The global connected car market is projected to grow from USD 59.70 billion in 2021 to USD 191.83 billion by 2028. The market is expected to grow at CAGR of 18.1%. Dominant players such as Audi and Ford Motors to focus on promoting the adoption of advanced automotive technologies: Fortune Business Insights™

Pune, India., Jan. 31, 2023 (GLOBE NEWSWIRE) -- According to latest report published by Fortune Business Insights, the global connected car market size was valued USD 55.56 billion in 2020, and the market is forecast to grow worth USD 191.83 billion by 2028, at CAGR of 18.1% during forecast period. Increase in venture capital investments in connected car technologies and growing demand for real-time vehicle diagnostics and predictive maintenance to boost the market growth during forecast period.

Wireless connectivity systems in cars are a trend that is gaining considerable traction in the automotive industry. Recognizing the potential offered by these changing dynamics, several startups specializing in automotive electronics and communications have come up and are advancing connected car technologies. For example, Connexion, an Internet Of Things (IoT) startup based in Melbourne, Australia, provides infotainment systems, fleet management solutions, and cloud-based telematics to carmakers. Savari, a California-based startup, offers software and hardware solutions for vehicle manufacturers to arm their vehicles with vehicle-to-everything (V2X) systems and Dedicated Short Range Communication (DSRC) sensors. The proliferation of startups offering innovative automotive communication solutions is expected to open new expansion avenues for the connected car market.

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Report Highlights:

Key Takeaways:

• Tangible analysis of the various market drivers, trends, and restraints;

• Holistic evaluation of the regional prospects of the market;

• Microscopic study of all market segments; and

• In-depth examination and profiling of the prominent players and their strategies.

Drivers & Restraints-

Rising Number of Road Accidents Worldwide to Accelerate Growth

One of the leading factors propelling the connected car market growth is the rising number of road traffic accidents around the globe. According to the World Health Organization (WHO), road traffic crashes kill approximately 1.35 million people worldwide every year. Furthermore, between 20 million and 50 million people suffer non-fatal injuries from road accidents, with several accident victims getting afflicted with a temporary or permanent disability. The most common causes of road accidents, the WHO highlights, include driving under the influence, speeding, distracted driving, and unsafe vehicles. Connected cars have the potential to address all these issues as these vehicles operate on real-time data acquired from various sensors attached to the cars. For example, IoT-enabled cars gather real-time traffic and crash data, alerting drivers to changes in surrounding traffic conditions, road hazards, and upcoming obstructions such as pedestrians and cyclists. Smart technologies enhance the safety quotient of a vehicle and can thus reduce the probability of road accidents.

Technology has played an important part towards the growth of the market in recent years. Incorporation of concepts such as data integration and machine learning have opened up a huge potential for market growth. The potential offered by connected cars have attracted several investors. The advent of smart connected electric cars has fuelled the demand for the product, which in turn will account for rapid growth of the market in the coming years. In February 2018, TomTom Audio Traffic announced the launch of a personalized traffic information system that allows communication with the driver over voice-programs.

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Competitive Landscape

Key Players to Deepen Footprint in Emerging Markets

The demand for premium cars and vehicular components is escalating in the emerging market of Asia and Africa. Acknowledging the huge business scope offered by the countries in these regions, automotive giants are steadily deepening their presence in these countries by launching innovative solutions.

Segments-

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Regional Insights-

Growing Demand for Advanced Automotive Technologies to Boost the Asia Pacific Market

Asia Pacific dominated the connected car market share in 2020 with a market size of USD 32.90 billion on account of the rising preference for high-end, advanced automotive technologies in the region. This evolving dimension in the automotive industry in Asia Pacific is underpinned by the increasing level of disposable incomes among buyers, which is enabling them to demand enhanced safety and infotainment features in vehicles. In Europe, major automakers such as BMW and Volkswagen are partnering with automotive technology specialists to equip their cars with sophisticated safety features. The market in North America, on the other hand, is set to benefit from the rapid adoption of next-gen connectivity technologies such as 5G in the region.

A list of prominent Connected Cars manufacturers operating in the global market:

• Volvo (Gothenburg, Sweden)

• Ford Motor Company (Michigan, United States)

• TomTom Inc. (Amsterdam, Netherlands)

• Daimler AG  (Stuttgart, Germany)

• AT&T (Texas, United States)

• Harman International (Connecticut, United States)

• HYUNDAI MOTOR GROUP (Seoul, South Korea)

• General Motors (Michigan, United States)

• Audi (Ingolstadt, Germany)

• Robert Bosch GmbH ( Gerlingen, Germany)

• Continental AG (Hanover, Germany)

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Table Of Content:

• Introduction

  • Research Scope

  • Market Segmentation

  • Research Methodology

  • Definitions and Assumptions

• Executive Summary

• Market Dynamics

  • Market Drivers

  • Market Restraints

  • Market Opportunities

• Key Insights

• Key Industry Developments - Merger, Acquisitions, and Partnerships

• Technological Developments

• Porter’s Five Forces Analysis

• SWOT Analysis

• Impact of COVID-19

• Global Connected Cars Market Analysis, Insights and Forecast, 2017-2028

  • Key Findings / Summary

  • Market Analysis, Insights and Forecast – By Communication Type

• Vehicle to Vehicle

• Vehicle to Infrastructure

  • Market Analysis, Insights and Forecast – By Application Type

• Mobility Management

• Telematics

• Infotainment

• Driver Assistance

  • Market Analysis, Insights and Forecast – By Network Type

• 3G

• 4G

• 5G

• Satellite

  • Market Analysis, Insights and Forecast – By Sales Channel Type

• OEM

• Aftermarket

  • Market Analysis, Insights and Forecast – By Technology Type

• Embedded

• Tethered

• Integrated

  • Market Analysis, Insights and Forecast – By Region

• North America

• Europe

• Asia pacific

• Rest of the World

• North America Connected Cars Market Analysis, Insights and Forecast, 2017-2028

  • Key Findings / Summary

  • Market Analysis – By Communication Type

• Vehicle to Vehicle

• Vehicle to Infrastructure

  • Market Analysis – By Application Type

• Mobility Management

• Telematics

• Infotainment

• Driver Assistance

  • Market Analysis, Insights and Forecast – By Network Type

• 3G

• 4G

• 5G

• Satellite

  • Market Analysis, Insights and Forecast – By Sales Channel Type

• OEM

• Aftermarket

  • Market Analysis, Insights and Forecast – By Technology Type

• Embedded

• Tethered

• Integrated

  • Market Analysis – By Country

• U.S.

• Canada

• Mexico

• Europe Connected Cars Market Analysis, Insights and Forecast, 2016-2027

  • Key Findings / Summary

  • Market Analysis – By Communication Type

• Vehicle to Vehicle

• Vehicle to Infrastructure

  • Market Analysis – By Application Type

• Mobility Management

• Telematics

• Infotainment

• Driver Assistance

  • Market Analysis, Insights and Forecast – By Network Type

• 3G

• 4G

• 5G

• Satellite

  • Market Analysis, Insights and Forecast – By Sales Channel Type

• OEM

• Aftermarket

  • Market Analysis, Insights and Forecast – By Technology Type

• Embedded

• Tethered

• Integrated

  • Market Analysis – By Country

• U.K.

• Germany

• France

• Rest of Europe

• Asia pacific Connected Cars Market Analysis, Insights and Forecast, 2016-2027

  • Key Findings / Summary

  • Market Analysis – By Communication Type

• Vehicle to Vehicle

• Vehicle to Infrastructure

  • Market Analysis – By Application Type

• Mobility Management

• Telematics

• Infotainment

• Driver Assistance

  • Market Analysis, Insights and Forecast – By Network Type

• 3G

• 4G

• 5G

• Satellite

  • Market Analysis, Insights and Forecast – By Sales Channel Type

• OEM

• Aftermarket

  • Market Analysis, Insights and Forecast – By Technology Type

• Embedded

• Tethered

• Integrated

  • Market Analysis – By Country

• Japan

• China

• India

• South Korea

• Rest of Asia Pacific

• Rest of the World Connected Cars Market Analysis, Insights and Forecast, 2016-2027

  • Key Findings / Summary

  • Market Analysis – By Communication Type

• Vehicle to Vehicle

• Vehicle to Infrastructure

  • Market Analysis – By Application Type

• Mobility Management

• Telematics

• Infotainment

• Driver Assistance

  • Market Analysis, Insights and Forecast – By Network Type

• 3G

• 4G

• 5G

• Satellite

  • Market Analysis, Insights and Forecast – By Sales Channel Type

• OEM

• Aftermarket

  • Market Analysis, Insights and Forecast – By Technology Type

• Embedded

• Tethered

• Integrated

• Competitive Analysis

  • Key Industry Developments

  • Global Market Share Analysis (2020)

  • Competition Dashboard

  • Comparative Analysis – Major Players

  • Company Profiles (Overview, Products & services, SWOT analysis, Recent developments, strategies, financials (based on availability))

• Harman International

• Continental AG

• Robert Bosch GmbH

• AT&T

• Daimler AG

• Audi

• TomTom Inc.

• General Motors

• Ford Motor Company

• HYUNDAI MOTOR GROUP

• Volvo

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