Connected Car Market Size, Share, and Analysis, By Application (Vehicle Management, Driver Assistance, Mobility Management, Safety, Entertainment, and Others), By Network (3G, 4G, 5G, and Satellite), By Technology (Embedded, Tethered, and Integrated), By Sales Channel (OEM and Aftermarket), and By Region (North America, Europe, Asia-Pacific, And Rest of the World) And Regional Forecast 2024-2034
Connected Car Market Size, Share, and Analysis, By Application (Vehicle Management, Driver Assistance, Mobility Management, Safety, Entertainment, and Others), By Network (3G, 4G, 5G, and Satellite), By Technology (Embedded, Tethered, and Integrated), By Sales Channel (OEM and Aftermarket), and By Region (North America, Europe, Asia-Pacific, And Rest of the World) And Regional Forecast 2024-2034
PRODUCT OVERVIEW
Connected Car Market is projected to exhibit a Compound Annual Growth Rate (CAGR) of 16.1% during the forecast span from 2024 to 2034. In 2023, the market size was assessed at USD 64.3 billion and is projected to reach USD 333.4 billion by the completion of 2034.
Connected car is an automobile equipped with internet connectivity and several sensors that allow data to be exchanged with external networks and infrastructure. These vehicles provide various functions, such as real-time navigation updates, remote diagnostics, software updates, vehicle tracking, and interaction with smart home devices. Connected automobiles use the Internet of Things (IoT) to improve driver and passenger safety, along with convenience. They offer services such as predictive maintenance, customized entertainment, and self-driving capabilities. However, high connectivity creates concerns about cybersecurity, data privacy, and vulnerability to hacking. Consequently, with fresh innovations in technology, connected cars are expected to transform transportation by introducing safer and interconnected mobility options. Besides, resolving security and privacy concerns remains crucial to ensure the vast acceptance and smooth integration of connected car technologies.
MARKET HIGHLIGHTS
Connected Car Market is expected to reach USD 333.4 billion during the forecast period, owing to rising consumer demand for advanced vehicle functionalities and the continuous evolution of automotive technology. This growth is attributed to several factors such as the expansion of IoT devices, combined with innovations in artificial intelligence & machine learning and the growing adoption of autonomous vehicles. The connected car market is shaped by significant trends such as the integration of 5G connectivity, the development of advanced in-vehicle infotainment systems, and the introduction of connected car platforms that offer diverse services. In addition, major industry players are strategically pursuing partnerships and acquisitions to enhance their market presence and technological capabilities. Furthermore, regulatory measures that are aimed at improving the safety and environmental sustainability of vehicles are positively influencing the market trajectory, thereby promoting innovation and investment in connected car technologies.
Connected Car Market Segments:
- By Application
- Vehicle Management
- Driver Assistance
- Mobility Management
- Safety
- Entertainment
- Others
- By Network
- 3G
- 4G
- 5G
- Satellite
- By Technology
- Embedded
- Tethered
- Integrated
- By Sales Channel
- OEM
- Aftermarket
MARKET DYNAMICS
Growth Drivers
Standards and Regulatory Support are Anticipated to Encourage Market Expansion
Consumer Demand for Connected Services will Encourage the Adoption of Connected Cars
Restraint
Data Privacy and Security Concerns Can Hamper the Growth of Connected Car Market
Key Players
- Bosch
- Continental AG
- Harman International Industries, Inc.
- Denso Corporation
- Aptiv PLC
- TomTom NV
- Panasonic Corporation
- Delphi Technologies
- Visteon Corporation
- NVIDIA Corporation
- Intel Corporation
- Qualcomm Technologies, Inc.
- Verizon Communications Inc.
- Ford Motor Company
- General Motors Company
- Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
Global Laboratory Temperature Control Units Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAG.R – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA
Reasons to Purchase this Report
- Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
- Provision of market value (USD Billion) data for each segment and sub-segment
- Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
- Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
- Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
- Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
- The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
- Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
- Provides insight into the market through Value Chain
- Market dynamics scenario, along with growth opportunities of the market in the years to come
- 3-month post-sales analyst support.
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