Connected Car Market to Reach US$ 20.0 Billion, Globally, by 2032 at 13.3% CAGR

The connected car market, a prominent trend is the increasing integration of artificial intelligence (AI) and machine learning.

SHERIDAN, WYOMING, UNITED STATES, February 12, 2024 /EINPresswire.com/ -- IMARC Group’s latest research report, titled “Connected Car Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” 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.

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Factors Affecting the Growth of the Connected Car Industry:

• Continuous Advancements in IoT and Telematics:

The connected car market is significantly influenced by the advancements on the Internet of Things (IoT) and telematics. These technologies are pivotal in enhancing vehicle connectivity, enabling real-time data exchange, and improving the overall user experience. This progression is a major contributor to the market growth, as it leads to the development of innovative features such as predictive maintenance, enhanced safety measures, and better navigation systems. Market analysis indicates that the integration of IoT in vehicles is a trend and a substantial factor that will continue to drive the market size upwards. As IoT technologies evolve, they are expected to play a crucial role in shaping the future market outlook of the Connected Car industry.

• Increasing Consumer Demand for Safety and Convenience:

Consumer preferences are a driving force in the connected car market, particularly the increasing demand for enhanced safety and convenience features. Features such as automatic emergency braking, advanced driver-assistance systems (ADAS), and real-time traffic alerts are becoming increasingly popular. This consumer demand is reshaping market trends, compelling car manufacturers and tech companies to innovate and integrate these features into their models. The market share of connected cars equipped with such advanced safety and convenience features is expanding, indicating a positive impact on overall market growth. This trend is expected to continue, as safety and convenience remain top priorities for consumers, influencing the market analysis and outlook in the connected car sector.

• Rising Government Regulations and Policies:

The global connected car market is also influenced by government regulations and policies aimed at enhancing road safety and reducing environmental impact. Regulations mandating the incorporation of connectivity and safety features in vehicles are becoming more prevalent. These policies are influencing market trends and playing a significant role in dictating the pace and direction of market growth. Companies in the connected car market are adapting to these regulations, which is evident in their market strategies and product developments. As governments worldwide continue to update and introduce new policies, the market analysis reveals a strong correlation between regulatory frameworks and the future market outlook, underscoring their importance in the connected car industry's evolution.

Key Players Included in Global Connected Car Market Research Report:

• 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

Global Connected Car Market Trends:

In the connected car market, a prominent trend is the increasing integration of artificial intelligence (AI) and machine learning. These technologies are revolutionizing vehicle functionality, offering personalized experiences and predictive analytics for maintenance and route optimization. Another significant trend is the collaboration between automobile manufacturers and tech giants, fostering a symbiotic growth in market share and innovation.
Additionally, the rise in the adoption of electric vehicles (EVs) is influencing the market, as EVs are inherently more compatible with connected technologies. These trends collectively contribute to market growth, shaping a dynamic and rapidly evolving market outlook.

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Key Market Segmentation:

Breakup by Technology:

• 3G
• 4G/LTE
• 5G

4G/LTE technology currently holds the largest segment due to its widespread availability, reliable speed, and compatibility with existing automotive and mobile infrastructures.

Breakup by Connectivity Solutions:

• Integrated
• Embedded
• Tethered

The integrated segment dominates due to OEMs' preference for built-in connectivity solutions that ensure seamless integration and optimal
performance of vehicle systems.

Breakup by Service:

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

Driver assistance services lead the market as they significantly enhance vehicle safety and user experience, aligning with consumer demands and regulatory safety standards.

Breakup by End Market:

• Original Equipment Manufacturer (OEMs)
• Aftermarket

OEMs constitute the largest segment as they are key drivers in the integration of connected technologies during the manufacturing process, influencing the market from the ground up.

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 leads in market size due to its advanced technological infrastructure, high consumer purchasing power, and stringent safety and environmental regulations driving the adoption of connected car technologies.

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

Who we are:

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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