Press release
Connected Car Market Will Register at a CAGR of 20.1% by 2030 | Key Players Continental AG, Robert Bosch GmbH, Visteon Corporation, Harman International
Connected Car Market
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The Global Connected Car Market has reached a value of $79.2 billion in 2022. This market is expected to grow from $95 billion in 2023 to $343.1 billion in 2030 with a CAGR of 20.1% in the forecast period of 2023-2030.
Connected Car Market Key Players:
Bosch
Continental AG
Delphi Technologies PLC
DENSO Corporation
Harman International Industries, Inc.
Infineon Technologies AG
NXP Semiconductors N.V.
Toyota Motor Corporation
Valeo
ZF Friedrichshafen AG
BorgWarner.
In November 2021, Continental developed a technology solution for highly automated driving: an intelligent software that enables complex driving maneuvers autonomously. The Next Generation Driving Planner is an innovative software solution that enables highly automated driving from Level 3. This means that vehicles can master certain driving tasks independently and without driver intervention. The software developed by Continental represents a significant leap forward in driving intelligence.
In January 2021, HARMAN announced HARMAN Turbo Connect (TBOT), a new intelligent software agent that anticipates and mitigates vehicle connectivity discrepancies on the road. The newest solution in HARMAN's telematics portfolio, HARMAN TBOT satisfies the current demand for high-speed connectivity with low latency, especially when used alongside 5G-enabled technologies like HARMAN's Smart Conformal Antenna and full 5G and 5G-ready Telecommunications Control Units (TCU).
Integrated connectivity systems made a significant position in the market of Connected Car technology worldwide. It is due to the rising demand for voice assistance in terms of Google Assistant has become popular in recent times and many consumers are now looking for these features in their cars. These connectivity systems enable voice assistant integration, allowing drivers to use voice commands to control various functions in their vehicles. Further, through integrated connectivity systems, the connected car provides services such as navigation, music streaming, and telematics. All these features have attracted the customer for seamless experiences in all aspects, leading to an increase in the market value of the connected car in the upcoming years.
A connected car is defined as a vehicle that is equipped with internet connectivity and a range of sensors and electronic components that enable it to communicate with other devices or networks. This technology allows vehicles to connect with the internet, other cars, and infrastructure such as traffic lights, parking meters, and toll booths.
Connected Car technology enables the usage of GPS technology and real-time traffic data to figure out the destination location or route by drivers. These vehicles are equipped with sensors and cameras to provide alerts to the driver about hazards or danger. Further, this technology allows the driver to monitor and diagnose vehicle health in real-time and provide alerts to drivers of potential issues, and suggest maintenance or repairs.
Factors Drive Connected Car Market:
Different factors are involved in driving the Connected Car market which involves safety and security, convenience and comfort, efficiency and suitability, autonomous driving, and government regulation. This technology elevated safety and security by giving real-time alerts and assistance in case of emergency. Further, governments around the world are increasingly implementing regulations that require connected car technology, such as eCall in Europe, which requires all new cars to be equipped with an automatic emergency call system, anti-lock braking system, electronic stability control, and autonomous emergency braking for commercial vehicles. These all made a huge impact on the growth of the Connected Car market in the upcoming years.
Connected Car Market Regional Analysis:
The prevalence of the connected cars market in the region of Asia-Pacific is projected to grow in the given forecast period. China is one of the largest automotive markets in the world and recorded a 6% surge in sales of passenger cars in 2021, despite the pandemic. It has witnessed huge market growth for connected cars. The progression of these markets lies in the rising purchase the vehicles along with effective safety and security features, the need for vehicle-to-vehicle connectivity technology, and in building the IoT feature in the vehicles manufactured by the automobile industry. Furthermore, the integration of high-speed internet services such as 5G has enhanced the market for connected cars as expected in the coming years.
Table of Contents
Connected Car Market is segmented into service, hardware, form type, end market, transponder, network, electric vehicle type and region.
On the basis of Service
Navigation
Remote Diagnostics
Multimedia Streaming
Social Media & Other Apps
OTA Updates
On-Road Assistance
eCall & SOS Assistance
Cyber Security
Remote Operation
Collision Warning
Auto Parking/Connected Parking
Autopilot
Home Integration
Vehicle Management
Asset Tracking
On the basis of Hardware
Head Unit
Central Gateway
Intelligent Antenna
Electronic Control Unit
Telematic Control Unit
Keyless Entry Systems
Sensors
On the basis of Form Type
Embedded
Tethered
Integrated
On the basis of End Market
OEM
Aftermarket
On the basis of Transponder
Onboard unit
Roadside unit
On the basis of Vehicle Type
BEV
PHEV
FCEV
On the basis of Network
DSRC
Cellular
On the basis of Region
Asia Pacific
North America
Europe
South America
Middle East & Africa
Reasons to Acquire
Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors
Gain authentic and granular data access for Connected Car Market so as to understand the trends and the factors involved behind changing market situations
Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns
Direct Purchase of Connected Car Market Research Report at: https://www.delvens.com/checkout/connected-car-market-trends-forecast-till-2028
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