Connected Cars Industry Set to Achieve $185.11 Billion Milestone by 2029 | Steady 15% CAGR

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What Is the Long-Term Growth Forecast for the Connected Cars Market Size 2025?
The market size for connected cars has seen a significant expansion in the last few years. It is projected to escalate from $92.59 billion in 2024 to $105.67 billion in 2025, achieving a compound annual growth rate (CAGR) of 14.1%. Factors contributing to this growth in the historic period include the development of emerging markets, a rising demand for improved safety, comfort, and convenience, and a surge in instances of vehicle theft within the industry of connected cars.

What CAGR is Forecasted for the Connected Cars Market Through 2029?
Expectations are high for a significant surge in the connected cars market in the upcoming years, reaching an astounding value of $185.11 billion by 2029, projecting a compound annual growth rate (CAGR) of 15.0%. Factors contributing to this projected rise during the forecast period encompass an expanding global population, the arrival of advanced technologies such as 5G and AI, increased internet accessibility, the Internet of Things (IoT), a growing inclination towards in-vehicle Wi-Fi hotspots and data services, and an escalating demand for intelligent mobility solutions. Key trends that could be seen throughout this period are the introduction of 5G connectivity in connected cars, the integration of AI to augment functionalities in connected car operating systems, the incorporation of cybersecurity measures into connected cars to mitigate cyber threats, and the creation of hybrid personalized in-vehicle infotainment systems specific to connected cars.

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What Are the Critical Factors Driving Connected Cars Market Development?
The push for developing smart transportation systems by governments is propelling the growth of the connected car market. In this time frame, the initiatives taken by governments towards the creation of connected and autonomous vehicles have significantly aided the expansion of the market for connected cars. For example, in the UK, the government's contribution has been noticeable in advancing connected cars. In fact, there has been an investment of £40 million (US$50 million) by the UK government to incentivize the initiation of commercial autonomous vehicle (AV) services such as delivery vehicles and passenger shuttles. Besides, numerous trials have been conducted and fresh legislation has been implemented to facilitate the introduction of connected cars. By 2030, it is predicted that the UK will reap an estimated financial return of £62 billion ($74.36 billion) by introducing connected and autonomous vehicles.

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How Does the Connected Cars Market Break Down Across 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

Subsegments:
1) By Embedded: OEM Embedded Systems, After market 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

What Are the Major Trends Transforming the Connected Cars Industry?
The escalation in innovations around autonomous vehicle map software by connected car enterprises, such as NVIDIA Corporation, are aimed primarily at revenue growth and obtaining a competitive advantage. Specifically, this American tech firm launched an autonomous vehicle map software named DRIVE Map in 2022. This software is a multi-modal mapping system engineered to expedite the autonomous Level-3 and Level-4 vehicles' roll-out, which can function without the need for human assistance. The acquisition of DeepMap, an HD mapping startup, enabled Nvidia to hasten the DRIVE Map's development. This startup's mapping technologies were integrated into then DRIVE Map. Nvidia's DRIVE Map brings together DeepMap's survey mapping precision and the scale of AI-based crowdsourcing.

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Which Players Are Driving Innovation 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

Which Regions Are Driving Global Connected Cars Market Expansion?
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

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