Credence Research, Inc published the latest market report, “Global Connected Cars Market: Growth, Future Prospects, and Competitive Analysis, 2017 – 2030”. The Global Connected Cars Market generated revenue of around USD 24.8 billion in 2022 and is anticipated to grow a CAGR of over 19.5% during the forecast period from 2023 to 2030 to reach around USD 86.7 billion in 2030.
The proliferation of ADAS technologies, which offer improved levels of safety, is the main reason propelling the connected car market. Governments in many countries have made several ADAS and safety components mandatory. A variety of ADAS features are mandated in both the US and Europe. For instance, the EU has required Electronic Stability Control (ESC) 2014 and the Anti-lock Braking System (ABS) for all new vehicles sold since 2004. As of 2015, all commercial vehicles sold in the EU must feature automated emergency braking (AEB). Similarly, all new cars sold in the EU starting in April 2018 must include connected car features like e-call.
The global connected cars market is bifurcated into Technology, Connectivity Solutions, Service, End Market and Geography. Based on technology, the market is categorized into 3G, 4G/LTE and 5G. The global market is segmented into integrated, embedded and tethered based on connectivity solutions. Based on service, the market is categorized into driver assistance, safety, entertainment, well-being, vehicle, and mobility management. Based on the end market, the market is categorized into original equipment manufacturers (OEMs) and aftermarket. Based on geography, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
In 2022, Asia-Pacific was expected to rule the connected vehicle market thanks to the advancement of connectivity features in the newest car models. The growing desire for digital vehicle features, particularly in developing countries like China and India, is expected to fuel the region’s connected vehicle industry. China is one of the largest auto markets in the world, selling more than 21.48 million passenger cars in 2021, a 6% rise from the year before. Despite the pandemic, China continues to be one of the leading exporters of automobiles, which offers a great opportunity for predictive technology to take root in the Chinese auto industry.
Connected Cars Market major players analysis is a crucial aspect of understanding the competitive landscape in this rapidly evolving industry. The market has witnessed significant growth in recent years, with more and more car manufacturers integrating advanced connectivity features into their vehicles. Some of the key players in this space include BMW, General Motors, Toyota, Audi, Ford, and Tesla. These companies have invested heavily in research and development to offer innovative solutions that enhance driving experiences for consumers. They are also exploring new business models such as subscription-based services that provide additional value to customers beyond traditional vehicle ownership.
Connected Cars Market Key Growth Trends refer to the various factors that are driving the growth of the connected cars market. The growing demand for advanced safety and security features, increasing adoption of smartphones, and rising need for enhanced driving experience are some of the key growth trends in this market. With advancements in technology, connected cars can now communicate with other vehicles on the road, traffic signals and even parking garages. It is predicted that by 2025, almost all new cars will be equipped with some level of connectivity. Additionally, cloud services have greatly impacted this market as they enable data sharing across multiple devices making it easier for drivers to access information while on-the-go.
Some of the key dynamics shaping the connected cars market:
- Advancements in Technology: The advancements in technology have played a significant role in the development of connected cars. These cars are equipped with advanced features such as GPS navigation, voice recognition, and internet connectivity, which enhance the driving experience and make driving safer and more convenient.
- Growing Demand for Advanced Safety Features: Safety is a top priority for consumers when it comes to purchasing a vehicle. Connected cars are equipped with advanced safety features such as collision detection, lane departure warnings, and adaptive cruise control, which reduce the risk of accidents and provide an additional layer of safety for drivers and passengers.
- Increasing Consumer Preference for Digital Services: The growing preference of consumers for digital services has led to the development of connected cars that offer various digital services such as entertainment, social media, and online shopping. This has made driving more convenient and enjoyable for consumers.
- Government Regulations: Government regulations mandating the use of advanced safety features and the reduction of emissions are driving the adoption of connected cars. Governments are also offering incentives and subsidies to encourage the deployment of connected cars.
- Adoption of Electric Vehicles: The adoption of electric vehicles is driving the growth of the connected cars market. Electric vehicles are equipped with advanced features such as regenerative braking and battery management systems that require connectivity and internet access.
- Overall, the connected cars market is expected to continue to grow due to advancements in technology, increasing demand for advanced safety features, and the adoption of electric vehicles. The market is also expected to benefit from supportive government policies and the growing preference of consumers for digital services.
Why Buy This Report-
- The report provides a qualitative and quantitative analysis of the global connected cars market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2018-2021, base year- 2022, and forecast period 2023-2030.
- The report contains information related to the competitive landscape, like how the key players in the market are operating at a global, regional, and country level.
- In-depth analysis of the global connected cars market segmentation based on service, connectivity solutions, technology and end market.
- Major countries in each region with their import/export statistics
- The global connected cars market report also includes analyzing the global, regional, and country levels, key market trends, significant players analysis, market growth strategies, and key application areas.
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