Connected Cars Market Share, Size, Overview, Top Players, Growth And Analysis Report 2024

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Connected Cars Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $165.72 billion In 2028 At A CAGR Of 15.7% :

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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Connected Cars Market Major Segments
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

Key Driver - Government-Led Initiatives Boosting The Connected Car Market

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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Prominent Trend - Innovation In Connected Car Industry With Autonomous Vehicle Map Software

Connected car companies are increasingly developing new technologies such as autonomous vehicle map software to increase their revenue and also to gain a competitive edge over their rivals. For instance, in 2022, NVIDIA Corporation, an American technology company launched an autonomous vehicles map software, DRIVE Map. It is a multi-modal mapping engine designed to accelerate the deployment of autonomous Level-3 and Level-4 vehicles that can operate without human intervention. After acquiring HD mapping startup, DeepMap last year, Nvidia accelerated the development of DRIVE Map. These startup's mapping technologies were incorporated into DRIVE Map. The DRIVE Map by Nvidia combines the accuracy of DeepMap survey mapping with the scale of AI-based crowdsourcing.

Connected Cars 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

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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the connected cars market share in 2023. Western Europe was the second largest region in the global connected cars market. The regions covered in the connected cars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Connected Cars Market Report Structure
3. Connected Cars Market Trends And Strategies
4. Connected Cars Market - Macro Economic Scenario
5. Connected Cars Market Size And Growth
…..
27. Connected Cars Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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