Connected Car Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Connected Car Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global connected car market size reached US$ 74.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 179.4 Billion by 2028, exhibiting a growth rate (CAGR) of 14.8% during 2023-2028.

Connected cars refer to vehicles that are equipped with internet connectivity and advanced communication technologies to facilitate the exchange of information via numerous communication channels. They are designed to offer improved vehicle performance, enhanced convenience to the users, and efficient interaction of the transport system with its surroundings to prevent road accidents and notify prompts regarding parking space availability. They also provide real-time traffic alerts to the driver and alarm emergency services in case of an unfortunate circumstance. Along with this, these alerts and signals further aid in enhancing the overall traffic performance and road safety management while ensuring optimal driving comfort. The growing dependency on uninterrupted connectivity to access navigation services is providing a thrust to the market growth.

Connected Car Market Trends:

The market is primarily driven by the increasing demand for in-car safety solutions. In line with this, the widespread integration of connected cars with advanced driver-assistance systems (ADAS) for mapping road obstacles and anti-lock braking systems (ABS) to enable safe braking is expected to create a positive outlook for the market. Moreover, the advent of 5G connectivity and the rising utilization of artificial intelligence (AI) and machine-to-machine (M2M) interconnectivity between multiple cars are favorably impacting the market. In line with this, continual developments in the manufacturing of advanced suspension systems are also providing an impetus to the market. The market is further driven by the escalating popularity of luxury cars among individuals with high disposable income levels and the emergence of autonomous driving trends. Some of the other factors contributing to the market growth include rapid digitization across the automotive sector and extensive research and development (R&D) activities conducted by key players.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global connected car market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on technology, connectivity solutions, service and end market.

Breakup by Technology:

3G

4G/LTE

5G

Breakup by Connectivity Solutions:

Integrated

Embedded

Tethered

Breakup by Service:

Driver Assistance

Safety

Entertainment

Vehicle Management

Mobility Management

Others

Breakup by End Market:

Original Equipment Manufacturer (OEMs)

Aftermarket

Breakup by Region:

North America

United States

Canada

Asia-Pacific

China

Japan

India

South Korea

Australia

Indonesia

Others

Europe

Germany

France

United Kingdom

Italy

Spain

Russia

Others

Latin America

Brazil

Mexico

Others

Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being AT&T Inc., Audi AG (Volkswagen AG), Bayerische Motoren Werke AG, Continental AG, Ford Motor Company, Mercedes-Benz Group AG, Qualcomm Incorporated, Robert Bosch GmbH, Samsung Electronics Co. Ltd., Sierra Wireless, Tesla Inc., TomTom N.V., Valeo, Verizon Communications Inc. and Vodafone Group Plc.

Key Questions Answered in This Report

1. What was the size of the global connected car market in 2022?

2. What is the expected growth rate of the global connected car market during 2023-2028?

3. What are the key factors driving the global connected car market?

4. What has been the impact of COVID-19 on the global connected car market?

5. What is the breakup of the global connected car market based on the technology?

6. What is the breakup of the global connected car market based on the connectivity solutions?

7. What is the breakup of the global connected car market based on the service?

8. What is the breakup of the global connected car market based on the end market?

9. What are the key regions in the global connected car market?

10. Who are the key players/companies in the global connected car market?