The Connected Car Market is being driven by Increasing internet penetration and its impact on global connected car market
The Connected Car Market is expected to grow at a CAGR of 17.1% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 138958.3 million. The global connected car market is experiencing robust growth, driven by the increasing integration of advanced connected technologies in automotive offerings. Automakers are responding to evolving consumer expectations for connectivity and safety by incorporating features such as Advanced Driver-Assistance Systems (ADAS), real-time navigation, infotainment systems, and remote diagnostics into their latest models. The proliferation of high-speed networks like 5G is further accelerating this trend, enabling seamless vehicle-to-everything (V2X) communication, over-the-air (OTA) updates, and cloud-based services for enhanced user experiences and operational efficiency. Key regions, including North America and Asia-Pacific, are witnessing high adoption rates due to advanced infrastructure, favorable government policies promoting connected mobility solutions, and strong consumer demand for tech-rich vehicles.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
|
Report Coverage |
Details |
Page number |
222 |
Base year |
2024 |
Historic period |
2019-2023 |
Forecast period |
2025-2029 |
Growth momentum & CAGR |
Accelerate at a CAGR of 17.1% |
Market growth 2025-2029 |
USD 138958.3 million |
Market structure |
fragmentation |
YoY growth 2024-2025(%) |
15.2 |
Key countries |
US, China, UK, Canada, India, Germany, Japan, France, South Korea, Italy, US, China, Germany, Japan, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Connected Car Market encompasses advanced technologies such as vehicle data logging, sensor fusion algorithms, and map data integration. High definition maps, 5G network infrastructure, and data analytics dashboards facilitate real-time driver behavior analysis and remote diagnostics tools. Predictive maintenance models, vehicle health monitoring, and software updates management ensure optimal vehicle performance. Secure data transmission, location tracking accuracy, in-cabin voice recognition, multimedia streaming protocols, and head-up display technology enhance user experience. Augmented reality overlays, haptic feedback systems, connectivity management, user interface design, software development lifecycle, and vehicle-to-infrastructure communication complete the connected car ecosystem.
The Connected Car Market is a significant segment of the global automotive parts and equipment industry, encompassing telematics systems, over-the-air updates, and in-vehicle infotainment. This market caters to companies manufacturing components and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, market growth is driven by the increasing integration of electronic components in automobiles, such as electronic control units (ECUs), fueled by the rising sales of EVs, motorcycles, and PCs. This trend has significantly boosted demand for advanced telematics systems, over-the-air updates, and in-vehicle infotainment solutions in the past decade.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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