Global Connected Vehicle Market Report and Forecast 2024-2032

Global Connected Vehicle Market Outlook

The global connected vehicle market stood at a value of around USD 123.48 billion in 2023. The market is further expected to grow at a CAGR of 17.0% in the forecast period of 2024-2032 to attain a value of around USD 507.31 billion by 2032.

Rising Demand for Passenger Cars to Augment the Market Growth of the Global Connected Vehicle Industry

Based on vehicle type, the passenger car segment is expected to hold a significant share in the connected vehicle industry during the forecast period. This growth can be attributed to the rising population across the globe and the increased demand for vehicles. In addition, the increasing disposable incomes, improved living standards, and heightened accessibility to passenger vehicles are also expected to aid the market growth.

In this regard, the growing dependency on technology is also propelling the adoption of connected vehicle technology to provide connectivity solutions such as machine-to-machine connectivity systems. These factors are predicted to drive the market growth in the coming years.

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North America to Occupy a Significant Market Share in the Connected Vehicle Industry Globally

North America is predicted to hold a significant market share in the connected vehicle industry. The presence of advanced technology and the high consumer purchasing power in the region have been aiding the industry growth with the increased adoption of connected vehicles. Moreover, the growing research and development activities by the leading domestic players to innovate advanced vehicle technology are expected to further aid the market in the forecast period.

Connected Vehicle: Market Segmentation

Connected vehicle technology is an emerging phenomenon wherein vehicles are able to connect with other nearby devices through wireless networks such as entertainment devices, smartphones, or other car systems. This concept is increasingly being utilised to formulate Intelligent Transportation Systems (ITS). In addition, this technology also provides parking and road safety assistance, infotainment, and global positioning system facilities, among others.

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By type, the market is distributed into:

• Embedded Solutions
• Integrated Solutions
• Tethered Solutions

On the basis of vehicle type, the industry can be categorised into:

• Passenger Car
• Truck
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Increased Demand for Improved Vehicle Safety to Augment the Growth of the Global Connected Vehicle Industry

The rising demand for improved vehicle safety in order to reduce road accidents is anticipated to aid the industry growth in the forecast period. According to the UN statistics, approximately 1.3 million people succumb to road accidents every year, with around 20-50 million non-fatal injuries. In this regard, the connected vehicle technology helps connect digital devices nearby with the vehicle to provide the driver with information such as the density of pedestrian population or two wheelers ahead in the route. Moreover, the increasing technological dependency is driving consumers to invest in vehicles that provide connectivity features, for instance, to engage with music streaming applications or audiobooks, or attend a call safely while on the go. Furthermore, this technology is estimated to help reduce traffic jams and road congestion by diverting oncoming vehicles from areas observing high traffic density. These factors are expected to aid the market growth in the coming years.

Key Industry Players in the Global Connected Vehicle Market

The report gives a detailed analysis of the following key players in the global connected vehicle market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Airbiquity Inc.
• CloudMade Holdings Limited
• Robert Bosch GmbH
• Intellias Ltd.
• The Luxoft Holdings, Inc.
• Others

The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model and SWOT analysis.

Key Highlights of the Report

Connected Vehicle Market Report Snapshots

Connected Vehicle Market Size

Connected Vehicle Market Growth

Connected Vehicle Market Regional Analysis

Connected Vehicle Companies