Austin, Aug. 16, 2024 (GLOBE NEWSWIRE) -- The Connected Car Market Share is expected to grow at a CAGR of 11.74% over 2024-2032 to reach USD 32.87 billion by 2032. Technological developments and changing preferences are causing a revolution in the connected car market.
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Key Players:
- Continental AG
- Robert Bosch
- Harman International
- Airbiquity
- Visteon
- Cloudmake
- Intellias
- Tesla
- Ford Motor Company
- Audi
- AT & T
- Qualcomm Technologies
- Verizon
- TomTom International BV
- Sierra Wireless
- Changan Automobile
- Tata Motors
- PATEO Corp
The Connected Car Market is driven by technological innovation, changing consumer behaviour, and government legislation.
On a basic level, connected cars have enhanced safety, improved convenience, and personalized driving experiences that have ever been, inclusive of remote diagnostics made possible by enhanced telematics, artificial intelligence, and 5G connectivity, among others, for autonomous driving and over-the-air updates.
Also, with the increasing subscription-based services if one goes by the popularity garnered by smartphones the interaction with our vehicle’s changes. Connected cars hence present a very alluring proposition where consumers seek safety and efficiency.
Connected Car Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 10.80 billion |
| Market Size by 2032 | USD 32.87 billion |
| CAGR | 11.74% |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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| Major Regions Covered |
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Market Analysis
Connected cars are a potential source of huge amounts of information related to driving patterns, vehicle performance metrics, and consumer preference. Those data can be used to help in the development of new services like predictive maintenance, individualized insurance premium setting, and targeted advertising. Connected cars integrated with smart cities infrastructure can help further calibrate traffic flows to prevent congestions and make urban mobility much easier.
Connected vehicles market is dominated by SUVs and Luxury vehicles which account for over 60% of all sales.
They represent segments with higher profit margins for manufacturers and better adopters of advanced technologies. Meanwhile, growing affordability and fuel efficiency concerns are driving the compact and mid-size segments at a fast pace. 80% market share is maintained by 4G LTE as well as it is best suited for connected car applications due to its wide availability and faster data rates.
In 2023, the Asia-Pacific region had a share of 40% of the connected car market.
This rise is brought about by factors such as growth in middle class with more income at disposal and urbanized rapidly and preference for technology-driven innovations. However, this worldwide market can be refracted into key patterns and statistics that furnish profound insights on it. For instance, China, India and Japan collectively account for more than 70% of vehicle sales in the region.
Moreover, consumer sentiment surveys show that almost 80% of APAC consumers are ready to pay a premium for connected car features. Younger demographics are particularly in favour of this trend placing connectivity over all else while entertainment and safety are other great options to settle for.
Key Trends:
- A major trend is the growing popularity of over-the-air (OTA) updates, which enable software to be updated or more features added on board without requiring physical visits to service centers.
- This has resulted in a sharp increase in connected car services with remote diagnostics, predictive maintenance and infotainment systems becoming popular.
- Moreover, advanced driver assist systems (ADAS) integration and autonomous driving technologies are gradually increasing to project a 30% rise of ADAS equipped vehicles by 2025.
- The transition towards automatic driving has therefore driven the need for high-speed connectivity, where 5G technology has emerged as a frontrunner due to its low latency and high bandwidth characteristics.
Connected cars market has seen a sudden rise in innovation and increased competition.
- For instance, 75% increase in over-the-air software updates year-on-year by Tesla, which have boosted features like Autopilot and entertainment options.
- However, traditional car manufacturers such as General Motors and Ford are fast closing the gap with GM’s OnStar platform now integrating advanced diagnostics and remote vehicle control.
- Moreover, partnerships are also rising growth an example is Stellantis partnering with Google for Android Automotive to be integrated into their vehicles which is projected to feature on more than 30 million cars by 2030.
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Key Takeaways:
Connected car market opening opportunities rapid growth in technology boosting and consumers that are more and more interested in connectivity.
One of them is visible in the colossal rising adoption rates for advanced driver assistance systems (ADAS) as more and more cars come equipped with ADAS features. Up to 80% of new cars are predicted to have ADAS features by 2025.
This change has been prompted by increased safety, better fuel economy, and the appeal of self-driving cars.
Additionally, over-the-air (OTA) updates are becoming more integrated, allowing for seamless software updates and additional functionalities to be added to vehicles thus, lengthening their lifecycles.
Although cybersecurity remains an important issue; however stiff encryption protocols are put in place; and constant supervision thereof so that private vehicle information can be sustained.
Table of Contents – Major Key Points
1. Introduction
1.1 Market Definition
1.2 Scope (Inclusion and Exclusions)
1.3 Research Assumptions
2. Executive Summary
2.1 Market Overview
2.2 Regional Synopsis
2.3 Competitive Summary
3. Research Methodology
3.1 Top-Down Approach
3.2 Bottom-up Approach
3.3. Data Validation
3.4 Primary Interviews
4. Market Dynamics Impact Analysis
4.1 Market Driving Factors Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges
4.2 PESTLE Analysis
4.3 Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
5.1 Key Vendors and Feature Analysis, 2023
5.2 Performance Benchmarks, 2023
5.3 Integration Capabilities, by Software
5.4 Usage Statistics, 2023
6. Competitive Landscape
6.1 List of Major Companies, By Region
6.2 Market Share Analysis, By Region
6.3 Product Benchmarking
6.3.1 Product specifications and features
6.3.2 Pricing
6.4 Strategic Initiatives
6.4.1 Marketing and promotional activities
6.4.2 Distribution and supply chain strategies
6.4.3 Expansion plans and new product launches
6.4.4 Strategic partnerships and collaborations
6.5 Technological Advancements
6.6 Market Positioning and Branding
7. Connected Car Market Segmentation, By Service
- Navigation
- Remote Diagnostics
- Multimedia Streaming
- Social Media & Other Apps
- OTA Updates
- On-Road Assistance
- Autopilot
- Remote Operation
- Auto Parking
- Home Integration
- Stolen Vehicle Recovery
- eCall & SOS assistance
8. Connected Car Market Segmentation, By Form Type
- Embedded
- Integrated
9. Connected Car Market Segmentation, By End Market
- OEM
- Aftermarket
10. Connected Car Market Segmentation, By Transponder
- Onboard Unit
- Roadside Unit
11. Connected Car Market Segmentation, By Hardware
- Head Unit
- Central Gateway
- Intelligent Antenna
- Electronic Control Unit
- Telematics Control Unit
- Keyless Entry System
- Sensor
11. Connected Car Market Segmentation, By Network
- DSRC
- Cellular
12. Connected Car Market Segmentation, By Vehicle Type
- BEV
- PHEV
- FCEV
13. Regional Analysis
14. Company Profiles
15. Competitive Landscape
16. Use Case and Best Practices
17. Conclusion
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