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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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.
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.
Connected Vehicle Market Report Snapshots
Connected Vehicle Market Growth
Connected Vehicle Market Regional Analysis
*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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