Dublin, July 12, 2024 (GLOBE NEWSWIRE) -- The "Global Connected Car Market by Service ICE & EV (OTA, Navigation, Multimedia Streaming, Social Media, eCall, Autopilot, Remote Diagnostics, Home Integration), Market (OEM, Aftermarket), Network, Form, Transponder, Hardware and Region - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The report's scope covers detailed information regarding the major factors influencing the growth of the connected car market. A thorough analysis of the key industry players has provided insights into their business overview, products, key strategies, contracts, partnerships, agreements, new product launches, mergers and acquisitions, recession impact, and recent connected car market developments.
The connected car market is estimated to grow from USD 12.4 billion in 2024 to USD 26.4 billion by 2030, at a CAGR of 13.3%.
The global connected car market is primarily driven by the increasing demand for advanced safety features, enhanced user convenience, and seamless connectivity solutions. The rapid development of network infrastructure in key markets like China and India facilitates the integration of cutting-edge technology in vehicles. New car buyers are showing a strong preference for connected features, which is driving the market towards more innovative and tech-savvy solutions. The widespread adoption of smartphones and the decreasing cost of data plans make connected car technologies more accessible to a broader consumer base. Furthermore, the growing sales of electric and autonomous vehicles are fueling the demand for connected car technologies, shaping the future of automotive connectivity on a global scale. 
Intelligent antennas in the hardware segment would be the fastest-growing market in the connected car market.
The intelligent antenna market is the fastest-growing segment in the connected car market, driven by the increasing demand for advanced safety features, comfort, and vehicle connectivity. Key players like HELLA GmbH & Co. KGaA (Germany), Robert Bosch GmbH (Germany), TE Connectivity (Switzerland), Continental AG (Germany), and Ficosa Group (Spain) are actively developing and integrating intelligent antennas into vehicles to support the growing demand for connected car features. Recent developments in the smart antenna market include the introduction of 5G-enabled antennas, which offer higher data transfer rates and lower latency, supporting applications like advanced driver-assistance systems (ADAS), and sophisticated infotainment systems.
This growing adoption of smart antennas is helping to solve the issues of traffic congestion and providing the best route, which is usually adopted high in embedded based passenger car. Considering the 5G connectivity in vehicle, In September 2021, BMW Group (Germany) and Telekom (Germany) launched in-car 5G connectivity and Personal eSIM networking options. This collaboration marks a significant milestone in integrating 5G technology into production vehicles, with the BMW iX being the first premium vehicle to offer 5G connectivity.
Infrastructure development, such as the growth of 5G networks, creates a conducive environment for the widespread adoption of intelligent vehicle antennas. For example, Verizon (US) has partnered with Robert Bosch (Germany) to develop a 5G-enabled traffic management system that uses intelligent antennas to collect real-time data on traffic conditions and road hazards. Governments and regulatory bodies support the development of connected car technologies through initiatives like allocating dedicated spectrum for vehicle-to-everything (V2X) communication. In the United States, in May 2023, the Federal Communications Commission (FCC) allocated a portion of the 5.9 GHz band for V2X communication, enabling the deployment of intelligent antennas for safety and efficiency applications.
Consumer demands for comfort, safety, and connectivity drive the adoption of intelligent vehicle antennas. OEMs respond to these demands by integrating advanced antenna systems into their cars, which can support various applications, including V2X communication, infotainment systems, and ADAS. For instance, BMW's (Germany) ConnectedDrive system uses intelligent antennas to provide drivers with real-time traffic information, remote services, and concierge assistance. The trend among OEMs is to offer advanced antenna systems as standard or optional features in their vehicles, particularly in the premium segment. The intelligent antenna market is expected to grow significantly, with the Asia Pacific region emerging as the fastest-growing market, driven by the increasing adoption of connected car technologies in countries like China and India.
Europe is the third fastest growing region in the connected car market.
This growth is driven by increasing consumer demand for advanced driver assistance systems (ADAS), in-car infotainment, and vehicle-to-everything (V2X) communication technologies. In 2020, around 12.3 million new cars sold in Europe were equipped with some form of connectivity, representing nearly 45% of all new car sales. This penetration rate is expected to rise sharply, with almost all new cars being connected by 2030.
Investments in the connected car ecosystem in Europe has been substantial, with significant funding directed towards research and development (R&D) and infrastructure. The European Union has allocated over USD 3.25 billion through various programs to support the development of connected and autonomous vehicle technologies. For example, the Horizon 2020 program has funded numerous projects focused on enhancing vehicle connectivity and autonomy. Moreover, private investments are also on the rise, with companies like Daimler and BMW investing billions in their connected and autonomous vehicle divisions. In 2021, Bosch announced a USD 1.08 billion investment in a new semiconductor plant in Dresden to produce chips essential for connected car technologies, underlining the region's commitment to maintaining technological leadership.
European governments are significantly contributing to the growth of the connected car market through supportive regulations and initiatives. The Cooperative Intelligent Transport Systems (C-ITS) directive supports the development and deployment of V2X communication technologies, enhancing road safety and transport efficiency. In 2020, the European Commission adopted a strategy for sustainable and smart mobility, aiming to extensively deploy automated and connected mobility solutions by 2030. This strategy includes substantial investments in infrastructure, such as 5G networks essential for real-time vehicle communication, and developing standards for autonomous vehicle testing and deployment.
Also, regional initiatives and collaborations are playing a pivotal role in the growth of the connected car market in Europe. Countries like Germany, France, and the UK are leading the charge with dedicated strategies and pilot projects. Germany's Autonomes Fahren initiative aims to make the country a global leader in autonomous driving by 2030, supported by investments in digital infrastructure and regulatory frameworks.
France has launched several smart mobility projects, such as the SAM (Safety and Acceptability of Autonomous Driving and Mobility) program, to test and validate autonomous vehicle technologies. Additionally, cross-border collaborations, such as the European Data Task Force, are working to harmonize data standards and enhance cooperation between countries, facilitating smoother deployment and operation of connected vehicles across the continent. These collaborative efforts are critical in addressing the technical and regulatory challenges associated with connected and autonomous vehicle technologies.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 377 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $12.4 Billion |
| Forecasted Market Value (USD) by 2030 | $26.4 Billion |
| Compound Annual Growth Rate | 13.3% |
| Regions Covered | Global |
Key Topics Covered:
Executive Summary
- Connected Car Market Overview
- Embedded Segment to Register Highest CAGR During Forecast Period
Premium Insights
- Attractive Opportunities for Players in Connected Car Market - Increasing Demand for Enhanced User Comfort, Safety, and Convenience to Drive Market
- Connected Car Market, by Form Type - Embedded Segment to Lead Market During Forecast Period
- Connected Car Market, by Service - Ota Update Segment to be Dominant During Forecast Period
- Connected Car Market, by End Market - Aftermarket to Hold Larger Market Share Than OEM Segment During Forecast Period
- Connected Car Market, by Hardware - Electronic Control Unit Segment to Account for Largest Market Share During Forecast Period
- Connected Car Market, by Network - Cellular to Register Higher CAGR Than DSRC Segment During Forecast Period
- Connected EV Market, by Vehicle Type - FCEV Segment to Record Highest CAGR During Forecast Period
- Connected Car Market, by Region - Asia-Pacific to Account for Largest Share in Connected Car Market in 2024
Market Dynamics
Drivers
- Surge in Regulations Mandating Advanced Features
- Rapid Developments in Connected Car Technology
- Growing Focus on Fuel Efficiency
- Rising Adoption of Telematics and Usage-based Insurance
- Escalating Demand for Premium Vehicles
Restraints
- Lack of Robust Infrastructure
Opportunities
- Emergence of Advanced Technologies
- Ongoing Development of Autonomous Vehicles
- Growing Shift Toward Mobility-As-A-Service
Challenges
- Cybersecurity Issues
Case Study Analysis
- Use of Telematics Control Unit for Predictive Maintenance
- Development of Low-Cost and Versatile Car Telematics Platform
- Utilization of Zuora Platform for Telematics
- Enhanced Autonomous Driving Capabilities with Open Autonomy Pilot Platform
- Improved Autonomous Vehicle Performance with Drive Hyperion
Technology Analysis
- Key Technology
- 5G
- Artificial Intelligence
- Complementary Technology
- Vehicle-To-Everything
- Vehicle-To-Cloud
- Vehicle-To-Pedestrian
- Vehicle-To-Infrastructure
- Vehicle-To-Vehicle
- Cellular V2X
- Lte-V2X
- 5G-V2X
- Vehicle-To-Everything
- Adjacent Technology
- Ride-Hailing Service
- L2 Automation
Companies Featured
- Continental
- Robert Bosch
- Harman
- Visteon
- Airbiquity Inc.
- Cloudmade
- Intellias
- Tesla
- Ford Motor Company
- Audi
- AT&T
- Qualcomm Technologies
- Verizon
- Tomtom International
- Sierra Wireless
- Aptiv
- Octo Group
- Panasonic
- Tech Mahindra
- Microsoft Azure
- Zubie
- BMW
- Daimler
- Telefonica
- Luxoft
- Uber Technologies
- Nxp Semiconductors
- Geotab
- Red Hat Inc.
- Argo AI
For more information about this report visit https://www.researchandmarkets.com/r/cnzpq5
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