Connected Car Market share & size

Connected Car Market is expected to grow at a CAGR of 25% during forecast period and anticipated to reach USD 266 billion by 2027.

The factors driving the growth of connected car market includes increasing demand for luxury and comfortable cars and rising demand for online entertainment services and the arrival of new games. Luxury cars are observing a surge in demand for their premium flagship car models globally. Mercedes-Benz India had sold over 2,000 units of their premium-end vehicles above Rs 1 crore in 2021. It anticipates high-end segment volume to increase by 20% in the coming year. The Government’s initiative to increase safety measures has boosted the growth of Global Connected Car Market, the United States administration along with some Governments in Europe has made Anti-lock Braking System (ABS) mandatory in every new vehicle.

However, the growth of connected car market is hindered by inadequate network and communication infrastructure.

Some prominent players, operating in the market are AT & T, Qualcomm Technologies, Continental AG, Robert Bosch GmbH., Tesla, Ford Motor Company, TomTom International BV., Sierra Wireless, Airbiquity Inc., Cloudmade among others.

Service: Segment Analysis

Based on Service, autopilot segment is expected to dominate the market during the forecast period due to consumers growing inclination towards using safer and convenient cars. The continuous product advancements by the leading players in the automotive industry, is surging the demand for connected cars market globally.

Transponder: Segment Analysis

Based on Transponder, Roadside segment is anticipated to grow at a faster CAGR during the forecast period due to growing numbers of smart cities across the world. In addition, the increasing focus on minimizing the number of road accidents, will further increase the Connected Cars Market size, approximately 3,700 people are killed globally in crashes involving motorcyclists, trucks, busses and pedestrians.

Network: Segment Analysis

Based on Network, Cellular segment is projected to dominate the market during the forecast period. The 5G cellular capability to provide safe, intelligent and autonomous driving experience to its users, will increase the market size in the coming years.

Region: Segment Analysis

Based on region, the Asia-Pacific is anticipated to grow at the highest rate during the forecast period due to growing demand for navigation and infotainment services. As per the data from Statista, In South Korea, the total revenue in the Navigation segment is expected to reach US$1.01m in 2022. The increasing demand for luxury vehicles in emerging markets such as India, South Korea and China has boosted the growth of connected cars market in this region. As per the report from Economic Times, Volkswagen’s premium luxury car brand Lamborghini nearly sold out its entire allocation in India FY- 2022.

Market Segmentation:

Global Connected Car Market by Service

·        Operational Data

·        Navigation

·        Remote Diagnostics

·        Multimedia Streaming

·        Social Media & Other Apps

·        Ota Updates

·        On-Road Assistance

·        E-Call & Sos Assistance

·        Cybersecurity

·        Remote Operation

·        Collision Warning

·        Auto Parking/Connected Parking

·        Autopilot

·        Home Integration

·        Vehicle Management

·        Asset Tracking

Global Connected Car Market by Form

·        Operational Data

·        Embedded

·        Tethered

·        Integrated Convenience Stores

Global Connected Car Market by End Market

·        Original Equipment Manufacturer (OEM)

·        Aftermarket Tethered

Global Connected Car Market by Hardware

·        Head Unit

·        Central Gateway (CGW)

·        Intelligent Antenna

·        Electronic Control Unit (ECU)

·        Telematic Control Unit (TCU)

·        Keyless Entry Systems

·        Sensors

Global Connected Car Market by Transponder

·        Onboard Unit

·        Roadside Unit

Global Connected Car Market by Network

·        Operational Data

·        Dedicated Short Range Communication (DSRC)

·        Cellular Roadside Unit

Global Connected Car Market by Region

·        Asia Pacific

o  China

o  Japan

o  India

o  Rest of APAC

·        North America

o  United States of America

o  Canada

·        Europe

o  United Kingdom

o  Germany

o  France

o  Spain

o  Rest of Europe

·        RoW

o  Brazil

o  South Africa

o  Saudi Arabia

o  UAE

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