Connected Car Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Connected Car Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Connected Cars Market

The connected cars 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 19.2% during the forecast period of 2024-2032.

Connected cars market was directly impacted by COVID-19 due to disruptions in the chains of supply and reduction in car sales. On the one hand, it negatively affected business activity, while on the other, it increased the pace of development of distant services and digitalization within the automotive industry. Consumers’ demand on the safety and convenience features have increased, forcing car manufacturers to improve on the touchless technologies and ADAS. Moreover, the focus on the mobility-as-a-service (MaaS) solutions was also observed broader use of connected car technology for better fleet management excluding the decrease in sales of cars.

It is worth to note that, mainly due to the increased rates of car theft cases a demand for surveillance systems that track cars and gives instantaneous location updates appears. Some of the benefits of MI, which might be accessed when mobile devices are connected to a vehicle’s infotainment system, therefore includes creating travel history that may aid in safety. With an increased concern for the theft of data hence means that car owners are installing security gadgets such as TravelEyes2, and ProScout systems besides installing a LoJack tracking device. Such systems use mobile notifications to inform owners about the status of their cars and lock them within a single touch.

Another interesting development within the automotive market is more frequent introduction of cybersecurity solutions in car safety systems. While data is, however, becoming important for connected vehicles, the coordination of smart phones with infotainment systems, of example, puts critical data like, banking and medical details at the risk of being hacked. As a result, tech giants such as Google and Apple are developing vehicle cybersecurity application that is aimed at protecting user data. These friendly user applications track the security of the vehicles and notify the users about any unauthorized access. Some of the examples are notable collaborations such as DENSO that partnered with Dellfer in the production of ZeroDayGuard 1.0 a cybersecurity solution for automobiles.

Comprehensive Analysis of Connected Cars Market

The connected cars market growth is rising at an exponential rate due to its market segmentation. This market expansion rightly presents a detailed local analysis based on the forces such as supply and demand which define the industry. These segmentations are methodically segregated by application type analysis, by technology type analysis, by network type analysis, by sales channel type analysis and by communication type analysis. By application type analysis include mobility management, telematics, infotainment, driver assistance. By technology type analysis include embedded, tethered, and integrated systems. By network type analysis include 3G, 4G, 5G, and satellite. By sales channel type analysis include OEM and aftermarket. By communication type analysis include vehicle to vehicle (V2V) and vehicle to infrastructure (V2I).

The Asia Pacific region lead the connected cars market share by benefitting a market size of USD 34.71 billion in 2023 due to increasing adoption of high-end and cost-efficient connectivity solutions.

The top players have a significant responsibility in the automotives industry for confirming industrial prospectus growth and determining the market trends. These players include, Harman International, Continental AG, AT&T, Robert Bosch GmbH, Daimler AG, Audi, TomTom Inc., General Motors, Ford Motor Company, HYUNDAI MOTOR GROUP, Volvo these market players provide a level-playing competitive landscape.

In March 2024, Vero and Privacy4Cars collaborated to launch the Identi-FI solution, providing privacy tools and identity protection services specifically for connected car owners, focusing on data deletion and recovery assistance for identity theft.

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)Please Note: It will take 5-6 business days to complete the report upon order confirmation.