Global Connected Car Market Report and Forecast 2024-2032

Global Connected Car Market Outlook

The global Connected Car market would likely grow at a CAGR of 16.8% during 2024-2032. With rapid advancements in technology and increasing penetration of the internet, the way people carry out work and communicate has changed significantly. Almost all gadgets of daily use today are connected through the internet. Even cars today are connected through a novel technology known as Connected Car Technology. Asia, North America and Europe are likely to be key markets. 

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Global Market Likely to be Driven by Advancements in Technology

A connected car refers to a car or vehicle connected with the internet. Generally, such cars are linked to the internet through WLAN (Wireless Local Area Network). A connected car or vehicle is capable of sharing the internet with devices outside and inside the vehicle, and sharing data with external services or devices. When requested by the user, a connected car can access the internet to carry out functions or download data. 

While any vehicle with internet connectivity may be called a connected car, automobile companies presently employ two kinds of systems (embedded and tethered) in connected cars. In an embedded vehicle, there is a chipset and a built-in antenna; a tethered system consists of hardware connected to the driver’s smartphone. A connected car can send or access data, download software patches or updates, link with other devices (IoT) and offer passengers WiFi internet connection. 

Connected Cars Offer Many Features for Increased Safety and Convenience

Connected cars are armed with several convenient and smart features that enhance the overall ownership and driving experience, and improve the safety net with advanced security features. Such features are likely to help boost the global connected car market.  Connected cars display features such as Internet Connectivity (also onboard WiFi connectivity; connected cars also enable downloading of updates, and allow access to online services and apps), App to Car Connectivity (through a smartphone app offered by car manufacturers; the app connects the car using the wireless network; the app enables users to remotely control car functions), Vehicle to Vehicle Communication, Geo-fencing, Remote Parking, Entertainment Service/Apps, Security Features, and others.  

Advantages Afforded by Connected Vehicles Over Current Technologies Expected to Drive Market Growth

Connected vehicles offer many significant advantages over existing technologies like lidar, radar, sensors, and cameras. Connected vehicle technologies and applications offer more range than on-board vehicle gear, enabling the receiving of alerts of hazardous situations significantly earlier, giving more reaction time and helping prevent accidents. Connected vehicle technology is also less expensive to install than radar and camera equipment in vehicles. These advantages are expected to drive the global connected car market.

The Advent of 5G is Expected to Boost Market Growth

5G networks are expected to have a significant impact on the automotive industry. With an increasing number of connected cars, the volume of data that needs processing would also increase. 5G connectivity would lead to faster internet speeds and better coverage; it would improve car-to-car communication and enable better transmission of information, such as road and traffic conditions, road accidents, speed limits, etc. The growing electric vehicles segment would also use 5G, boosting market growth. Thus, advent and adoption of 5G are likely to boost the global connected car market. 

Market Segmentation

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By network type, the market is segmented into:

• 3G

• 4G/LTE

• 5G

• Satellite

By technology type, the market is classified into:

• Embedded

• Tethered

• Integrated

By service, the market is divided into:

• Navigation

• Remote Diagnostics

• Multimedia Streaming

• Collision Warning

• Autopilot

• Others

By communication type, the market is segmented into:

• Vehicle to Vehicle

• Vehicle to Infrastructure

By sales channel, the market is divided into:

• Aftermarket

• Original Equipment Manufacturer (OEM)

By region, the market is classified into:

• Europe

• Latin America

• North America

• Middle East and Africa

• Asia Pacific

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Key Industry Players in the Market

The report offers an extensive assessment of major players in the global connected car market; it evaluates their capability, observes latest occurrences such as mergers and acquisitions, capacity expansions, and plant turnarounds:

• Qualcomm Technologies Inc

• General Motors Company

• Robert Bosch GmbH

• AT and T Inc

• Samsung Electronics Co. Ltd

• Airbiquity Inc.

• Telefonaktiebolaget LM Ericsson

• HARMAN International

• Continental AG

• CloudMade

• Others

Using SWOT analysis and Porter’s Five Forces model, the EMR report offers deep insights into the industry.

Key Highlights of the Report