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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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% in the forecast period of 2024-2032 to attain a value of around USD 507.31 billion by 2032.
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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.
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
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Vehicle Type |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
Connected Vehicle Market Report Snapshots
Connected Vehicle Market Growth
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global connected vehicle market attained a value of nearly USD 123.48 billion.
The market is projected to grow at a CAGR of 17% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 507.31 billion by 2032.
The major market drivers include the growing demand for passenger cars, rising concerns about road accidents, and the surging demand for on-the-go digital connectivity solutions such as music streaming services.
The key trends guiding the market growth rising investments to develop enhanced vehicle technology and the increasing demand for improved vehicle safety.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major types of connected vehicles included in the market report are embedded solutions, integrated solutions, and tethered solutions.
The significant vehicle types considered within the market report are passenger car and truck, among others.
The major connected vehicles market players are Airbiquity Inc., CloudMade Holdings Limited., Robert Bosch GmbH, Intellias Ltd., and The Luxoft Holdings, Inc., among others.
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