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Global Connected Car Market Size is Expected to Reach $3,29,264.0 Million By 2023
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In terms of connectivity solutions, the connected market is categorized into integrated, embedded and tethered. The market for integrated connectivity based cars surpassed that of embedded connectivity based cars in 2016, owing to higher growth rate of the former as compared to the latter.
In terms of technology, the connected car industry is categorized into 2G, 3G, and 4G. A 5G technology is a proposed technology, whose implementation in connected cars is expected to take time to materialize.
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The European connected car market is expected to cross $98.5 billion by 2023, growing at a CAGR of over 30% between 2017-2023. The specific standards set by the European Commission enable vehicles from different manufacturing companies to communicate with each other. Authorities in Germany, Austria and Netherlands have agreed to develop and install roadside communication infrastructure.
Some of the major players operating in the connected car market are Telefonica S.A., Google Inc., Bayerische Motoren Werke (BMW) Group, AT&T Inc., Intel Corporation, IBM Corporation, and Vodafone Group Plc.
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