Global Connected Car Market to Surpass USD 102.76 Billion by 2031 | CAGR of 13.1%
Category : Automotive Services | Published Date : Nov 2024 | Type : Press Release
Connected Car Market Scope & Overview:
In the newly published report, Consegic Business Intelligence states that the Connected Car Market was valued at USD 38.31 Billion in 2023 and is projected to reach USD 102.76 Billion by 2031, growing at a CAGR of 13.1% from 2024 to 2031. Connected cars feature advanced communication systems that provide real-time data exchange, enhancing navigation, infotainment, telematics, and safety features through internet connectivity. These vehicles utilize sensors and cloud integration, offering features like vehicle-to-vehicle (V2V) and vehicle-to-everything (V2X) communication for improved safety and user experience.
The report comprises the Connected Car Market Share, Size & Industry Analysis, By Technology (Embedded, Tethered, Integrated), By Application (Navigation, Infotainment, Telematics, Safety & Security, Others), By Connectivity (Vehicle-to-Vehicle (V2V), Vehicle-to-Infrastructure (V2I), Vehicle-to-Everything (V2X)), By Sales Channel (OEMs, Aftermarket), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa), and Forecast, 2024–2031.
The report contains detailed information on Connected Car Market Trends, Opportunities, Value, Growth Rate, Segmentation, Geographical Coverage, Company Profile, In-depth Expert Analysis, Revenue Forecast, Competitive Landscape, Growth Factors, Restraints or Challenges, Environment & Regulatory Landscape, PESTLE Analysis, PORTER Analysis, Key Technology Landscape, Value Chain Analysis, and Cost Analysis.
Increasing adoption of autonomous driving technologies and advancements in the Internet of Things (IoT) are driving the market. However, complex integration with legacy systems poses challenges to widespread adoption.
Segmental Analysis :
By Technology, the market is segmented into Embedded, Tethered, and Integrated.
- Embedded systems held the largest share of 62.9% in 2023, driven by regulatory mandates and enhanced safety features integrated by OEMs.
- Integrated systems are projected to grow at the fastest CAGR, fueled by the popularity of smartphone connectivity applications like Apple CarPlay and Android Auto.
By Application, the market is divided into Navigation, Infotainment, Telematics, Safety & Security, and Others.
- Infotainment dominated the market in 2023, driven by consumer demand for enhanced in-car entertainment and seamless digital experiences.
- Telematics is expected to register the fastest CAGR, owing to increasing adoption in fleet management and regulatory requirements for emergency response systems.
By Connectivity, the market is segmented into Vehicle-to-Vehicle (V2V), Vehicle-to-Infrastructure (V2I), and Vehicle-to-Everything (V2X).
- Vehicle-to-Everything (V2X) accounted for the largest revenue share, supported by its comprehensive communication capabilities for autonomous driving.
- Vehicle-to-Infrastructure (V2I) is anticipated to grow at the fastest CAGR, driven by the development of smart city infrastructure and intelligent traffic management systems.
By Sales Channel, the market includes OEMs and Aftermarket.
- OEMs held the largest market share in 2023, attributed to factory-installed connected features offering enhanced reliability and user experience.
- The Aftermarket segment is projected to grow rapidly, driven by increasing consumer demand for retrofitting advanced connectivity features in existing vehicles.
Based on regions, the global market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
- Asia-Pacific is expected to exhibit the highest growth, with China leading due to its strong automotive production and rapid urbanization.
- North America is projected to maintain significant market share, supported by the presence of major automotive and tech companies investing in connected vehicle technologies.
| Report Attributes | Report Details |
| Study Timeline | 2018-2031 |
| Market Size in 2031 | USD 102.76 Billion |
| CAGR (2024-2031) | 13.1% |
| By Technology | Embedded, Tethered, Integrated |
| By Application | Navigation, Infotainment, Telematics, Safety & Security, Others |
| By Connectivity | Vehicle-to-Vehicle (V2V), Vehicle-to-Infrastructure (V2I), Vehicle-to-Everything (V2X) |
| By Sales Channel | OEMs, Aftermarket |
| By Region | North America(U.S., Canada, Mexico) Europe(U.K., Germany, France, Spain, Italy, Russia, Benelux, Rest of Europe) APAC(China, South Korea, Japan, India, Australia, ASEAN, Rest of Asia-Pacific) Middle East & Africa(GCC, Turkey, South Africa, Rest of MEA) LATAM(Brazil, Argentina, Chile, Rest of LATAM) |
Top Key Players & Competitive Landscape :
The competitive landscape features prominent industry players focused on R&D, strategic partnerships, and product innovations to gain a competitive edge. Analysis covers market share insights, recent developments, and company profiles of key players.
List of prominent players in the Connected Car Industry:
- Continental AG (Germany)
- Robert Bosch GmbH (Germany)
- Harman International (USA)
- Airbiquity Inc. (USA)
- Visteon Corporation (USA)
- Denso Corporation (Japan)
- Tesla, Inc. (USA)
- General Motors Company (USA)
- Qualcomm Technologies, Inc. (USA)
- AT&T Inc. (USA)
Recent Industry Developments :
- In October 2024, Kia India partnered with Airtel Business to launch Kia Connect 2.0, enhancing in-car connectivity with advanced IoT solutions for improved user experience.
- In September 2024, Samsung Electronics collaborated with Hyundai Motor and Kia to expand the SmartThings ecosystem into vehicles, integrating smart home control from the car.
- In April 2024, HARMAN Automotive and Tata Motors introduced the HARMAN Ignite platform in Tata vehicles, offering advanced connected services like real-time diagnostics and over-the-air updates.
