Connected Car Market Size By Technology Type (2G, 3G, 4G, 5G, Satellite), By Connectivity (Integrated, Embedded, Tethered), By Application (Driver Assistance, Telematics, Infotainment, Mobility Management), By End Market (Original Equipment Manufacturer (OEM), Aftermarket), By Vehicle (Passenger Cars, Commercial Cars), By Geographic Scope And Forecast

Connected Car Market Size And Forecast

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Connected Car Market size was valued at USD 60.82 Billion in 2023 and is projected to reach USD 195.05 Billion by 2031, growing at a CAGR of 15.68% from 2024 to 2031.

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• A connected car is an automobile that has internet access and is frequently outfitted with numerous sensors and software systems. These vehicles can interface with other devices, infrastructure, and networks, allowing for a diverse range of applications.

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• Connected vehicles provide real-time navigation with traffic updates, remote diagnostics for vehicle maintenance, and sophisticated safety features such as collision detection and emergency help.

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• They also provide expanded entertainment options such as music and video streaming, as well as vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication, which can improve traffic flow and prevent accidents.

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• Overall, connected automobiles are an enormous advancement in automotive technology, providing convenience, efficiency, and safety benefits to both drivers and passengers.

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Connected Car Market Dynamics

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The key market dynamics that are shaping the Connected Car Market include:

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Key Market Drivers

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• Advanced Connectivity: Advancements in connectivity technology such as 5G, eSIM, and other communication hardware have significantly accelerated the evolution of connected cars. These technologies enable V2V, V2I, and V2X communication, leading to enhanced performance, safety, and lower infrastructure costs.

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• Embedded Systems: The adoption of embedded systems in automobiles is a major driver, aided by cost-effective service plans and cloud services, as well as government restrictions. Embedded systems enable critical functionality for connected automobiles, such as remote diagnostics and eCall.

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• Integrated Solutions: The majority of the Connected Car Market is dominated by integrated connectivity solutions, which are preferred for providing seamless and hassle-free user experiences. These solutions are integrated into the vehicle’s systems, removing the need for external devices or aftermarket installs. They correspond with consumer expectations and provide a natural driving experience.

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• Technological Advancements: The connected automobile industry is driven by developments in technology, such as 4G/LTE, 3G, and 5G connectivity, as well as safety legislation and shifting consumer desires for driver assistance and vehicle management.

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• OEM Innovations: Original Equipment Manufacturers (OEMs) play an important part in propelling the Connected Car Market ahead. OEMs’ innovations and integrations, such as uninterrupted connectivity, cybersecurity, and the development of autonomous vehicles with secure software, contribute significantly to the market’s growth.

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Key Challenges:

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• Cybersecurity Risks: As automobiles become more linked, they become more vulnerable to cyber assaults, posing serious hazards to driver privacy and vehicle safety. Manufacturers face the challenging issue of protecting vehicle systems against hackers and data breaches. The complexity and evolving nature of cyber threats make total protection impossible to achieve, demanding continual cybersecurity updates and monitoring.

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• Interoperability Issues: The lack of standardization among manufacturers and technology poses interoperability issues. Ensuring seamless connection across various connected automobile technologies, infrastructure, and devices is of the utmost importance for the successful operation of V2V and V2I communications. This absence of uniform standards impedes the development and use of connected vehicle technology, limiting their potential benefits.

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• Technological Reliability: Ensuring the dependability and accuracy of connected automobile technology, particularly in harsh environments or locations with inadequate connectivity, is a significant problem. Sensors and communication systems have to function flawlessly to ensure safety and efficiency. Any failure in these systems can pose major safety issues, therefore reliability is a top priority for both makers and users.

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Key Trends:

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• Increased Data Generation: The increased data generation in connected cars, powered by smart sensors, improves vehicle diagnostics and aids in the development of advanced driver-assistance systems (ADAS). This plethora of data allows for more exact monitoring of vehicle performance and improved safety measures, resulting in a more efficient and secure driving experience.

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• Expansion of In-Car Entertainment: The need for immersive in-car entertainment and infotainment systems is increasing, prompting the integration of virtual reality (VR) headsets and improved Human-Machine Interfaces (HMIs). These features enhance passengers’ journeys by transforming the vehicle into a mobile entertainment hub and adapting to changing customer desires for connected experiences.

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• Adoption of 5G Technology: The implementation of 5G technology provides a huge step forward in connection for connected vehicles, providing quicker and more reliable communication networks. With lower latency and more bandwidth, 5G allows for seamless communication between vehicles, infrastructure, and external devices, improving road safety and efficiency. This change is a critical step toward realizing the full potential of connected automobile technology.

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Connected Car Market Regional Analysis

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Here is a more detailed regional analysis of the Connected Car Market:

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North America:

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• According to Market Research, North America is estimated to dominate Connected Car Market during the forecast period. North America, particularly the United States, is leading the way in the adoption of modern technology such as self-driving and electric automobiles. Consumers in this area demand automobiles with advanced connection and safety features, fueling the Connected Car Market’s growth.

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• North American regulatory organizations, such as the National Highway Traffic Safety Administration (NHTSA), have established in place severe safety requirements to encourage the use of connected automobile technologies. These restrictions aim to reduce road accidents and increase vehicle safety, ultimately driving the market.

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• Furthermore, the region has a well-developed telecommunications infrastructure, which enables high-speed internet and 5G networks. This infrastructure facilitates connected automobile technologies such as real-time data transmission, vehicle-to-everything (V2X) connectivity, and over-the-air (OTA) upgrades, driving market growth.

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Asia Pacific:

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• Asia Pacific is known for rapid technical innovation and high rates of adoption, particularly in China, Japan, and South Korea. These countries are at the forefront of developing connected automotive technologies, backed by government efforts and technological investments.

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• In the region, consumer demand for connected automobile services such as navigation, in-car entertainment, and real-time vehicle monitoring is increasing. The region’s high population, urbanization, and growing middle-class fuel market expansion.

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• Furthermore, several of the world’s biggest automotive manufacturers are based in Asia Pacific and are aggressively investing in connected car technologies. These manufacturers are integrating connectivity technology into their vehicles, adding to the region’s substantial position in the Connected Car Market.

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Europe:

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• Europe’s Connected Car Market is characterized by a strong emphasis on innovation and safety. European legislation and policies encourage the development of connected and self-driving vehicles, which improve safety, efficiency, and environmental sustainability. The European Union’s commitment to decreasing road fatalities has significantly boosted market growth.

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• Europe is experiencing substantial collaboration between automakers, technology companies, and governments to develop and standardize connected car technologies. These agreements aim to build a unified ecosystem for connected cars, allowing smooth V2V and V2I connections.

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• Europe adopted a proactive approach to establishing infrastructure to support connected automobile technologies, including extensive 5G network deployment and dedicated short-range communications (DSRC) enabling V2X communication. This enhanced infrastructure is crucial for the adoption and functionality of connected automobile technologies in the region.

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Connected Car Market: Segmentation Analysis

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The Connected Car Market is segmented based on Technology Type, Connectivity, Application, End Market, Vehicle, And Geography.

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Connected Car Market, By Technology Type

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• 2G

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• 3G

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• 4G

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• 5G

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• Satellite

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Based on Technology Type, the market is segmented into 2G, 3G, 4G, 5G, and Satellite. The 5G technology type segment is estimated to dominate the Connected Car Market. The 5G segment’s dominance can be attributed to its faster speeds, lower latency, and ability to connect more devices at once than its predecessors (2G, 3G, 4G, and satellite). This technological innovation is necessary to enable real-time communication and data transfer between connected vehicles and their surroundings, which include other vehicles, infrastructure, and networks. The global push for 5G infrastructure development, combined with the car industry’s dedication to adopting cutting-edge technologies, strengthens 5G’s market leadership.

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Connected Car Market, By Connectivity

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• Integrated

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• Embedded

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• Tethered

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Based on Connectivity, the market is segmented into Integrated, Embedded, and Tethered. The integrated segment is estimated to grow at the highest CAGR over the forecast period. This growth is largely due to the seamless and user-friendly experience that integrated systems provide. Vehicles with integrated connection solutions have connectivity elements built directly into the vehicle’s built-in systems, removing the need for external devices or aftermarket installations. This not only simplifies the user experience but also corresponds to customer demands for a consistent and intuitive driving experience. Integrated connectivity solutions provide a direct, built-in connection to the internet and other devices, increasing customers’ ease and accessibility.

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Connected Car Market, By Application

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• Driver Assistance

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• Telematics

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• Infotainment

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• Mobility Management

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• Others

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Based on Application, the market is segmented into Driver Assistance, Telematics, Infotainment, Mobility Management, and Others. The driver assistance segment is estimated to dominate the global market. This domination is the result of expenditures in R&D by automakers and technology companies to improve present Advanced Driver Assistance Systems (ADAS) capabilities and offer new functionality. AI and machine learning techniques are being used to enhance object recognition, pedestrian detection, and predictive capabilities. This highlights the segment’s ongoing progress and importance in enhancing vehicle safety and automation.

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Connected Car Market, By End Market

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• Original Equipment Manufacturer (OEM)

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• Aftermarket

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Based on End Market, the market is segmented into OEM and Aftermarket. The original equipment manufacturer (OEM) is estimated to lead this segment in the forecast period. This supremacy is due to the industry’s quick adoption of innovative technology such as in-car infotainment, safety systems, and remote diagnostics, which are directly integrated into new vehicles. OEMs are at the forefront of integrating modern connectivity technologies, using them to differentiate their products, satisfy changing consumer expectations, and maintain a competitive advantage in the automobile industry. OEMs’ focus on innovation and cooperation with technology suppliers strengthens their market dominance by continuously developing and integrating cutting-edge connected car technologies.

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Connected Car Market, By Vehicle

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• Passenger Car

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• Commercial Vehicle

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• Others

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Based on Vehicle, the market is segmented into Passenger Car, Commercial Vehicle, and Others. The passenger car vehicle is estimated to hold the majority share in the forecast period in the Connected Car Market. This dominance is due to rising consumer demand for improved safety features, entertainment systems, and vehicle management services that improve driving experiences. The rise in disposable income, combined with the desire for safer, more efficient automobiles, is fueling the expansion of the passenger car segment in the Connected Car Market. Government legislation and initiatives supporting vehicle connectivity and safety standards have contributed to the increasing prevalence of linked passenger cars on global roadways.

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Key Players

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The “Connected Car Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Continental AG, Robert Bosch GmbH, Denso Corporation, Harman International, Lear Corporation, Tesla Inc., General Motors Company, Ford Motor Company, Stellantis N.V., Toyota Motor Corporation, Qualcomm Incorporated, NVIDIA Corporation, NXP Semiconductors N.V., Microsoft Corporation, Amazon.com Inc., Verizon Communications Inc., and Here Technologies.

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Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

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Key Developments

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• In February 2024, Tesla recalled 135,000 vehicles owing to a software fault that might cause them to lose power steering. Tesla will fix the fault via an over-the-air software upgrade.

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• In January 2024, Qualcomm and Ford announced cooperation to create new connected car technology, such as processors for self-driving cars and in-car entertainment systems. The corporations intend to invest $2 billion in the relationship over the next five years.

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• In January 2024, Amazon and Stellantis announced the partnership to deliver the Alexa speech assistant to Jeep cars beginning in 2024. Drivers may use Alexa to handle climate control, navigation, and other features.

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• In January 2024, Microsoft and Toyota announced a collaboration to create a new connected car platform that would utilize Microsoft Azure cloud services. The platform will have many capabilities, such as over-the-air software updates, remote diagnostics, and personalized in-car experiences.

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• In January 2024, GM and LG established a joint venture to invest $2.3 billion in a new electric vehicle battery factory in Ohio. The factory is planned to produce 1,100 jobs and begin production in 2024.

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Report Scope

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Reasons to Purchase this Report

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
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• Provision of market value (USD Billion) data for each segment and sub-segment
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• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
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• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors t