Connected Car Market

Connected Car Market

Growth Factors of Connected Car Market

The connected car market size was valued at USD 80.87 billion in 2023, and the market is now projected to grow from USD 95.14 billion in 2024 to USD 386.82 billion by 2032, exhibiting a CAGR of 42.92% during the forecast period of 2024-2032.

Pandemic impacted the sector, causing supply chain disruptions and decreased vehicle sales. However, it has expedited the use of remote services and digital transformation in the automobile sector. Consumers now prioritize safety and convenience features, such as touchless interfaces and Advanced Driver Assistance Systems (ADAS). Automakers responded by improving their remote diagnostic capabilities. Despite dwindling conventional vehicle income, there's a growing interest in mobility-as-a-service (MaaS) solutions that use linked vehicle tech for fleet control.

Car purchasers are looking for surveillance gadgets to monitor and song their motors due to rising theft rates. When a mobile device is connected to a vehicle's entertainment system, it records the passenger's trip history, including their last position and any halts, which might pose a safety risk. To avoid data theft, automobile owners now use gadgets like TravelEyes2, ProScout, and LoJack. These systems transmit a notification to owners' mobile phones, allowing them to lock their automobile with a single click.

The expanding use of cybersecurity solutions in automotive safety systems is a prominent trend in this industry. Data has become increasingly important in the automobile business. In linked automobiles, users' smartphones sync with the car's infotainment system. Users' sensitive data, including financial and medical information, is vulnerable to hacking. Google and Apple are creating cybersecurity applications for vehicles to avoid data theft. These user-friendly apps monitor car security and alert users to any unauthorized access from other devices. DENSO collaborated with Dellfer to create ZeroDayGaurd 1.0, a cybersecurity tool designed for the automotive industry.

Comprehensive Analysis of Connected Car Market

The driver assistance segment is expected to dominate the market, with advanced features like adaptive cruise control and lane keep assist enhancing vehicle safety. The mobility management segment is expected to grow, offering efficient fuel consumption and real-time routes. The vehicle telematics segment is expected to grow due to increasing IT infrastructure. The infotainment system segment is expected to grow, with automakers installing features like Wi-Fi hotspots and mobile office platforms. The market is segmented into embedded, tethered, and integrated systems, with the integrated segment dominating due to cost optimization and remote diagnostics. The 5G segment is expected to dominate, with telecommunication companies developing advanced networks for better communication. The market is also categorized into Vehicle to Vehicle (V2V) and Vehicle to Infrastructure (V21) based on communication type.

The Asia Pacific region lead the connected car market share by benefitting a market size of USD 34.71 billion in 2023 due to owing to the increasing adoption of high-end and cost-efficient connectivity solutions. In addition, consumer demand for in-vehicle embedded connectivity systems and the increasing shift towards connected cars has propelled the connected car market growth in this region.

TomTom International dominates the global market with advanced connectivity solutions, self-driving vehicles, and safe mobility management. Its R&D efforts contribute to innovative technologies. Key competition include Harman International, Continental, ATandT, Robert Bosch, Daimler, Audi, TomTom, General Motors, Ford, Hyundai Motor Group, and Volvo.

In March 2024, Vero and Privacy4Cars partnered to offer privacy and identity protection services for connected automobile proprietors. The united effort created the Identi-Fl solution, which addresses statistics erasure from connected automobiles and provides healing guide for identity robbery.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 19.2% (2024-2032)

Unit Value (USD billion) & Volume (Thousand units)

Segmentation By Application Type

- Mobility management

- Telematics

- Infotainment

- Driver Assistance

By Network Type

- 3G

- 4G

- 5G

- Satellite

By Technology Type

- Embedded

- Tethered

- Integrated

By Sales Channel Type

- OEM

- Aftermarket

By Communication Type

- Vehicle to Vehicle

- Vehicle to Infrastructure

By Geography

- North America (By Application Type, By Network Type, By Technology Type, By Sales Channel Type, By Communication Type)

• The U.S.
• Canada
• Mexico

- Europe (By Application Type, By Network Type, By Technology Type, By Sales Channel Type, By Communication Type)

• UK
• Germany
• France
• Rest of Europe

- Asia Pacific (By Application Type, By Network Type, By Technology Type, By Sales Channel Type, By Communication Type)

• China
• Japan
• India
• South Korea
• Rest of Asia Pacific

- Rest of the World (By Application Type, By Network Type, By Technology Type, By Sales Channel Type, By Communication Type)


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