Newark, Sept. 11, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 65.61 billion in 2023 global connected car market will reach USD 373.63 billion in 2033. A connected car is a vehicle equipped with internet connectivity and advanced technologies that provide comfort, performance, convenience, security, and safety. These cars enable drivers to access real-time communication and various web networks, enhancing the driving experience. The global connected car market is experiencing significant growth, driven by factors such as increasing consumer demand for connectivity solutions, the growing need for constant connectivity, the rise of tech-savvy populations, and the reliance on technology. Over time, automobile manufacturers and service providers have developed various connectivity options, including machine-to-machine (M2M) communication platforms.
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These platforms enable vehicles to be equipped with sensors and computers that provide drivers with accurate and real-time information, further promoting the adoption of connected cars worldwide. Technological advancements, increased vehicle production, and rising demand for luxury and comfort in automobiles are likely to fuel industry expansion. Additionally, the growing demand for lightweight suspension systems and the development of innovative suspension systems are expected to create opportunities for market growth. Connected cars offer several benefits, including traffic management by communicating with traffic infrastructure and other vehicles to prevent accidents and reduce congestion. They also help manage fuel consumption and improve vehicle efficiency. Connected cars monitor driving behaviour and provide feedback to drivers, aiding in fuel efficiency. Moreover, users can connect their smart devices to their cars, allowing them to operate features like communication, navigation, and entertainment seamlessly.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $ 65.61 Billion |
| Market Size in 2033 | $ 373.63 Billion |
| CAGR | 19% |
| No. of Pages in Report | 131 |
| Segments Covered | Technology, Connectivity, End-User, Regions |
| Drivers | Rising Adoption of Cellphones |
| Opportunity | Rising Safety Standards |
| Restraints | Hacking |
Key Insight of the Global Connected car Market
Asia Pacific will dominate the market during the forecast period.
The Asia Pacific region emerged as the largest global connected car market in 2023, accounting for a 49% market revenue share. China leads the region, followed by India and South Korea, due to the increased connectivity options in new vehicle models. China's advancements in ICT, data processing, platform services, and strong industrial strategies supported by the central government are shaping the future of the connected vehicle industry.
In 2023, the 5G segment dominated the market with the largest market share of 40% and revenue of 26.24 billion.
The technology segment is divided into 2G/3G, 4G/LTE, and 5G. In 2023, the 5G segment dominated the market with the largest market share of 40% and revenue of 26.24 billion.
In 2023, the integrated segment dominated the market with the largest market share of 38% and revenue of 24.93 billion.
The connectivity segment is divided into integrated, embedded, and tethered. In 2023, the integrated segment dominated the market with the largest market share of 38% and revenue of 24.93 billion.
In 2023, the OEM segment dominated the market with the largest market share of 59% and revenue of 38.70 billion.
The end-user segment is divided into aftermarket and OEM. In 2023, the OEM segment dominated the market with the largest market share of 59% and revenue of 38.70 billion.
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Market Dynamics
Driver: Growing adoption of smartphones.
The widespread adoption of cell phones has redefined connectivity, as people now expect to stay connected even while traveling. This demand has led automakers to incorporate connectivity technologies into vehicles, allowing cars to perform functions similar to cell phones and computers. Connectivity can be enabled in cars through embedded, integrated, or tethered options, providing internet access to drivers and passengers.
Restraints: increasing risk of cyber-attacks.
A major security concern is the risk of hacking, where a hacker could access a car's computer system and the data it collects. This cyber threat could impede the growth of the connected car market.
Opportunities: evolving safety standards of the automotive sector.
The rising safety standards in the automotive industry present opportunities for connected cars. These vehicles merge telecommunications and automotive technologies to improve vehicle efficiency, reduce costs, enhance security, and provide a better driving experience. Features like driver assistance systems help drivers choose optimal routes, find parking spaces, and avoid traffic congestion, contributing to a safer and more efficient driving experience.
Challenges: high maintenance costs.
The high maintenance cost associated with modern suspension systems and evolving global vehicle regulations are expected to challenge the expansion of the connected car market.
Some of the major players operating in the global connected car market are:
• Airbiquity Inc.
• Continental AG
• Qualcomm Technologies, Inc.
• Robert Bosch GmbH
• Sierra Wireless
• Tesla
• AT&T
• Audi AG
• Daimler AG
• Ford Motor Company
• Samsung Electronics
• TomTom International
• Verizon Communications
• Vodafone Group Plc
Key Segments covered in the market:
By Technology
● 2G/3G
● 4G/LTE
● 5G
By Connectivity
● Integrated
● Embedded
● Tethered
By End-User
● Aftermarket
● OEM
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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