offer advanced safety functions such as real-time vehicle tracking, collision avoidance systems, and adaptive cruise control, significantly mitigating the risk of accidents.

Additionally, the swift evolution in consumer lifestyles and the subsequent demand for in-car infotainment services and solutions drive this market's growth. Today's consumers are accustomed to a world of connectivity, and the demand for uninterrupted access to entertainment, information, and communication, even while on the move, is rapidly rising.

As per the connected car market analysis, the relentless pace of innovation in this arena has also led to the expansion of connected cars in various sectors. Fleet management services, for instance, utilise connected vehicles for real-time monitoring, efficient scheduling, and maintenance alerts, ensuring optimal utilisation and health of the entire fleet.

However, it is not just entertainment and fleet management. Environmental concerns and the consequential regulations are pushing automakers to integrate advanced telematics to monitor emissions and devise strategies for fuel-efficient or alternative energy driving.

On the geographical front, North America, with its technological prowess and high consumer purchasing power, accounts for a significant portion of the connected car market share. However, the Asia Pacific region, backed by giants like China and India with their vast consumer base and increasing tech-savviness, is anticipated to be a significant growth driver in the coming years.

Market Segmentation

The market can be divided based on network type, technology type, service, communication type, sales channel, and region.

Market Breakup by Network Type

• 3G
• 4G/LTE
• 5G
• Satellite

Market Breakup by Technology Type

• Embedded
• Tethered
• Integrated

Market Breakup by Service

• Navigation
• Remote Diagnostics
• Multimedia Streaming
• Collision Warning
• Autopilot
• Others

Market Breakup by Communication Type

• Vehicle to Vehicle
• Vehicle to Infrastructure

Market Breakup by Sales Channel

• Original Equipment Manufacturer (OEM)
• Aftermarket

Market Breakup by Region

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

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global connected car market. Some of the major players explored in the report are as follows:

• Qualcomm Technologies Inc
• General Motors Company
• Robert Bosch GmbH
• AT and T Inc
• Samsung Electronics Co. Ltd
• Airbiquity Inc.
• Telefonaktiebolaget LM Ericsson
• HARMAN International
• Continental AG
• CloudMade
• Others