Connected Car Market Size & Share: Projected to Reach $26.4 Billion by 2030

 The global connected car market size 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.

The connected car market is on a remarkable trajectory, with its value expected to reach $26.4 billion by 2030. This growth reflects the increasing integration of advanced technology into vehicles, driven by rising consumer demand for smarter, safer, and more connected driving experiences. As automakers and tech companies collaborate to develop innovative solutions, the market is expanding rapidly. Key players in the industry are investing heavily in connectivity features such as real-time data exchange, vehicle-to-everything (V2X) communication, and advanced driver assistance systems (ADAS). This investment is not only enhancing the overall driving experience but also positioning the connected car market as a major player in the future of mobility. With significant advancements in communication technology and a growing emphasis on safety and convenience, the connected car market is set for substantial growth and transformation in the coming years.

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Market Dynamics

DRIVER: Increasing Adoption of Telematics and usage-based Insurance

Telematics has merged into the automotive mainstream at a rapid rate. Car telematics help improve driving behavior and road safety and align insurance premiums via usage-based insurance (UBI). According to GSMA (Global System for Mobile Communications), the telematics industry is estimated to reach USD 750 billion by 2030. There are two significant reasons for the growth of the telematics industry. First is governments' increasing willingness to mandate telematics services such as emergency-call capabilities, which is already happening in the European Union and Russia. Second is the increasing demand for excellent connectivity and intelligence in vehicles. Also, the automotive telematics market is projected to grow from USD 9,041.6 million in 2024 to USD 16,111.0 million by 2030, at a CAGR of 10.1% from 2024 to 2030. This growth is driven by the increasing demand for vehicles with telematics services, growing concerns regarding safety in the event of breakdown and accidents, rising demand for advanced technologies, and the high purchasing power of consumers. Stolen vehicle assistance, insurance-based assessment, and other advanced services are aiding manufacturers in enhancing vehicles' overall safety and efficiency.

OPPORTUNITY: Development of ridesharing and mobility services

Connected autonomous car technology is quickly evolving, and several companies are focusing on this technology, with Tesla leading the way. Autonomous self-driving vehicles are expected to create ridesharing and mobility services opportunities. For instance, Waymo already has driverless cars picking up passengers, while General Motors plans to roll out its service by the end of 2019. Ford indicates it will have a self-driving fleet ready for ridesharing by 2021. Ridesharing and other mobility services with autonomous cars will require a strong IoT backup, as accessing all the services would require connected vehicles and devices. Wi-Fi, 4G, GPS, Bluetooth, and 5G (upcoming) are vital in ridesharing. With the growing number of connected devices, ridesharing will be accessible to a more extensive user base in the future than it is today. Technological advancements in electric vehicles will increase the demand for autonomous vehicles. Shared mobility is also a key growth driver for autonomous vehicles. As people are comfortable sharing rides, it opens revenue doors for ride-sharing companies and mobility service providers.

North America is the second-largest region in the connected car market.

North America is the largest market for connected cars, driven by advanced technological infrastructure, a robust automotive industry presence, high consumer demand, and a supportive regulatory environment. Considering the vehicles sales in North America, the number of automobiles sold in the US rose from 14.4 million in 2022 to 16.1 million in 2023, in which premium automobile sales (E, F, and SUV - E) category sales went from 1.6 million in 2022 to 1.8 million in 2023, a rise of ~12.1%. Additionally, D-segment car sales in the US rose by 4% from 4.1 million units in 2022 to 1.5 million units in 2023. Improved cellular V2X systems, telematics systems, dynamic route optimisation, in-car Wi-Fi and internet access, and over-the-air software upgrades for sedans and premium vehicles are just a few of the technologies available in these high-end cars.

Key Players

Major manufacturers in the connected car market include Continental AG (Germany), Robert Bosch GmbH (Germany), Harman International (US), Airbiquity (US), and Visteon (US).

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