IMARC Group's latest report, titled "Connected Car Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," finds that the global connected car market size reached US$ 74.0 Billion in 2022. Connected cars refer to vehicles with internet connectivity and advanced communication technologies that enable the exchange of information via various communication channels. They are designed to provide better vehicle performance, increased user convenience, and effective interaction between the transport system and its surroundings to reduce traffic accidents and send prompts regarding parking space availability. They also offer alarm emergency services in case of unfortunate circumstances and real-time traffic alerts to the driver. These alerts and signals help improve road safety and traffic flow management while ensuring optimal driving comfort. As a result, connected cars are gaining immense traction across the globe to make vehicle management more efficient.
Global Connected Car Market Trends:
Rising demand for in-car safety solutions represents the primary factor driving the market growth. Moreover, the introduction of 5G connectivity and the increasing use of artificial intelligence (AI) and machine-to-machine (M2M) interconnectivity between multiple cars are positively influencing the market growth. Besides this, continual developments in manufacturing advanced suspension systems represent another major growth-inducing factor. Additionally, the surging adoption of connected vehicles integrated with anti-lock braking systems (ABS) and advanced driver assistance systems (ADAS) to map road obstacles has catalyzed market growth. Besides this, the rising popularity of luxury cars due to inflating consumer disposable incomes is propelling the market growth. Furthermore, the increasing demand for surveillance systems that can monitor vehicles and send timely updates about the vehicle's geographic location owing to increasing vehicle thefts has accelerated product adoption rates. Apart from this, the implementation of stringent policies by governments of numerous countries has prompted automotive manufacturers to develop vehicles integrated with ADAS features due to rising passenger safety concerns, which is contributing to the market growth. Other factors, including ongoing research and development (R&D) activities, rapid digitization in the automotive sector, and the emergence of autonomous driving trends, are also anticipated to create a positive market outlook. Looking forward, IMARC Group expects the market value to reach US$ 179.4 Billion by 2028, expanding at a CAGR of 14.8% during 2023-2028.
- Based on technology, the market has been divided into 3G, 4G/LTE, and 5G.
- On the basis of the connectivity solution, the market has been segmented into integrated, embedded, and tethered.
- The market has been divided based on the service into driver assistance, safety, entertainment, vehicle management, mobility management, and others.
- On the basis of the end market, the market has been bifurcated into original equipment manufacturer (OEMs) and aftermarket.
- Region-wise, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being 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 NV, Valeo, Verizon Communications Inc., and Vodafone Group Plc.
|Base Year of the Analysis
||Technology, Connectivity Solutions, Service, End Market, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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. and Vodafone Group Plc.
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