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Global Connected Vehicle Market Share Analysis - Industry Trends and Forecast to 2031

08-19-2024 08:46 PM CET | Politics, Law & Society

Press release from: Report Prime

Global Connected Vehicle Market Share Analysis - Industry

Market Overview and Report Coverage

Connected vehicles refer to automobiles equipped with internet access and a range of connectivity features that enable communication with other vehicles, infrastructure, and cloud services. This technology enhances safety, efficiency, and user experience by facilitating real-time data exchange, navigation updates, and remote diagnostics.

The current outlook for the connected vehicle market is promising, driven by advancements in IoT, 5G connectivity, and increased consumer demand for smarter driving experiences. With automotive manufacturers and tech companies investing heavily in research and development, the integration of artificial intelligence and machine learning into vehicle systems is becoming commonplace.

As awareness of road safety and environmental issues rises, connected vehicles are expected to play a pivotal role in developing smart cities and reducing traffic congestion. The market is projected to grow at a CAGR of 10.00% during the forecasted period, reflecting a significant increase in adoption rates across various segments, including infotainment, telematics, and autonomous driving technologies. This growth underscores the potential of connected vehicles to transform the transportation landscape, improve mobility solutions, and enhance the overall driving experience for consumers.

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Market Segmentation 2024 to 2031

The Connected Vehicle Market Analysis by types is segmented into:

• Embedded System
• Tethered System
• Integrated System

The connected vehicle market can be categorized into three main types: Embedded Systems, Tethered Systems, and Integrated Systems. Embedded Systems feature built-in connectivity within the vehicle's hardware, enabling direct communication with external networks. Tethered Systems rely on smartphones or other mobile devices that connect wirelessly to the vehicle, extending its functionality. Integrated Systems offer a seamless experience by combining both embedded and tethered solutions, allowing vehicles to access cloud services and enhanced features, optimizing user experience and connectivity.

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The Connected Vehicle Market Industry Research by Application is segmented into:

• Passenger Cars
• Commercial Vehicles

The Connected Vehicle Market encompasses technologies that enable communication between vehicles and external systems, enhancing safety, efficiency, and user experience. In passenger cars, connectivity facilitates features like navigation assistance, infotainment, and remote diagnostics. For commercial vehicles, connected solutions optimize fleet management, improve route efficiency, and enhance driver safety. This market is driven by advancements in IoT, increased demand for smart transportation, and regulatory push for vehicle-to-everything (V2X) communication, paving the way for a more integrated and intelligent mobility ecosystem.

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In terms of Region, the Connected Vehicle Market Players available by Region are:

North America:
• United States
• Canada

Europe:
• Germany
• France
• U.K.
• Italy
• Russia

Asia-Pacific:
• China
• Japan
• South Korea
• India
• Australia
• China Taiwan
• Indonesia
• Thailand
• Malaysia

Latin America:
• Mexico
• Brazil
• Argentina Korea
• Colombia

Middle East & Africa:
• Turkey
• Saudi
• Arabia
• UAE
• Korea


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What are the Emerging Trends in the Global Connected Vehicle market?

The Connected Vehicle market is experiencing several cutting-edge trends shaping its growth:

- **5G Connectivity**: Enhanced internet speeds enable real-time data exchange, improving safety features and in-vehicle experiences.

- **Autonomous Driving Technology**: Advancements in AI and machine learning are pushing the boundaries of self-driving capabilities, affecting consumer adoption.

- **Vehicle-to-Everything (V2X) Communication**: This technology fosters safer driving by allowing vehicles to communicate with each other and infrastructure, reducing accidents and traffic congestion.

- **Sustainability and Electrification**: Growing environmental concerns drive demand for electric vehicles with connected features that enhance efficiency and performance.

- **Enhanced Infotainment Systems**: Consumers favor vehicles with integrated entertainment and connectivity, leading to partnerships between automakers and tech firms.

- **Cybersecurity Focus**: As connectivity increases, so does the necessity for robust cybersecurity measures to protect user data.

These trends indicate a robust growth trajectory for the Connected Vehicle market, propelled by technological advancements and evolving consumer preferences.

Connected Vehicle Market Competitive Analysis

The connected vehicle market has seen significant growth, driven by advancements in technology, consumer demand for safer and more efficient driving experiences, and increased regulatory support for intelligent transportation systems. Key players include BMW, Broadcom, Chrysler, Benz, Daimler, Hyundai Motor, Honda, Luxoft, Qualcomm, Toyota, Garmin, Volkswagen, and Volvo.

**BMW** has been a pioneer in the connected vehicle space, launching its ConnectedDrive platform in 2006. The brand focuses on integrating advanced infotainment, navigation systems, and driver assistance technologies. The company reported revenues surpassing €100 billion in 2022, reflecting strong demand for its connected features and electric vehicle (EV) offerings.

**Daimler**, the parent company of Mercedes-Benz, has been at the forefront of vehicle connectivity, incorporating features like MBUX (Mercedes-Benz User Experience) which enhances user interaction through voice commands and touchscreen interfaces. In 2022, Daimler achieved revenues of approximately €150 billion, buoyed by its luxury segment's growth and increasing demand for connected vehicles.

**Qualcomm** plays a vital role in the connected vehicle ecosystem as a leading semiconductor and telecommunications equipment company. Its Snapdragon Automotive platforms facilitate vehicle-to-everything (V2X) communications and high-performance processing. Qualcomm reported revenues of $44 billion in 2022, a significant portion of which originated from automotive applications as the market embraces advanced connectivity.

**Toyota** has focused on safety and efficiency through its connected vehicle technology, implementing the Toyota Safety Sense suite and investing in smart city initiatives. The company has seen consistent growth, reporting global sales revenue of approximately $275 billion in 2022.

These companies are paving the way for a more connected and autonomous driving future, marked by technological innovation and expanding market opportunities. The global connected vehicle market is projected to grow from approximately $63 billion in 2021 to over $200 billion by 2027, driven by increased investments and consumer interest.

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