Global Connected Cars Market to Reach $191.43 Billion by 2029, Growing at 16.2% CAGR

What combination of drivers is leading to accelerated growth in the connected cars market?
The advancement of the connected car market can be attributed to the increasing dedication by authorities to create intelligent transport systems. This market growth was largely impacted by a push from many governments towards the progress of autonomous and connected cars. For instance, in the UK, government interventions played a crucial role in promoting these technologically advanced vehicles. Having invested £40 million (US$50 million) in initiatives to boost commercial autonomous vehicle services like delivery systems and passenger shuttles, the UK government demonstrated significant support. Moreover, a series of trials were executed and new legislations were introduced to further foster the development of connected cars. By 2030, the UK is set to reap an estimated £62 billion ($74.36 billion) in financial gains from the deployment of these connected and autonomous vehicles.

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What is the projected compound annual growth rate (CAGR) of the connected cars market from 2025 to 2034, and what factors influence it?
The market size of connected cars has seen a swift surge in growth over past years. The market, projected to escalate from $91.38 billion in 2024 to $105.13 billion in 2025, chuckles a compound annual growth rate (CAGR) of 15.0%. The historic period of growth can be credited to the flourishing of emerging markets, the escalating need for superior user comfort, security, and convenience, as well as a rise in vehicle theft incidents within the connected cars sector.

The market for connected cars is forecasted to experience swift expansion in the upcoming years, with a projected value of $191.43 billion in 2029, signifying a compound annual growth rate (CAGR) of 16.2%. The anticipated surge within this forecasted period is linked to several factors including an increasing global populace, the advent of cutting-edge technologies like 5g and AI, improved internet connectivity, the Internet of Things (IoT), a growing affinity for in-car Wi-Fi hotspots and data services, and an escalating requirement for smart mobility solutions. Trends to watch for within the given forecast period include the incorporation of 5g technology in connected cars, AI usage in connected cars to boost operating system features, incorporation of cyber-security systems in connected cars to thwart potential cyber threats, and the creation of hybrid customised in-vehicle entertainment systems for connected cars.

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How are the latest trends influencing the growth of the connected cars market?
Companies in the connected car industry are continuously innovating with the aim to boost their revenues and outperform their competitors. One such breakthrough in 2022 was from NVIDIA Corporation, a renowned American tech firm, which unveiled its autonomous vehicle map software named, DRIVE Map. This robust multi-modal mapping system was designed with the aim to speed up the rollout of autonomous Level-3 and Level-4 vehicles, which function without the need for human intervention. The development of DRIVE Map was expedited after NVIDIA's acquisition of HD mapping startup, DeepMap, in the previous year. The startup's mapping technologies were assimilated into DRIVE Map. Hence, DRIVE Map by Nvidia fuses the precisions of DeepMap's survey mapping with the expansive scale of AI-dependent crowdsourcing.

What are the major segments of the connected cars market and their role in driving growth?
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

Subsegments:
1) By Embedded: OEM Embedded Systems, Aftermarket Embedded Systems
2) By Tethered: Smartphone Tethering, Mobile Hotspot Tethering
3) By Integrated: Infotainment Systems, Advanced Driver-Assistance Systems (ADAS), Vehicle-to-Everything (V2X) Communication

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Which regions are key players in the growth of the connected cars market?
Asia-Pacific was the largest region in the connected cars market share in 2024. 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

Who are the key firms paving the way for growth in the connected cars market?
Major companies operating in the connected cars market include 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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What Is Covered In The Connected Cars Global Market Report?

•Market Size Forecast: Examine the connected cars market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the connected cars market for a structured understanding.
•Key Players Overview: Analyze major players in the connected cars market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the connected cars market.
•Segment Contributions: Evaluate how different segments drive overall growth in the connected cars market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the connected cars market.
•Industry Challenges: Identify potential risks and obstacles affecting the connected cars market.
•Competitive Landscape: Review strategic developments in the connected cars market, including expansions, agreements, and new product launches.

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