Press release
Connected Car Market Accelerates: From USD 109.35 Billion in 2023 to USD 395.79 Billion by 2032
This robust expansion reflects a significant Compound Annual Growth Rate (CAGR) of 15.5% over the forecast period of 2025 to 2032. This growth is fundamentally driven by the convergence of automotive engineering with digital technology, transforming vehicles into sophisticated, connected devices.
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Key Market Drivers: Safety, Automation, and Connectivity
The surge in the connected car market is fueled by several powerful trends:
• Growing Demand for Advanced Driver-Assistance Systems (ADAS): ADAS features, such as adaptive cruise control and automatic emergency braking, rely heavily on real-time data exchange facilitated by connectivity. The push for greater vehicle safety is directly propelling the adoption of connected car technologies.
• Automation and Autonomous Vehicle Development: Connected car technology, including Vehicle-to-Everything (V2X) communication, is the foundational layer for autonomous driving. It enables real-time communication between the vehicle, infrastructure, and other road users, which is essential for self-driving systems.
• Consumer Desire for In-Car Infotainment: Modern consumers expect a seamless digital experience in their vehicles, including real-time navigation, media streaming, and integration with personal devices. The demand for AI-powered voice assistants and immersive infotainment systems is a major driver.
• 5G Network Rollout and Telematics: The deployment of 5G networks provides the high-speed, low-latency connectivity required for advanced connected services like over-the-air (OTA) updates and critical safety alerts, boosting the entire telematics segment.
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Market Segmentation Highlights
The connected car market is segmented across multiple dimensions, with specific components and technologies dominating the landscape:
1. By Component:
• Hardware (Dominant): Includes sensors, modems, smart antennas, and Telematics Control Units (TCU) used to enable connectivity and data acquisition.
• Software: Encompasses operating systems, advanced analytics, OTA update platforms, and cybersecurity solutions.
• Services: Includes subscription-based services like eCall/SOS assistance, vehicle diagnostics, remote operation, and concierge services.
2. By Connectivity Technology:
• Embedded: The leading segment, where connectivity modules are factory-installed by the OEM, offering deep integration and reliability for essential services.
• Integrated: Relies on a driver's smartphone for connectivity, offering flexibility for infotainment and personal apps.
• Tethered: Uses an external device, such as a plug-in dongle, to provide basic telematics and diagnostics.
3. By Application:
• Driver Assistance: Currently holds the largest market share, focusing on safety features like collision warning and dynamic route guidance.
• Infotainment & Navigation: Includes multimedia streaming, personalized media, and real-time mapping services.
• Vehicle Management: Covers remote diagnostics, predictive maintenance, and Stolen Vehicle Recovery (SVR) systems.
Regional Analysis:
Asia-Pacific's Rapid Growth
North America remains a key market leader, driven by significant investment in grid modernization and the early adoption of smart, IoT-based mobility solutions. However, the Asia-Pacific region is projected to be the fastest-growing market.
Rapid industrialization, high vehicle production rates (especially in China and India), and government initiatives supporting smart city projects and digital infrastructure are fueling exponential adoption. This is pushing automotive manufacturers in the region to prioritize the integration of advanced connected features.
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Key Market Opportunities and Competitive Landscape
Major opportunities lie in the integration of connected car technology with Smart City infrastructure (V2I) for better traffic management, and the growth of Demand Response programs that allow electric vehicles to interact with the power grid. Furthermore, the push for ESG compliance and vehicle energy certifications will expand the market in the commercial sector.
The competitive landscape is dominated by a mix of traditional automotive suppliers, technology giants, and telecommunication companies, all collaborating to deliver seamless solutions.
Key players include:
• Robert Bosch GmbH
• Continental AG
• General Motors (GM)
• Qualcomm Technologies Inc.
• Harman International (Samsung)
• Daimler AG
These companies are heavily focused on R&D, specializing in AI integration, 5G-enabled communication, and robust cybersecurity solutions to protect the vast amounts of sensitive data generated by connected vehicles
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