Connected Vehicle Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis By Technology (5G, 4G/LTE, 3G & 2G), Connectivity (Integrated, Tethered, Embedded), Application (Telematics, Infotainment, Drivin

Connected Vehicle Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis By Technology (5G, 4G/LTE, 3G & 2G), Connectivity (Integrated, Tethered, Embedded), Application (Telematics, Infotainment, Driving assistance, Others) and Geography

The connected vehicle market accounted for US$ 52,649.57 million in the year 2022 and is expected to grow at a CAGR of 19.0 % during the period 2022 - 2030, to account for US$ 2,12,012.9 million in the year 2030.

Increasing smart city initiatives

The impact of smart cities and infrastructure development on the demand for the connected vehicle market in the coming years is expected to be significant. As cities across the globe continue to evolve into intelligent, tech-driven urban centers, the synergy between these developments and the connected vehicle market is set to shape the future of urban mobility. The growing emphasis on innovative city initiatives drives investments in infrastructure supporting connected vehicles. These investments encompass the deployment of sensors, data networks, and real-time traffic management systems that create a rich ecosystem of data that is favorable for the connected vehicles industry. As per the SmartAmerica Challenge, a White House Presidential Innovation Fellow project, over the next 20 years, city governments will spend ~US$ 41 trillion for upgrading their infrastructure. Moreover, in 2023, French investment group Eurazeo closed its second smart city fund at US$ 449.1 million. Such initiatives are positively impacting the overall development and adoption of smart cities.

As smart cities increasingly prioritize environmental sustainability, the demand for connected vehicles, particularly electric and hybrid models, is expected to surge. These cities actively promote eco-friendly transportation options to reduce emissions and combat pollution. Connected vehicles play a pivotal role in this endeavor by offering features such as energy management, remote diagnostics, and optimized charging, all of which contribute to a greener, more sustainable urban transportation ecosystem. As cities continue to incentivize and invest in green mobility solutions, the market demand for connected vehicles with environmentally friendly features is set to grow substantially.

Europe's automotive industry has long been a cornerstone of the global automotive landscape, known for its tradition of engineering excellence, innovation, and quality. The industry is accounting for ~20% of global production. The adoption of connected vehicles is gaining momentum across the continent. The adoption is not only driven by consumer preferences but also by regulatory measures and safety standards that encourage the implementation of advanced driver assistance systems (ADAS) and developments in vehicle-to-everything (V2X) communication technology. European governments are actively supporting the deployment of connected vehicles to enhance road safety and reduce emissions. Cooperative Intelligent Transport Systems (C-ITS) is one of the EU's connected vehicle projects. Successful implementation of this system will enable information exchange between vehicles and the road infrastructure. The C-ROADS Platform, which enables the uniform deployment of C-ITS operations throughout Europe, is being developed in close collaboration with road authorities and operators. Many notable European countries, such as Germany, Spain, France, and the UK, are investing heavily to develop suitable infrastructure for connected mobility. For instance, Spain is building its first intelligent highways. In this project, Kapsch TrafficCom's technology and software will enable the digitalization of a 60-kilometer section of the A8 motorway near Bilbao by 2024.

Germany's automotive industry is renowned worldwide for its engineering prowess, precision manufacturing, and commitment to innovation. Within this industry, the connected vehicle sector has emerged as a vital component, signifying the convergence of traditional automotive excellence with cutting-edge technology. The connected vehicle industry in Germany is experiencing significant growth and influence. German automakers, including giants such as Volkswagen, BMW, and Mercedes-Benz, have been at the forefront of incorporating advanced connectivity features into their vehicles. These features range from intuitive infotainment systems and real-time traffic updates to sophisticated driver assistance technologies. The German automotive sector's commitment to quality and innovation is reflected in the seamless integration of these technologies, offering consumers a superior driving experience.

Connected Vehicle Market: Competitive Landscape and Key Developments

Harman International, Visteon Corporation, Vodafone Group, Audi AG, Robert Bosch, General Motors, Continental AG, AT&T, Denso Corporation, and BMW Group are among the key connected vehicle market players profiled during this study. In addition, several other important connected vehicle market players have been studied and analyzed during the study to get a holistic view of the connected vehicle market and its ecosystem.

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