Connected Cars Market Segments 2024-2033 | Size, Share, Insights, and Analysis

"The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company presents an extensive market research report on the Connected Cars Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:

The connected cars market size has grown rapidly in recent years. It will grow from $80.04 billion in 2023 to $92.59 billion in 2024 at a compound annual growth rate (CAGR) of 15.7%. The growth in the historic period can be attributed to emerging markets growth, increased demand for enhanced user comfort, safety, and convenience, and increasing occurrences of vehicle theft in connected cars industry.

The connected cars market size is expected to see rapid growth in the next few years. It will grow to $165.72 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%. The growth in the forecast period can be attributed to rise in global population, the emergence of various technologies such as 5g and ai, a rise in internet penetration, internet of things (iot), rising preference of in-car wi-fi hotspots and data services and increasing demand for smart solutions in mobility. Major trends in the forecast period include connected cars manufacturers should focus on the adoption of 5g connectivity in connected cars to expand the connected technologies. the connected cars manufacturers should focus on the integration of ai in connected cars to enhance the features in connected car operating systems. the connected cars manufacturers should focus on the installation of cybersecurity systems in connected cars to the risk of cyber-attacks. the connected cars manufacturers should focus on launching cloud platforms for connected cars to keep up with the competitors in the market. the connected cars manufacturers should focus on designing hybrid personalized in-vehicle infotainment systems for connected cars to enhance in-vehicle capabilities for the better driving experience. the connected cars manufacturers should focus on designing advanced driver-assistance systems for connected cars to assist the drivers using advanced technologies.

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Key Market Players:

Major companies operating in the connected cars market report are Volkswagen, Toyota Motor Corporation, General Motors, Daimler AG, BMW Group, Ford Motor Company, Honda Motor Co Ltd, Hyundai Motor Group, Tesla, Renault, Tata Motors Limited, Mahindra and Mahindra Ltd., NIO Inc., XPeng Inc., Geely Automobile Holdings Limited, Nissan Motor Co., Ltd., Mitsubishi Motor Corporation, Bavarian Motor Works AG, Audi AG, Fiat Chrysler Automobiles, Delphi, Denso, Mercedes-Benz, Continental, SAIC Motor, Dongfeng, FAW and Chang'an, Banma Network Technology, ECARX Technology, Zhidao Network Technology, AutoAI Geely, Beijing Automotive Group, Brilliance Automotive, Guangzhou Automobile Group, Chery and Jianghuai (JAC), Robert Bosch GmbH, Tomtom INC, Oxbotica, StreetDrone, Flourish, Zenzic AVs, GAZ Group, Yandex, Kamaz Livemap, Raxel Telematics, Stellantis, Airbiquity Inc., CloudMade, Intellias Ltd., LUXOFT, Qualcomm Technologies, Inc., Sierra Wireless, Telefonica S.A., Vodafone Group Plc, Verizon Communications, Samsung Electronics, AT&T, FCA South Africa, Jaguar Land Rover, Suzuki Auto South Africa

Market Drivers:

An increase in efforts by governments to develop intelligent transportation systems will drive the connected car market. During the period, government efforts for the development of connected and autonomous cars contributed to the connected car market's growth. For instance, in the UK, government efforts were significant for the development of connected cars. The government in the UK has invested £40 million (US$50 million) schemes for kick-starting commercial autonomous vehicle (AV) services, such as delivery vehicles and passenger shuttles. Additionally, there have been numerous trials and they have introduced new legislation to promote the deployment of connected cars. By 2030, the UK is expected to benefit from a projected £62 billion ($74.36 billion) in economic benefits from deploying connected and autonomous vehicles.

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The connected cars market covered in this report is segmented -

1) By Product Type: Embedded, Tethered, Integrated
2) By Application: Navigation, Infotainment, Telematics, Combination
3) By Services: Driver Assistance, Safety and Well-Being, Entertainment, Vehicle Management, Mobility Management, Other Services

The report answers the following questions:
What are the primary factors propelling the market during the projected period?

In which region is the most substantial growth expected?

Which trend will take center stage in the upcoming period?

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