Global Connected Car Market Size Expected to Exceed USD 186.49 Billion By 2032, With Projected 22.3% CAGR: Polaris Market Research
Global connected car market size & share is currently valued at USD 24.93 billion in 2022 and is anticipated to generate an estimated revenue of USD 186.49 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 22.3% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2023-2032. The 5G segment is expected to witness the highest growth rate during the forecast period on account of its high-speed and low-latency connectivity.
New York, NY, Nov. 13, 2023 (GLOBE NEWSWIRE) — Polaris Market Research has published a recent study report titled “Connected Car Market Share, Size, Trends, Industry Analysis Report, By Connectivity (Embedded, Tethered, Integrated); By Technology; By Application; By Sales Channel; By Region; Segment Forecast, 2023- 2032” in its research database.
According to [115+ Pages] research report, the global connected car market size & share is currently valued at USD 24.93 billion in 2022 and is anticipated to generate an estimated revenue of USD 186.49 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 22.3% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2023-2032.
What is a Connected Car? How Big is the Market for Connected Cars?
A car that has internet access as well as a variety of sensors and communication equipment that let it communicate with its environment is referred to as a “connected car.” These technologies can include communication tools that allow the car to send and receive data, entertainment systems, diagnostic sensors, and GPS navigation.
Also, in addition to communicating with other vehicles, traffic infrastructure, and online services, connected automobiles can give drivers real-time information, improving convenience, safety, and comfort. Through the in-car screens, passengers may conveniently access a variety of information, including music, films, and apps. As a result, the connected car market demand is increasing, and the market players are teaming up to manage problems such as carbon emissions and traffic congestion.
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Essential Takeaways from the Report
- The growing customer desire for more features, increased safety concerns, technological breakthroughs in autonomous driving, government regulations, and the widespread deployment of 5G networks are driving the expansion of the connected car industry.
- The connected car market segmentation is primarily based on the technology, connectivity, sales channel, application, and region.
- North America dominated the market with the largest share in 2022.
Leading Players Apperared in the Report
- ALE International
- Apple Inc.
- AUDI AG
- BMW AG
- Continental AG
- Denso Corporation
- Ford Motor Company
- General Motors
- Google LLC
- Harman International
- Infineon Technologies
- NXP Semiconductors
- Robert Bosch GmbH
- Visteon Corporation
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Connected Car Market: Report Scope
|Revenue forecast in 2032||USD 186.49 Billion|
|Market size value in 2023||USD 30.44 Billion|
|Expected CAGR Growth||22.3% from 2023 – 2032|
|Forecast Year||2023 – 2032|
|Segments Covered||By Connectivity, By Technology, By Application, By Sales Channel, By Region|
|Customization Options||Customized purchase options are available to meet any research needs. Explore customized purchase options|
Important Growth Aspects of the Market
- The Increased Consumer Desire: The demand from customers for connection, in-car entertainment, and streaming service access is growing. Connectivity features are making vehicles more convenient and user-friendly. Examples include keyless entry, remote vehicle control, and customizable settings. The adoption of connected cars is significantly influenced by real-time navigation featuring traffic updates and route optimization.
- Government Regulations: Governments and regulatory agencies may impose requirements on safety features such as V2X communication and eCall, which may accelerate the uptake of connected automobile technologies. The usage of linked systems to optimize vehicle performance is encouraged by regulations pertaining to fuel efficiency and pollution, which is expanding the connected car market growth.
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Market’s Latest Key Trends
- Increased Development of Autonomous Vehicles: Throughout the projection period, growth prospects are anticipated to arise from an increase in the development of autonomous vehicles. Real-time data and communication capabilities are provided by connected cars, and these features are critical to the operation and security of autonomous vehicles. Autonomous vehicles can benefit from connected automobiles’ useful data sharing, which can help with navigation and decision-making.
- Adoption of Connected Cars: Companies are implementing linked automobile technologies in order to track, analyze, and manage fleets more efficiently. Telematics data helps lower operating costs and downtime by forecasting repair requirements, which is expanding the connected car market size.
- The 5G Sector Witnesses the Highest Growth
High-speed, low-latency connectivity is made possible by 5G, enabling smooth communication between connected automobiles and outside networks and services. 5G-enabled connected automobiles can access and transmit real-time data more quickly, opening the door to capabilities like instantaneous remote vehicle control, live traffic updates, and high-quality streaming services. For cars to be connected, vehicle-to-everything (V2X) communication is essential. In order to enhance safety and traffic management, 5G networks provide V2X communication, which enables automobiles to exchange data with other vehicles, traffic lights, and road infrastructure.
- The OEM Sector Holds a Significant Revenue Share
Several networking elements are built into the vehicle by OEMs throughout the production process. Infotainment systems, smartphone integration, GPS navigation, and telematics for data collecting and analysis are examples of these features. Along with features like remote locking and unlocking, tracking stolen vehicles, and automatic collision warnings, several OEMs provide safety and security services in their connected cars.
Moreover, for premium connection services, several OEMs provide adaptable subscription-based models that let users choose the features and services that go beyond basic connectivity and suit their needs.
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- North America: The region brought together automakers, IT firms, and service providers to work on linked automobiles. Because of its emphasis on convenience, safety, and technology developments, it is anticipated to maintain a significant place in the future. Prominent entities in the sector, including Google, Tesla, and General Motors, are fostering innovation.
- Asia Pacific: In the near future, the connected car market in Asia Pacific region will see the fastest growth in the connected automobile market. The region’s fast development has made cities more crowded and increased the need for smart mobility solutions. The purpose of connected cars is to improve traffic management, reduce congestion, and improve the quality of urban transportation as a whole.
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Market’s Common Questions Answered in the Report
- How big is the connected car market size?
- What is the anticipated growth rate of the market during the forecast period?
- Which aspects are driving the market growth?
- What segments are holding the highest connected car market share?
- What are the key trends and opportunities in the market?
- Which is the leading region in the market?
- What is the study period of the market?
- Who are the key market players operating in the industry?
Polaris Market Research has segmented the Connected Car market report based on connectivity, technology, application, sales channel, and region:
By Connectivity Outlook
By Technology Outlook
By Application Outlook
- Driver Assistance
- Mobility Management
By Sales Channel Outlook
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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About Polaris Market Research:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.
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