Connected Car Market Is Expected To Reach US $250.54BN By 2030 With Players: Mojio, Xevo, Ctrack, Airbiquity, INRIX, Telenav, Arity, Splunk, Geotab, & Vinli

The global connected car market was valued at around US $64.78BN in 2022 and is expected to reach US $250.54BN by 2030 with a CAGR of 18.21% during the forecast period.
The connected car market is currently undergoing a remarkable transformation, driven by technological advancements and the surging demand for intelligent and interconnected vehicles.

This rapid evolution is reshaping the automotive landscape, ushering in a new era of mobility and significantly enhancing the overall driving experience.
Connected cars are vehicles equipped with sophisticated internet connectivity and communication technologies, enabling seamless data exchange with external systems. This connectivity opens up a plethora of possibilities, ranging from safety enhancements and efficient navigation to entertainment and advanced vehicle management. The primary catalyst for the unprecedented growth in the connected car market is the escalating consumer preference for uninterrupted connectivity and the desire for advanced features that augment both safety and convenience.

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Connected Car Market Segmentation
By Connectivity Type:
o Cellular
o Dedicated Short-Range Communication (DSRC)
o Wi-Fi
o Bluetooth

By Component:
o Hardware
o Software
o Services

By Application:
o Safety
o Infotainment
o Navigation
o Telematics

By Vehicle Type:
o Passenger Cars
o Commercial Vehicles

By Communication Type:
o Vehicle-to-Everything (V2X)
o In-Vehicle Communication

By End User:
o OEMs (Original Equipment Manufacturers)
o Aftermarket

By Region:
o North America
o Europe
o Asia-Pacific
o Latin America
o Middle East and Africa

Safety features stand out as a critical component driving the connected car market forward. Connected cars leverage real-time data to bolster safety through the implementation of features such as collision avoidance systems, automatic emergency calling (eCall), and advanced driver assistance systems (ADAS). These technologies utilize an array of sensors and connectivity to provide drivers with vital information, empowering them to make informed decisions and avoid potential accidents. The interconnected nature of these vehicles, allowing them to communicate not only with drivers but also with each other and surrounding infrastructure elements, contributes significantly to overall road safety.

Moreover, the connected car market is witnessing a paradigm shift in the realm of navigation. Advanced connectivity enables real-time traffic updates, dynamic rerouting based on road conditions, and predictive maintenance alerts. These features not only save time for drivers but also contribute to fuel efficiency and reduce the overall environmental impact of vehicular transportation. The seamless integration of navigation and connectivity is revolutionizing the way people perceive and engage with their vehicles.

Entertainment and infotainment systems are also integral components propelling the connected car market forward. The integration of internet connectivity allows passengers to access a myriad of entertainment options, from streaming services to interactive applications. This shift towards a more connected and entertainment-focused driving experience caters to the evolving preferences of modern consumers.
Furthermore, the ability of connected cars to communicate with each other and with infrastructure elements marks a significant advancement in the realm of smart transportation.

Vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication facilitate smoother traffic flow, reduce congestion, and enhance overall transportation efficiency. This interconnected ecosystem lays the foundation for future advancements, such as autonomous driving, where vehicles communicate seamlessly to navigate complex traffic scenarios.

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This release was published on openPR.