Connected Car Market Demand 2024, Analysis Key Players, Size, Share and Report By 2032

IMARC Group’s latest research report, titled “Connected Car Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” offers a comprehensive analysis of the connected car market demand. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry. the global connected car market size reached US$ 84.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 267.2 Billion by 2032, exhibiting a growth rate (CAGR) of 13.3% during 2024-2032.

Connected Car Market Trends:

The global connected car market is driven by the rapid advancement in automotive technologies and the increasing demand for safer, more efficient, and convenient driving experiences. Integration of Internet of Things (IoT) technology in vehicles enables seamless connectivity with road infrastructure, other vehicles, and smart devices, enhancing overall functionality and safety through features such as real-time traffic updates, automated emergency calls, and live diagnostic reports. Furthermore, stringent government regulations regarding vehicle safety and emissions standards are compelling automakers to integrate advanced connectivity solutions.

Along with this, the growing consumer preference for electric and autonomous vehicles, which inherently rely on high levels of connectivity, also significantly propels market growth. Additionally, collaborations between tech giants and automotive manufacturers are fostering innovation in connected car services and solutions, making these advanced technologies more accessible to a broader consumer base.

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Leading Key Players Operating in the Connected Car Industry:

• AT&T Inc
• Audi AG (Volkswagen AG)
• Bayerische Motoren Werke AG
• Continental AG
• Ford Motor Company
• Mercedes-Benz Group AG
• Qualcomm Incorporated
• Robert Bosch GmbH
• Samsung Electronics Co. Ltd
• Sierra Wireless
• Tesla Inc
• TomTom N.V
• Valeo, Verizon Communications Inc
• Vodafone Group Plc

Connected Car Market Scope & Growth Analysis:

The scope of the market encompasses various applications, including vehicle management, infotainment, telematics, insurance, and autonomous driving. This market is experiencing substantial growth due to the increasing adoption of cloud-based services for vehicle operations, which enhance user interfaces and functionality, contributing to higher customer satisfaction and retention. Innovations in mobile technology and wireless communication are expanding the capabilities of connected car systems, making them integral to modern vehicular ecosystems.

As the infrastructure for connected devices and 5G networks continues to improve, the potential for market expansion and penetration in new regions increases. The market's future growth is also supported by the automotive industry's shift toward creating more user-centric vehicles that offer enhanced connectivity features as standard. This ongoing development is driving further innovations and investments from across the tech and automotive sectors, solidifying the connected car's role in the next evolution of transportation.

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Connected Car Market Report Segmentation:

Breakup by Technology:

• 3G
• 4G/LTE
• 5G 

4G/LTE accounts for the majority of the market share due to the need for faster and more reliable data transmission.

Breakup by Connectivity Solutions:

• Integrated
• Embedded
• Tethered 

Integrated holds the largest share in the industry due to the desire for seamless and hassle-free user experiences.

Breakup by Service:

• Driver Assistance
• Safety
• Entertainment
• Vehicle Management
• Mobility Management
• Others 

Driver assistance represents the leading market segment due to the increasing focus on enhancing road safety and the overall driving experience.

Breakup by End Market:

• Original Equipment Manufacturer (OEMs)
• Aftermarket

Original equipment manufacturer (OEMs) exhibits a clear dominance in the market due to the industry's recognition of connectivity as a pivotal element in modern vehicles.

Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

North America accounted for the largest market share due to its tech-savvy consumer base, stringent safety regulations, and robust telecommunications infrastructure.

Key Highlights of the Report: 

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape 

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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