Connected Car Market Size to grow by USD 172767.39 million between 2023-2027
According to a research report “ Connected Car Market” by End-user (OEM, Aftermarket) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 172767.39 million, at a CAGR of 27.36% during the forecast period. In the burgeoning connected car market, the Internet plays a pivotal role in enabling the seamless operation of advanced features. The global Internet penetration rate, as reported by The World Bank Group, reached approximately 60% of the world population in 2020. Government entities, such as the European Commission, are instrumental in fostering the development of robust internet infrastructure through various policy and financial initiatives. For instance, the European Commission aims to provide next-generation networks (NGNs) with a minimum speed of 30 Mbps for all citizens by 2020. This investment in ultra-fast networks is crucial for enhancing the Internet infrastructure that powers the functionality of connected cars.
Browse market data tables, figures, and in-depth TOC on “Connected Car Market” by End-user (OEM, Aftermarket) Geography (North America, Europe, APAC, South America, Middle East and Africa) Global Forecast to 2027. Download Free Sample
By End-user, the OEM segment is projected to dominate the market size in 2024
ai_market_segmentation_by
By Geography, North America segment is expected to hold the largest market size for the year 2024
The integrated solutions segment of the connected car market is experiencing significant growth due to increasing consumer demand for customizable connectivity devices and data-sharing plans similar to those offered in smartphones. Consumers prioritize the availability of a robust application base in their connected vehicles, with the Android operating system being the most popular choice due to its extensive support for third-party applications. Customization offered by connected technology is a key market driver, with vendors providing a range of systems catering to various features, prices, and demographics. However, the development of system variants and customized configurations is a complex process that requires extensive resources and expertise.
North America is forecasted to hold the largest market size by region in 2024
The connected car market in North America is experiencing significant growth, with the US and Canada being key contributors. IoT technologies integrated into automobiles and the increasing implementation of vehicle-to-vehicle (V2V) connectivity are primary growth drivers. Notable tech companies, such as Autoliv Inc., Accenture Plc, and Bosch, are investing in the US to establish V2V infrastructure, ensuring robust security. Regulatory bodies, including the National Highway Traffic Safety Administration (NHTSA), are enforcing stringent regulations on road safety enhancements, leading to the widespread adoption of advanced connected features, such as crash imminent braking, dynamic brake support, and pedestrian automatic emergency braking.
The Connected Car Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
.
For insights on company offerings- Request a sample report!
Research Analysis Overview
The Connected Car Market is witnessing significant growth as both car manufacturers and service providers collaborate to integrate advanced connectivity solutions into vehicles. These solutions enable real-time communication between cars and online platforms, utilizing network technology such as 5G, 4G, and 3G. This connectivity enhances safety features like lane-keep assist and blind spot detection, as well as performance and vehicle infotainment. Technology companies are playing a crucial role in this evolution, providing security for connected cars and enabling V2V (vehicle-to-vehicle) communication. The aftermarket for connected cars is also growing, with satellite technology offering solutions for vehicle production and reducing vehicle downtime. According to Canalys, the number of connected cars in use is expected to reach 325 million by 2023. With the rise of autonomous cars and ADAS (advanced driver-assistance systems) features, the connected car market is set to revolutionize the automotive industry. However, ensuring security and privacy remains a major challenge for stakeholders in this market.
Market Research Overview
The Connected Car market is revolutionizing the automotive industry with advanced technologies that focus on fuel consumption and smoke emission reduction. Diagnostic systems, maintenance schedules, and fleet management are now integrated into vehicles, enabling real-time communication between cars and service providers. The use of telematics, GPS tracking, and infotainment systems allows for remote control access, online platforms, and network technology, making car services more convenient and efficient. Advanced diagnostics, such as lane-keep assist feature, blind spot detection, and collision warning, are becoming standard in connected cars. Technology companies, including the 5G Automotive Association, are investing in 5G, satellite, and other network technologies to improve bandwidth and data transfer speed during the transition phase to connected cars. Connected cars offer numerous benefits, including predictive technology, electric mobility, and V2V communication. Car manufacturers are incorporating ADAS features to enhance safety, performance, convenience, and comfort. The aftermarket is also adapting to the connected car trend, offering various services to meet the growing demand. However, concerns regarding security, safety, and legislative policies are crucial in the implementation of connected cars. The production of vehicles is also undergoing significant changes, with the integration of processors, sensors, and other technologies to enhance the overall driving experience. The future of the connected car market is promising, with the potential to reduce vehicle downtime and improve road safety.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
