Global Connected Vehicle Market to Grow at a CAGR of 17% During 2024-2032, Aided by the Rapid Technological Advancements

The global connected vehicle industry is being driven by the increased demand for passenger cars, owing to the rapidly growing global population and its increasing transportation needs. The rising incidences of road accidents across the globe with high rates of casualties are also anticipated to aid the market growth. In addition, the rapid technological advancements and the heightened dependence on technology are leading to an increased demand for connectivity solutions in vehicles, such as on-the-go music and podcast streaming services for infotainment purposes, which is aiding the market.

The growing focus of the leading players to develop next-generation connectivity solutions by incorporating advanced technologies is predicted to significantly catalyse the industry growth in the forecast period. For instance, in January 2021, Qualcomm Technologies Inc (NASDAQ: QCOM) announced the inclusion of Qualcomm® Snapdragon™ Automotive 4G and 5G Platforms to help automotive suppliers meet the growing demand for reliable, connected, intelligent, location-aware next-generation cars. These platforms are designed to help connect vehicles with the cloud technology and their surrounding devices to facilitate improved safety and security in vehicles. In addition, another leading connected vehicle technology manufacturer AT&T Inc. (NYSE: T), in a press release dated August 2021, announced its partnership with General Motors (NYSE: GE) to facilitate a high performance 5G connectivity network in GM vehicles, which would help improve roadway-centric coverage and provide fast software updates, quick navigation and mapping, and quality music and video streaming services. Such developments are expected to positively impact the growth of the connected vehicle industry in the forecast period.

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Market Breakup by Type, Vehicle Type, and Region:

• The market is categorised based on type into embedded solutions, integrated solutions, and tethered solutions.
• Based on vehicle type, the market can be divided into passenger car, truck, and others.
• Region-wise, the global market for connected vehicle can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global market for connected vehicles is being driven by the increased demand for vehicle safety solutions.
• The increased demand for passenger vehicles with the rising global population has significantly contributed to the market expansion.
• The rising demand for vehicular connectivity solutions with rapid digitalisation is also aiding the industry growth. 
• The growing investments in research and development of advanced vehicle technology are expected to further propel the market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for connected vehicle for the periods (2018-2023) and (2024-2032).
• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the types, vehicle types, and regions of connected vehicle.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global connected vehicle market are Airbiquity Inc., CloudMade Holdings Limited., Robert Bosch GmbH, Intellias Ltd., The Luxoft Holdings, Inc., and others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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