New York, US, March 10, 2023 (GLOBE NEWSWIRE) -- Maximize Market research, a global Automotive and Transportation business-consulting firm, has published a market intelligence and competitive landscape report on the “Connected Car Market”. The total market opportunity for the Connected Car market was USD 23.7 Bn in 2021 and is expected to grow at 19.02 percent CAGR over the forecast period to reach USD 95.44 Bn by 2029.
| Market Size in 2021 | USD 23.7 Bn |
| Market Size in 2029 | USD 95.44 Bn |
| CAGR | 19.02 percent (2022-2029) |
| Forecast Period | 2022-2029 |
| Base Year | 2021 |
| Number of Pages | 276 |
| No. of Tables | 135 |
| No. of Charts and Figures | 120 |
| Segment Covered | Connectivity, Technology, and Application |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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Connected Car Market Scope and Research Methodology
The report provides an in-depth analysis of the Connected Car Market based on segmentation. The segments provided in the Connected Car Market report are based on Connectivity, Technology, and Application. Connected Car Market segmentation helps to understand the Connected Car market structure easily. The regional insights highlight the use of Connected Car in the regions with factors including drivers, restraints, challenges and opportunities affecting the growth of the markets. The report includes the competitive landscape, which provides detailed information on the position of key players in the Connected Car industry with partnerships, business growth and acquisitions.
Data was collected through primary and secondary research methods from the Connected Car market. Secondary research includes sources such as company annual reports, presentations, publications of OEMs vehicle sales, technical handbooks and technical articles. Primary interviews were conducted with Connected Car Market experts from both the demand (OEMs) and supply (connected car solution and service providers) sides across the region. Primary data was collected through questionnaires and telephonic interviews. The bottom-up approach was used to estimate the connected car market size by value and volume. Porter’s five forces analysis is also included in the report, which helps to understand the Connected Car market through various perspectives.
Connected Car Market Overview
The connected car has two-way communication capabilities with external systems (LAN). This helps automobiles to exchange data and provide internet access with other devices outside and inside the vehicle. The global Connected Car market is driven by connected automobiles that bring value to vehicle owners in terms of safety and comfort.
Connected Car Market Dynamics
During the forecast period, the increasing adoption of the Advanced Driver Assistance Systems (ADAs) and emerging new technologies such as 5G and Artificial Intelligence (AI) are expected to drive the Connected Car Market growth. The Connected Car Market is also expected to grow due to the increasing number of vehicle thefts that are drawing the attention of car buyers to surveillance systems, which monitor their vehicles and send timely updates about their locations. The factor that is expected to majorly restrain the Connected Car Market growth is the lack of connectivity infrastructure. Connected cars comprise hardware, mobile apps, software and Bluetooth, which are vulnerable to cyberattacks. This is expected to be a major challenge for the Connected Car Market growth.
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Connected Car Market Regional Insights
The Asia-Pacific region dominated the global Connected Car Market with a share of 45 percent in 2021 and is expected to grow at a significant CAGR during the forecast period. This growth of the regional Connected Car Market is expected majorly due to the increasing research and development expenditures by key industry players.
Europe is also held a significant share of the Connected Car Market because of the presence of major market players and various development projects undertaken by governments across the region.
The Connected Car Market in the North America region is expected to grow at a high CAGR during the forecast period due to the increasing adoption of advanced technologies such as 5G connectivity.
Connected Car Market Segmentation
By Connectivity:
- Integrated
- Embedded
- Tethered
By Technology:
- 4G
- 3G
- 2G
By Application:
- Driver Assistance
- Telematics
- Infotainment
- Others
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Connected Car Market Key Players Include:
- Robert Bosch GmbH (Germany)
- Continental AG (Germany)
- Audi AG (Germany)
- ZF Friedrichshafen AG (Germany)
- Infineon Technologies (Germany)
- TomTom N.V. (Netherlands)
- NXP Semiconductors N.V. (Netherlands)
- Denso Corporation (Japan)
- Tata Consultancy Services Limited (India)
- Visteon Corporation (US)
- Harman International (US)
- AT&T Inc. (US)
- Airbiquity Inc (US)
- Qualcomm Technologies Inc. (US)
- Tesla, Inc (US)
- BorgWarner Inc (US)
- Ford Motor Company (US)
- Microsoft Corporation (US)
- Verizon Communications Inc (US)
- Intel Corporation (US)
- Sierra Wireless (Canada)
- Magna International (Canada)
Key questions answered in the Connected Car Market are:
- What is Connected Car?
- What was the Connected Car market size in 2021?
- What is the forecast period of Connected Car market?
- What will be the Connected Car market size by 2029?
- What is the growth rate of the Connected Car Market?
- Which are the factors expected to drive the Connected Car market growth?
- What factors are expected to hamper the Connected Car market growth?
- Which segment dominated the Connected Car market growth?
- What is the demand pattern for the Connected Car market?
- Which region held the largest share in the Connected Car market?
- Who are the key players in the Connected Car market?
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Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis by Connectivity, Technology, and Application
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
Maximize Market Research is leading Automotive and Transportation research firm, has also published the following reports:
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Solid State Car Battery Market: The total market size was valued at USD 1.09 Bn in 2022 and total revenue is expected to grow at a rate of 36 percent CAGR from 2023 to 2029, reaching USD 9.40 Bn in 2029. The lower range of an electric vehicle on a single charge in concern for EV users is expected to drive the market growth.
Car DVR Market: The market size was valued at USD 2889.6 Mn in 2021 and the total revenue is expected to grow at 5.10 percent through 2022 to 2029, reaching USD 4301.89 Mn. Technological advancements, rising awareness of in-vehicle safety, and favourable regulatory regulations is expected to boost the market growth.
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Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology, and communication, cars, and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
