Connected Car Market Size, Share, Growth, Future Forecast 2027

The globally connected car market size was valued at USD 63.03 billion in 2019 and is projected to reach USD 225.16 billion by 2027, registering a CAGR of 17.1% during forecast period.

Growing customer demand for communication solutions, increasing need for continuous connectivity, increasing technology dependency and growing tech-savvy population are key factors leading to the growth of connected car market size

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The main objective of connected cars is to keep the consumer connected to the outside world by providing continuous access to the Internet even when they are traveling.

Connect cars have an integrated wireless LAN and can communicate inside and outside the vehicle with entities. Connected cars are designed to receive remote over-the-air ( OTA) software updates, and relay diagnostic and operational data of on-board systems and components. By leveraging vehicle connectivity in this way, automakers can dramatically reduce recall expenses, enhance infotainment, offer location-conscious services, enhance response time for safety, and deliver post-sale vehicle performance and functionality improvements.

Due to these advantages, the connected car market size is expected to proliferate during the forecast period.

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Within the connected car industry, embedded type connectivity is expected to display the fastest growth. The growth of embedded connected solutions is due to factors such as policy mandates, service plan cost management, and cloud-based technology development.

Connectivity solution is categorized into integrated, embedded, and tethered. The category of embedded communication holds the largest market share and will sustain its market position over the forecast period. Thanks to more secure & faster data transmission with the use of antennas without interference from external sources such as SIM, efficient network, and protection solutions. The embedded interface is designed to connect to the built-in modem and a subscriber identity module (SIM), and drivers can use devices such as Apple's CarPlay or Android Auto to navigate it to nearby gas stations.

In addition, manufacturers rely on mergers, acquisitions, and strategic partnerships with technology and network service providers to make their presence known in the industry.

Some of the top companies in the connected car market are Airbiquity Inc., CloudMade, Continental AG, Intellias Ltd., LUXOFT, Qualcomm Technologies, Inc., Robert Bosch GmbH, Sierra Wireless, Tesla, and ZUBIE, INC., AT&T, Audi AG, BMW Group, Daimler AG, Ford Motor Company, Samsung Electronics, Telefonica SA, TomTom International, Verizon Communications and Vodafone Group Plc.

BY TECHNOLOGY

2G
3G
4G/LTE

BY CONNECTIVITY SOLUTIONS

Integrated
Embedded
Tethered

BY SERVICES

Driver Assistance
Safety
Entertainment
Well-being
Vehicle Management
Mobility Management

BY END MARKET

OEM
Aftermarket

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