Driving into the Digital Age: Trends in the Connected Car Market

As per a report by P&S Intelligence, the connected car market was USD 64,061 million in 2022, and it will propel at an 18.30% CAGR, to touch USD 245,739 million, by 2030.

The growth in the industry is mainly credited to the mounting adoption of IoT in the automotive sector, growing requirements for high-end luxury cars, increasing concerns over vehicular safety & security, and rising preference for autonomous vehicles, integrated connectivity; 5G penetration, and automatic parking.

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Based on service, the driver assistance service category will hold the largest connected car market share in the years to come. This is primarily attributed to the extensive integration of advanced driver assistance systems in vehicles, which decrease the possibility of vehicle accidents.

Furthermore, customer concerns regarding vehicular safety are driving the industry. Additionally, in several nations, the government has made it mandatory to install the ADAS system in all upcoming vehicles.

Based on technology, the 5G category will advance at a significant rate throughout this decade. This is mainly attributed to the mounting emphasis to improve the driver's experience by providing real-time traffic coverage, and the growing requirement for information in the vehicle, where 5G decreases the time of latency.

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Moreover, several telecommunication businesses are focused on the development of fifth-generation connectivity for advanced communication between connected vehicles and external devices.

The OEM category is expected to hold the largest share of the industry in the years to come. This is ascribed to the increasing necessity for these solutions by the original equipment manufacturers (OEMs) due to the implementation of strict government regulations concerning vehicle and passenger safety.

Additionally, the requirement for advanced technologies, for instance, cybersecurity, self-drive vehicles, and integrated connectivity, is increasing rapidly.

Based on application, the navigation category will remain dominant, advancing at a 20.3% CAGR, throughout this decade. This is attributed to the increasing need for real-time in-vehicle navigation and enhanced optimization with proper route planning features, for a smooth ride.

The research offers market size of the Connected Car Market for the period 2017-2030.

Market Segmentation by Service
• Driver Assistance
• Entertainment
• Vehicle Safety
• Mobility Management
• Fleet Management

Market Segmentation by Technology
• 2 generation (G)/3G
• 4G/ long-term evolution (LTE)
• 5G

Market Segmentation by Application
• Navigation
• Infotainment
• Telematics

Market Segmentation by Connectivity
• Embedded
• Integrated
• Tethered

Market Segmentation by End Use
• Original Equipment Manufacturer (OEM)
• Aftermarket

Market Segmentation by Region
• North America Connected Car Market
o By service
o By technology
o By application
o By connectivity
o BY end use
o By country - U.S. and Canada
• Europe Connected Car Market
o By service
o By technology
o By application
o By connectivity
o BY end use
o By country - Germany, U.K., France, Italy, Spain, and Rest of Europe
• Asia-Pacific (APAC) Connected Car Market
o By service
o By technology
o By application
o By connectivity
o BY end use
o By country - Japan, China, India, South Korea, Australia, and Rest of APAC
• Latin America, Middle East, and Africa (LAMEA) Connected Car Market
o By service
o By technology
o By application
o By connectivity
o BY end use
o By country - Brazil, Mexico, U.A.E. and Rest of LAMEA

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This release was published on openPR.