Connected Cars Market Size & Share to Surpass $100.1 Billion by 2030 | Vantage Market Research

WASHINGTON, Oct. 25, 2023 (GLOBE NEWSWIRE) -- According to Vantage Market Research, the Global Connected Cars Market is estimated to be valued at USD 100.1 Billion by 2030 at an exponential growth of 19.6% in the next seven years.

Advancements in technology, increasing vehicle production, and a rise in demand for comfort and luxury in vehicles by consumers are driving the growth of the Connected Cars Market. Additionally, growing consumer acceptance of self-driving or automated further contributes to industry growth.

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The Report Provides Insights on the Following Pointers

1. Market Penetration: Provides comprehensive information on the market the key players offer.
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets.
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments.
4. Market Trends: Provides comprehensive understanding of the Cumulative Impact of COVID-19, the Russia-Ukraine Conflict, and the High Inflation.
5. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
6. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments.

Connected Cars offer an intelligent transportation system as they offer various safety services; also, cutting-edge technology helps reduce fuel consumption, vehicle efficiency, and parking assistance and lowers maintenance costs through the smooth sharing of data between humans and vehicles. These features improve the overall driving experience that attracts customers.

Prominent Players in Connected Cars Market Report Scope:

• CloudMade (UK)
• TOMTOM International N.V. (Netherlands)
• Ford Motor Company (U.S.)
• LUXOFT (Switzerland)
• BMW Group (Germany)
• AT&T Inc. (U.S.)
• Vodafone Group PLC (UK)
• Airbiquity Inc. (U.S.)
• Samsung Electronics Co. Ltd. (South Korea)
• Verizon Communications Inc. (U.S.)
• Robert Bosch GmbH (Germany)
• Intellias Ltd. (U.S.)
• Continental AG (Germany)
• Sierra Wireless (Canada)
• Daimler AG (Mercedes-Benz) (Germany)
• Qualcomm Technologies Inc. (U.S.)
• AUDI AG (Germany)
• TELEFONICA S.A. (Spain)
• Tesla Zubie Inc. (U.S.)
  

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Factors Affecting the Growth of the Connected Cars Industry

Many variables may impact the development of the Connected Cars market. Some of these factors include:

• Many governments worldwide are making certain specific car features mandatory to improve safety and reduce traffic fatalities, which can help drive demand for the Connected Cars industry.
• With the growing automotive industry in emerging economies such as India and China, consumers are ready to spend more on advanced technologies and rising consumer attention for advanced driver assistance systems (ADAS) features like collision warning, lane assistance, blind spot detection, etc., in vehicles affecting the market positively.
• New business models emerge as the market opens new opportunities for tech businesses to provide innovative services to drivers and passengers.
• Connected Cars generate a large amount of data, which helps to improve a variety of services in fleet management; it is convenient to track data of vehicle records and decide which vehicle has traveled the most.

Key Highlights

• Advancements in technology, increasing vehicle production, and a rise in consumer demand for comfort and luxury in vehicles will bolster the market growth.
• North America is expected to dominate the market during the forecast period with a market share of 40.5% in 2022 owing to its highly developed automobile sector.
• The Asia Pacific region is expected to grow at a high CAGR from 2023-2030.
• 4G/LTE segment accounted for the largest market share in 2022 due to its wide deployment worldwide; it is the most affordable and reliable technology for Connected Cars.
• The Embedded segment will continue to assert its dominance by Connectivity, capturing the largest market share globally from 2023 to 2030 due to its lower cost and improved performance.
• Based on Application, the Infotainment segment accounted for the potential market growth in 2022 due to the rising demand for in-car connections.

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Key Trends

• One of the key trends in the Connected Cars market is the growing penetration of autonomous vehicles. Autonomous vehicles rely heavily on connectivity and cloud-based services to communicate with other vehicles, driving the demand for Connected Cars technology.
• The rising adoption of the 5G network will provide high-speed, low-latency connectivity, essential for the smooth operations of new features of Connected Cars, such as real-time video streaming and augmented reality.
• The increasing incorporation of cloud computing is also a noteworthy trend. Cloud computing is essential to boost the various primary services of Connected Cars, like traffic forecasting and navigation.
  

Key Strategies in Connected Cars Market

The Connected Cars Market has been growing significantly in the past few years and supporting the growth of the automotive industry. Here are crucial insights into key competitors and success strategies in the industry:

• Concentrate on developing new technology for innovative and user-friendly features and services.
• Focus on security and privacy of data and user Feedback.
• Abidance with Regulatory Standards and Laws.
• Collaborate with other players for an interconnected ecosystem.
• Stay updated about Industry Trends like autonomous driving V2X communication.
  

Browse market data Tables and Figures spread through 250 Pages and in-depth TOC on Connected Cars Market Forecast Report (2023-2030).

Recent Development of the Global Connected Cars Market

• In February 2022, Harman International announced HARMAN Savari MECWAVE, Ultra Low-Latency Edge-Based Compute Platform for Turn-Key Connectivity. MECWAVE also extends V2X capabilities to vehicles and devices that are not V2X capable, such as two-wheelers and mobile and wearable devices.
• In June 2022, PATEO Corporation and Qualcomm Technologies, Inc. (Qualcomm) expanded their relationship to develop solutions supporting vehicle intelligence, smart car connectivity, Service-Oriented Architecture (SOA), intelligent cockpits, and multi-domain fusion based on central controllers.

Market Segmentation

By Technology Type

• 5G
• 4G/LTE
• 3G
• 2G

By Application

• Driver Assistance
• Telematics
• Infotainment
• Other Applications

By Connectivity

• Integrated
• Embedded
• Tethered
  

By Vehicle Connectivity

• Vehicle to Vehicle (V2V)
• Vehicle to Infrastructure (V2I)
• Vehicle to Pedestrian (V2P)
  

By Vehicle

• Passenger cars
• Commercial Vehicle

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
  

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Highlights From Segments

Technology Type Analysis

• 4G/LTE segment accounted for the most significant market share 2022.
• It is the commonly deployed broadband cellular network technology that is most trustworthy and reliable.
• 4G/LTE network provides the required bandwidth and speed to support seamless use of a wide range of features and applications like vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication.
  

Application Analysis

• Infotainment is anticipated to have maximum market growth during the projected timeframe.
• The increasing demand from consumers for improved in-car connection and entertainment amenities driving the demand for the Infotainment segment.

Connectivity Analysis

• Embedded segment has held a significant revenue share of 48% in 2022.
• Integrated technology will grow at a fastest CAGR during the forecast period.
• Integrated technology is cheaper than embedded and tethered systems, which are responsible for its maximum market growth.
  
  

Vehicle Connectivity Analysis

• V2V Connectivity is anticipated to have maximum market growth during the projected timeframe.
• One of the key drivers of the growth in the V2V Connectivity segment is the increasing government regulations and the development of new V2V applications.

Vehicles Analysis

• Passenger Cars are anticipated to grow fastest during 2023-2030.
• Increasing Demand for passenger cars in emerging economies such as China, India, and Brazil due to the growing economic activities and rising incomes.

Scope of the Report:    

Regional Analysis

• North America led the Connected Cars market growth in 2022 with a Revenue Share of 40.50%.
• Factors such as the high adoption of Connected Cars technology, the presence of significant auto manufacturers and tech giants, and supportive government regulations are responsible for region dominance.

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