PUBLISHER: The Business Research Company | PRODUCT CODE: 1429374
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429374
Connected cars are vehicles equipped with internet access and a local area network, enabling communication with other vehicles. These cars feature a variety of sensors that transmit and receive signals, facilitating real-time interaction with manufacturers' services to enhance the consumer experience. They can connect with smartphones, enabling drivers to monitor the car's performance automatically.
Primary types in the connected car market include embedded, tethered, integrated, and others. Embedded refers to being fixed into the surface of something. The services offered encompass driver assistance, safety, entertainment, well-being, vehicle management, mobility management, and others. Applications involve functions related to applications, navigation, infotainment, and telematics.
The connected cars market research report is one of a series of new reports from The Business Research Company that provides connected car market statistics, including global market size, regional shares, competitors with a connected car market share, detailed connected car market segments, market trends and opportunities, and any further data you may need to thrive in the connected car industry. This connected car market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The connected cars market size has grown rapidly in recent years. It will grow from $80.04 billion in 2023 to $92.59 billion in 2024 at a compound annual growth rate (CAGR) of 15.7%. The growth observed in the historical period can be attributed to the expansion of emerging markets, a heightened demand for improved user comfort, safety, and convenience, and an increase in occurrences of vehicle theft within the connected cars industry.
The connected cars market size is expected to see rapid growth in the next few years. It will grow to $165.72 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%. Projected growth is fueled by global population rise, technological advancements (5G, AI), increased internet penetration, IoT, and growing demand for in-car Wi-Fi and smart mobility solutions. Key trends include 5G adoption, AI integration for enhanced features, cybersecurity systems installation, launch of cloud platforms, and design of hybrid in-vehicle infotainment and advanced driver-assistance systems.
Increased governmental initiatives aimed at the development of intelligent transportation systems will act as a driving force for the connected car market. Over the mentioned period, government initiatives were instrumental in fostering the growth of connected and autonomous cars, significantly impacting the connected car market. For example, in the UK, the government has allocated £40 million (US$50 million) toward schemes to initiate commercial autonomous vehicle (AV) services, including delivery vehicles and passenger shuttles. Furthermore, various trials have been conducted, accompanied by the introduction of new legislation aimed at encouraging the deployment of connected cars. By 2030, it is projected that the UK will yield an estimated £62 billion ($74.36 billion) in economic benefits from the integration of connected and autonomous vehicles.
The increasing prevalence of autonomous vehicles is anticipated to drive the expansion of the connected cars market in the forthcoming years. Autonomous vehicles, commonly known as self-driving or driverless cars, are equipped with advanced sensors, artificial intelligence (AI) systems, and other technologies enabling them to operate without direct human intervention. Connected cars serve as a pivotal infrastructure for the development and functionality of autonomous vehicles, facilitating data exchange, refining navigation, enhancing safety measures, and providing essential support for the effective and safe operation of self-driving cars on roads. As indicated in a 2023 report by the National Academies Press, self-driving vehicles are swiftly advancing toward commercialization in global markets. By 2035, an estimated 40% of new vehicles in the UK may possess self-driving capabilities. Thus, the proliferation of autonomous vehicles contributes to the growth of the connected cars market.
Connected car enterprises are increasingly focusing on the development of novel technologies such as autonomous vehicle map software to bolster their revenue streams and gain a competitive advantage in the market. For instance, in 2022, NVIDIA Corporation, an American technology company, introduced DRIVE Map, an autonomous vehicles map software. This software, designed as a multi-modal mapping engine, aims to expedite the deployment of autonomous Level-3 and Level-4 vehicles capable of functioning without human intervention. Following the acquisition of HD mapping startup DeepMap, NVIDIA swiftly progressed in developing DRIVE Map, integrating the acquired mapping technologies into its software. DRIVE Map amalgamates the precision of DeepMap survey mapping with AI-based crowdsourcing, offering enhanced mapping capabilities.
Leading entities in the connected cars market are actively investing in cutting-edge technologies such as Snapdragon Digital Chassis connected car solutions to stay ahead in the competitive landscape. The Snapdragon Digital Chassis represents an all-encompassing suite of cloud-connected automotive platforms catering to telematics, connectivity, computing, and driver assistance. For instance, in February 2022, Qualcomm, a US-based company specializing in connected car technologies, introduced novel Snapdragon Digital Chassis connected car technologies. These cloud-connected automotive platforms facilitate real-time communication between vehicles and the cloud, delivering vital data and insights to enhance safety, efficiency, and convenience for vehicle operations.
In March 2021, Cruise, a US-based self-driving car company, completed the acquisition of Voyage for an undisclosed sum. This strategic move aims to address challenges in navigating dense urban environments. Voyage, also based in the US, specializes in self-driving car technology.
Major companies operating in the connected cars market report are Volkswagen, Toyota Motor Corporation, General Motors, Daimler AG, BMW Group, Ford Motor Company, Honda Motor Co Ltd., Hyundai Motor Group, Tesla, Renault, Tata Motors Limited, Mahindra and Mahindra Ltd., NIO Inc., XPeng Inc., Geely Automobile Holdings Limited, Nissan Motor Co., Ltd., Mitsubishi Motor Corporation, Bavarian Motor Works AG, Audi AG, Fiat Chrysler Automobiles, Delphi, Denso, Mercedes-Benz, Continental, SAIC Motor, Dongfeng, FAW and Chang'an, Banma Network Technology, ECARX Technology, Zhidao Network Technology, AutoAI Geely, Beijing Automotive Group, Brilliance Automotive, Guangzhou Automobile Group, Chery and Jianghuai (JAC), Robert Bosch GmbH, Tomtom Inc., Oxbotica, StreetDrone, Flourish, Zenzic AVs, GAZ Group, Yandex, Kamaz Livemap, Raxel Telematics, Stellantis, Airbiquity Inc., CloudMade, Intellias Ltd., LUXOFT, Qualcomm Technologies, Inc., Sierra Wireless, Telefonica S.A., Vodafone Group PLC, Verizon Communications, Samsung Electronics, AT&T, FCA South Africa, Jaguar Land Rover, Suzuki Auto South Africa
Asia-Pacific was the largest region in the connected cars market share in 2023. Western Europe was the second largest region in the global connected cars market. The regions covered in the connected cars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the connected cars market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
The connected cars market consists of sales of connected cars such as Vehicle to Vehicle (V2V), Vehicle to Infrastructure (V2I), Vehicle to Cloud (V2C), Vehicle to Pedestrians (V2P), and Vehicle to Everything (V2X). Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Connected Cars Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on connected cars market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for connected cars? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The connected cars market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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