Connected Car Market Overview 2023-2028:
IMARC Group’s latest research report, titled “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 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 user convenience, and efficient interaction of the transport system with its surroundings to prevent road accidents and notify regarding parking space availability. Connected cars also provide real-time traffic alerts to the driver and alarm emergency services, which aid in enhancing overall traffic and road safety management while ensuring optimal driving comfort. Consequently, they are gaining immense traction across the globe to make vehicle management more efficient.
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Key Players Included in Global Connected Car Market Research Report:
- 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
- Vodafone Group Plc
Connected Car Market Growth and Development:
The elevating demand for in-car safety solutions is primarily augmenting the connected car market. Furthermore, the rising 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 positively influencing the global market. Apart from this, the introduction of 5G connectivity and the increasing usage of artificial intelligence (AI) and machine-to-machine (M2M) interconnectivity between several cars are acting as significant growth-inducing factors. Moreover, continuous developments in the manufacturing of advanced suspension systems are also bolstering the market growth. Besides this, the growing popularity of luxury cars among individuals, on account of high disposable income levels and the emergence of autonomous driving trends, is further catalyzing the global market. Additionally, the increasing dependency on uninterrupted connectivity to access navigation services is also driving the market growth. In addition to this, the inflating digitization across the automotive sector and extensive R&D activities conducted by key players are expected to drive the connected car market in the coming years.
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Key Market Segmentation:
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, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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