Connected Car Market size is projected to reach USD 361 Billion by 2030, growing at a CAGR of 17.3%: Straits Research

The global connected car market size was valued at USD 86 billion in 2021 and is estimated to reach an expected value of USD 361 billion by 2030, registering a CAGR of 17.3% during the forecast period (2022 – 2030). North America was the highest revenue contributor and is estimated to grow at a CAGR of 11.8%.

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New York, United States, Jan. 17, 2023 (GLOBE NEWSWIRE) -- Connected cars provide connectivity on wheels by providing comfort, convenience, performance, safety, security, and robust network technology. This allows the driver to connect to web channels, making real-time conversation possible. A rise in consumer demand for connectivity solutions, a surge in the necessity for constant connectivity, an increase in reliance on technology, and an increase in the number of tech-savvy individuals are the primary reasons driving the global connected cars market. Car manufacturers and service providers have created various connectivity solutions, including an M2M communication platform. This M2M capability in a vehicle facilitates communication between two connected vehicles. The vehicle is fitted with various sensors and processors that provide the driver with accurate and timely information. In turn, this promotes the global use of connected vehicles, contributing to the market's expansion.

Technological improvements, an increase in vehicle manufacturing, and an increase in demand for luxury and comfort in vehicles are anticipated to contribute to the expansion of the industry. However, the rise in demand for lightweight suspension systems and the development of advanced suspension systems are expected to create a more favorable environment for market expansion.


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Rise in Trend of Connectivity Solution to Drive the Global Connected Car Market

Over time, smartphones have altered the concept of connectedness. People desire to remain linked to the outside world when traveling. Now that connectivity is a need, automobile manufacturers implement connectivity solutions in their vehicles to increase vehicle sales. Consumers anticipate that their automobiles will perform duties comparable to PCs and smartphones.

Automobile manufacturers have elevated the integration of connection technologies to their highest priority. Modern automobiles incorporate numerous connectivity technologies that require internet service to accomplish their respective roles. Embedded, integrated, or tethered connection systems can enable connectivity in a vehicle. One connectivity solution is to provide Internet connectivity to the vehicle's driver and passengers. Using a smartphone, modem, or networking device, an in-car hotspot can be established to enable Internet access to any devices within the vehicle. Consequently, the popularity of connectivity solutions propels the expansion of the connected automobiles market.

Intelligent Transportation System to Provide Opportunities for the Global Connected Car Market

The safety services connected cars provide are an excellent example of cutting-edge aftermarket technology, as they include the data exchange between the vehicle and the driver. Safety combines telecommunication and car technology to improve vehicle efficiency, reduce fuel consumption and maintenance costs, boost security and safety measures, and enhance the driver's driving experience overall. The driver assistance system is another connected car feature that helps the driver determine the optimal route to the destination. It also sends alerts regarding traffic congestion and parking availability. These connected car capabilities provide intelligent transportation systems to enhance the driving experience.


Report Scope

Report MetricDetails
Market SizeUSD 361 Billion by 2030
CAGR17.3% (2022-2030)
Historical Data2019-2020
Base Year2021
Forecast Period2022–2030
Forecast UnitsValue (USD Billion)
Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments CoveredTechnology, Connectivity Solution, Service, End Use, Region
Geographies CoveredNorth America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/VendorsAirbiquity Inc., AT&T, Audi AG, BMW Group, CloudMade, Continental AG, Daimler AG, Ford Motor Company, Intellias Ltd., LUXOFT, Qualcomm Technologies, Robert Bosch GmbH, Samsung Electronics, Sierra Wireless, Telefonica S.A., Tesla, TomTom International, Verizon Communications, Vodafone Group Plc and ZUBIE INC
Key Market OpportunitiesIntelligent Transportation System
Key Market DriversThe Rise in Trend of Connectivity Solutions
Ease of Vehicle Diagnosis

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Regional Insights

By region, the global connected cars market is analyzed across North America, Asia-Pacific, Europe, and LAMEA. North America was the highest revenue contributor and is estimated to grow at a CAGR of 11.8%. North America consists of the United States, Canada, and Mexico, which have been analyzed for the global connected car market report. Due to the expansion of the connected car network, it is projected that the connected cars market in North America will enjoy considerable growth. In addition, key telecommunications firms are investing in developing linked vehicle capabilities. Increased vehicle production and sales in North America have contributed to the region's expansion of connected car services. Linked service providers have made numerous advancements to give better and more efficient service, resulting in the expansion of the regional market.

Europe is the second largest region. It is estimated to reach an expected value of USD 145 billion by 2030, registering a CAGR of 20.6%. Europe consists of the United Kingdom, Germany, France, Russia, Italy, and the rest of Europe. Leading developers of connected vehicles receive funding from investment firms to facilitate the adoption of cybersecurity in connected cars. This is implemented for safe data transport. In addition, significant automakers are releasing new autonomous, connected vehicles to improve the driving experience. Europe's major companies have made advancements to offer better and more efficient connected car services, resulting in expanding the connected car market in Europe. In addition, the development of advanced features such as ADAS has enabled vehicle manufacturers to offer linked services in automobiles, resulting in the expansion of the European market.

Asia-Pacific is the third largest region. Asia-Pacific consists of China, Japan, India, South Korea, and the remaining Asian nations. Numerous vehicle manufacturers operating in the Asia-Pacific region have developed connected services, which will ultimately contribute to the expansion of the region's connected car market. The market for connected cars is predicted to increase exponentially due to the collaboration of prominent connected car businesses and the deployment of 5G networks for connected cars. In addition, wireless service providers are aiming to develop sophisticated wireless platforms for connected vehicles, which is anticipated to contribute to the expansion of the Asia-Pacific connected car market.

Key Highlights

  • The global connected car market size was valued at USD 86 billion in 2021 and is estimated to reach an expected value of USD 365 billion by 2030, registering a CAGR of 17.3% during the forecast period (2022 – 2030).
  • Based on technology, the global connected cars market is divided into 3G, 4G/LTE, and 5G. The 4G/LTE segment was the highest contributor to the market and is estimated to grow at a CAGR of 13.7% during the forecast period.
  • By connectivity solution, the global connected cars market is categorized into integrated, embedded, and tethered. The integrated segment was the highest contributor to the market and is estimated to grow at a CAGR of 17% during the forecast period.
  • By service, the global connected cars market is classified into driver assistance, safety, entertainment, well-being, vehicle management, and mobility management. The safety segment was the highest contributor to the market and is estimated to grow at a CAGR of 17.8% during the forecast period.
  • By end use, the global connected cars market is bifurcated into OEM and aftermarket. The original equipment manufacturers (OEMs) segment was the highest contributor to the market and is estimated to grow at a CAGR of 17.1% during the forecast period.


Competitive Landscape

  • Airbiquity Inc.
  • AT&T
  • Audi AG
  • BMW Group
  • CloudMade
  • Continental AG
  • Daimler AG
  • Ford Motor Company
  • Intellias Ltd.
  • LUXOFT
  • Qualcomm Technologies
  • Robert Bosch GmbH
  • Samsung Electronics
  • Sierra Wireless
  • Telefonica S.A.
  • Tesla
  • TomTom International
  • Verizon Communications
  • Vodafone Group Plc and ZUBIE INC


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Global Connected Car Market: Segmentation

By Technology

  • 3G
  • 4G/LTE
  • 5G

By Connectivity Solution

  • Integrated
  • Embedded
  • Tethered

By Service

  • Driver Assistance
  • Safety
  • Entertainment
  • Well-being
  • Vehicle Management
  • Mobility Management

By End Use

  • OEM
  • Aftermarket

By Region

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA.


TABLE OF CONTENT

  1. Introduction
    1. Market Definition
    2. Market Scope
  2. Research Methodology
    1. Primary Research
    2. Research Methodology
    3. Assumptions & Exclusions
    4. Secondary Data Sources
  3. Market Overview
    1. Report Segmentation & Scope
    2. Value Chain Analysis: Connected Car Market
    3. Key Market Trends
      1. Drivers
      2. Restraints
      3. Opportunities
    4. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
    5. Market Share Analysis
  4. Technology Overview
    1. Introduction
      1. Market Size & Forecast
    2. 3G, 4G/LTE
      1. Market Size & Forecast
    3. 5G
      1. Market Size & Forecast
  5. Connectivity Solution Overview
    1. Introduction
      1. Market Size & Forecast
    2. Integrated
      1. Market Size & Forecast
    3. Embedded
      1. Market Size & Forecast
  6. Regional Overview
    1. Introduction
      1. Market Size & Forecast
    2. America
      1. North America
      2. U.S.
        1. By Technology
        2. By Connectivity Solution
      3. Canada
        1. By Technology
        2. By Connectivity Solution
      4. Mexico
        1. By Technology
        2. By Connectivity Solution
      5. Latin America
        1. By Technology
        2. By Connectivity Solution
    3. Europe
      1. Market Size & Forecast
      2. Germany
        1. By Technology
        2. By Connectivity Solution
      3. France
        1. By Technology
        2. By Connectivity Solution
      4. U.K.
        1. By Technology
        2. By Connectivity Solution
      5. Italy
        1. By Technology
        2. By Connectivity Solution
      6. Spain
        1. By Technology
        2. By Connectivity Solution
      7. Rest of Europe
        1. By Technology
        2. By Connectivity Solution
    4. Asia Pacific
      1. Market Size & Forecast
      2. Japan
        1. By Technology
        2. By Connectivity Solution
      3. China
        1. By Technology
        2. By Connectivity Solution
      4. Australia
        1. By Technology
        2. By Connectivity Solution
      5. India
        1. By Technology
        2. By Connectivity Solution
      6. South Korea
        1. By Technology
        2. By Connectivity Solution
      7. Rest of Asia-Pacific
        1. By Technology
        2. By Connectivity Solution
    5. Middle East & Africa
      1. Market Size & Forecast
      2. Saudi Arabia
        1. By Technology
        2. By Connectivity Solution
      3. South Africa
        1. By Technology
        2. By Connectivity Solution
      4. Kuwait
        1. By Technology
        2. By Connectivity Solution
      5. Rest of Middle East & Africa
        1. By Technology
        2. By Connectivity Solution
  7. Company Profile
    1. Airbiquity Inc
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    2. AT&T
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    3. Audi AG
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
  8. Conclusion & Recommendation
  9. Acronyms & Abbreviations


Table of Content and Figure @ https://straitsresearch.com/report/connected-car-market/toc


Market News

  • April 2022 – Airbiquity®, a global leader in connected vehicle services, launched DATAmatic®, a suite of edge data management solutions to address the increasing need for services and tools that help automakers manage and monetize connected vehicle data. The suite includes the DATAmatic Edge Data Platform and DATAmatic Edge Data Logger.
  • January 2022 – Airbiquity®, a global leader in connected vehicle services, announced an advancement in its collaboration with Renesas, a premier supplier of advanced semiconductor solutions. This expanded technology integration involves the Renesas R-Car S4 system-on-chip (SoC) and the AirbiquityOTAmatic® software management platform.


News Media

The Future of Automobiles: Connected Cars and Autonomous Vehicles

Virtual Car Key Market Outlook 2027, Key Trends and Market Dynamics


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