NEWARK, Del, June 24, 2024 (GLOBE NEWSWIRE) -- The global connected car market is expected to surge to a valuation of USD 118,352 million by 2034, marking a significant increase from the estimated value of USD 37,223 million in 2024. This remarkable growth, at a CAGR of 12.3%, reflects the automotive sector's substantial investments in AI and advanced connectivity features.
The automotive industry has witnessed a notable shift towards advanced safety features and autonomous driving technology, driven in part by the impact of road accidents, which account for approximately 1.35 million fatalities globally every year. As a result, manufacturers have incorporated advanced safety specifications such as lane departure warning, pedestrian detection, and automatic braking systems into vehicles to address these concerns.
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The influence of smart city initiatives has prompted key companies and manufacturers to pivot towards environmentally friendly vehicles, shaping the trajectory of the connected car ecosystem. Amidst this transformation, automakers are also focusing on enhancing in-car entertainment and communication services to meet consumer demands. The integration of AI and machine learning has expanded the capabilities of connected car applications, allowing for seamless adjustments of seats, air conditioning, and entertainment applications.
The advent of advanced technologies such as 5G has further propelled the connected car market forward, offering high-speed, low-latency, and reliable connectivity. Additionally, vehicle-to-vehicle (V2V) communication has emerged as a critical component for enhancing road safety and improving the overall driving experience, allowing vehicles to share data and optimize traffic flow. These factors collectively contribute to the evolving landscape of the connected car market, presenting opportunities for innovation and growth in the automotive sector.
“Rising consumer interest in connected car services and the increasing adoption of IoT and cloud-based technologies have posed significant opportunities for the connected car market in the foreseeable future,” - says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Key Takeaways from the Market Study
- The 5G segment in network technology covers about 62.8% of the share for 2024.
- V2V has an impressive yet more extensive share of 67.2% for 2024 in the connected car industry.
- The connected car market in Germany is set to experience an exponential increase, with a 13.5% CAGR through 2034.
- The connected car market in Italy is anticipated to develop at a CAGR of 12.9% through 2034.
- The connected car market in the United Kingdom is projected to grow at a CAGR of 12.5% through 2034.
- The connected car market in the United States is estimated to rise at a 12.3% CAGR through 2034.
- The connected car market in South Korea is predicted to rise at an 11.8% CAGR through 2034.
Competitive Landscape
Companies are focused on providing advanced connected car services. They are also leveraging AI and ML to connect proximity cars to innovative features. Many are focused on launching safety and security features to keep pace with the speed of development in emerging economies.
Recent Developments:
- In January 2024, Samsung and Hyundai teamed up to connect the SmartThings platform with Hyundai and Kia vehicles, enabling users to control appliances and car systems through a single app.
- In March 2024, Vero and Privacy4Cars introduced Identi-FI, a data privacy solution for connected cars, offering privacy tools and identity protection services for dealerships and consumers.
Key Companies Profiled
- Morris Garage Motor India
- Bosch
- Maruti Suzuki
- Payment24
- Airbiguity
- Harman International
- Continental AG
- Daimler AG
- General Motors
- Hyundai Motor Group
- Volvo
- Ford Motor Company
- Audi
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Key Segments of Market Report
By Network Technology:
- 3G
- 4G
- 5G
By Communication Type:
- V2V
- V2I
- V2P
By Application:
- Driver Assistance
- Vehicle Safety and Security
- Infotainment
- Telematics
- Navigation Applications
By Vehicle Type:
- ICE
- electric
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)
- Europe
Author by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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