Connected Car Market worth $26.4 billion by 2030 Globally, at a CAGR of 13.3%, says MarketsandMarkets™

Chicago, July 02, 2024 (GLOBE NEWSWIRE) — Connected Car Market is estimated to grow from USD 12.4 billion in 2024 to USD 26.4 billion by 2030, at a CAGR of 13.3%, witnessing a CAGR of 28.2%, as per the recent study by MarketsandMarkets™.  Government initiatives towards developing intelligent transportation networks and the growing trend of in-vehicle connectivity solutions are two factors influencing the growth of the worldwide connected car market. Also, the consumer demand for a safer, more convenient, and entertaining driving experience is a significant driver. This aligns with stricter safety regulations and government support for connected car technology. Advancements in 5G infrastructure are crucial for enabling features like real-time traffic updates and autonomous driving. Consequently, the market for linked cars is anticipated to develop significantly.

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List of Key Players in Connected Car Market:

  • Continental AG (Germany)
  • Robert Bosch GmbH (Germany)
  • Harman International (US)
  • Airbiquity (US)
  • Visteon (US)

Drivers, Opportunities and Challenges in Future of CV Depot Charging Market:

  1. Driver: Increasing Adoption of Telematics and usage-based Insurance
  2. Restraint: Lack of infrastructure for the proper functioning of connected cars
  3. Opportunity: Development of ridesharing and mobility services
  4. Challenge: Cybersecurity

Key Findings of the Study:

  1. ECU is the second largest market in the connected car market for hardware segment.
  2. Cellular networks hold the fastest growing segment for the connected car market in the network segment.
  3. North America is the second-largest region in the connected car market.

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The global connected car market is projected to grow from USD 12.4 billion in 2024 to USD 26.4 billion by 2030, at a CAGR of 13.3% during the forecast period. The introduction of several laws requiring safety features like e-call, navigation, collision warning systems, etc., is anticipated to increase the uptake of connected car services worldwide. The rising sales of high-end and luxury automobiles partly drive the growing demand for connected car services. The market for connected cars will expand as long as connected car hardware and software advance. For example, in November 2021, Continental created an intelligent program that allows complex driving maneuvers to be performed automatically as a technological solution for highly automated driving. Highly autonomous driving from Level 3 is made possible by an innovative software program called the Next Generation Driving Planner. This implies that cars can manage some driving duties without assistance from a driver.

Cellular Network is anticipated to be the fastest growing segment by network type during the forecast period” as the cellular network plays a vital role in the rapid growth of the connected car industry, driving innovation and creating new revenue streams for various stakeholders. One significant aspect contributing to expanding cellular networks in connected cars is the adoption of eSIMs (Embedded SIMs). These eSIMs enable seamless connectivity by connecting vehicles to multiple operators, enhancing security, and providing flexibility in selecting local operators based on the vehicle’s location. By supporting the GSMA Embedded SIM Specification, the automotive sector has embraced a new era of connected cars, where vehicles can leverage cellular connectivity for a wide range of services, from navigation to remote diagnostics, transforming the driving experience and paving the way for advanced features like OTA updates and autonomous driving.

Moreover, integrating cellular networks in connected cars has opened new revenue opportunities and business models. Service providers leverage the vast data connected vehicles generate to offer innovative services and solutions. For instance, the data collected from connected cars can be utilized for various applications such as fleet management, in-vehicle entertainment, navigation, and advanced driver assistance services. This data-driven approach enhances the driving experience for consumers and enables service providers to create value-added services, optimize operations, and establish partnerships within the automotive ecosystem. By monetizing data and offering tailored services based on connectivity, service providers are transforming the connected car market into a lucrative sector with immense potential for growth and profitability.

The Aftermarket connected car Services segment holds the largest market share in the connected car market during the forecast period.

The aftermarket segment generates new revenue pockets for the connected car companies by providing products and services that upgrade and enhance existing vehicles with advanced connectivity and performance features. In North America, this trend is driven by a tech-savvy consumer base and a high demand for connectivity enhancements. Companies like Verizon have capitalized on this with the Hum service, which offers a plug-in device that adds vehicle diagnostics, emergency assistance, and Wi-Fi hotspot capabilities to older cars. These aftermarket solutions allow consumers to enjoy modern connectivity features without purchasing new vehicles, creating lucrative opportunities for tech companies and service providers.

In Europe, the aftermarket segment is expanding rapidly with 43–47% of people choose for resubscribing the service. Also, the due to stringent regulatory standards and a strong focus on vehicle safety and environmental performance, the European consumers are increasingly adopting aftermarket advanced driver-assistance systems (ADAS) like collision avoidance and lane-keeping assist systems to comply with safety regulations and lower insurance premiums. Companies such as Bosch and Continental offer sophisticated aftermarket ADAS solutions that enhance vehicle safety and connectivity. Additionally, the growing popularity of telematics insurance, where drivers install devices to monitor driving behavior for customized insurance rates, is creating new revenue streams for insurers and aftermarket telematics providers, particularly in countries like the UK and Germany.

In the Asia-Pacific region, the aftermarket segment is driven by a rising middle class and increasing vehicle ownership and nearly 28–33% of people choose resubscribing the connected car services. Consumers in countries like China and India are keen on upgrading their vehicles with the latest connectivity features, driving demand for aftermarket infotainment systems, navigation units, and connected car accessories. For example, Alibaba’s Tmall Genie Auto, an AI-powered intelligent assistant, can be installed in cars to provide voice-controlled navigation, entertainment, and smart home integration. This trend reflects the region’s interest in integrating advanced technology into daily life. The high penetration of smartphones and mobile internet in Asia-Pacific further supports the adoption of connected car aftermarket products, presenting significant revenue potential for technology companies and service providers.

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Recent Developments:

  • In February 2024, The Continental Introduces a New Digital Tool to Check Truck Tires, known as ContiConnect Lite. It bridges tire sensors and tire management, offering an accessible gateway to selected ContiConnect features via smartphone. This tool allows fleets and truck drivers to access tire data, manage up to five vehicles, and receive alerts for tire conditions, enhancing safety, reducing breakdowns and maintenance costs, and improving fuel efficiency. ContiConnect Lite is particularly beneficial for smaller fleets using intelligent tires or Generation II sensors, requiring no additional hardware and providing convenience through the ContiConnect On-Site app available on IOS and Android versions.
  • In February 2024, Harman International launched the HARMAN Ready Connect 5G Telematics Control Unit (TCU), a significant advancement in automotive connectivity that leverages Qualcomm Technologies, Inc. (US) Snapdragon Digital Chassis. The 5G-enabled TCU is designed to deliver rich in-cabin experiences for consumers while reducing time to market and engineering efforts for automakers. It offers features like enhanced traffic notifications, communication between the car and the environment, and improved connected mobility experiences focused on entertainment, productivity, and situational awareness. The future-proof solution provides modular hardware upgradability and a scalable software architecture to maximize reuse across product variants, highlighting Harman and Qualcomm’s collaboration to revolutionize automotive connectivity.
  • In February 2024, Karma Automotive’s recent acquisition of Airbiquity’s technology assets and software product portfolio marks a significant step towards enhancing its connected vehicle solutions. With Airbiquity’s expertise in over-the-air updates, software development tools, data management, and analytics, developed over two Decades ago, Karma aimed to integrate these capabilities into its Karma Cloud Services and embedded vehicle technology. This strategic move expands Karma’s technological offerings and positions them to deliver software-defined and continuously connected vehicles, leveraging Airbiquity’s established solutions deployed globally across diverse transportation industry customers.

Related Reports:

  1. Automotive Telematics Market
  2. ADAS Market
  3. Ride Sharing Market
  4. Automotive V2X Market
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