The connected car market is set to soar to USD 118,352 Million by 2034, up from USD 37,223 million in 2024, growing at a 12.3% CAGR. This growth is driven by the auto industry’s heavy investment in advanced safety features and autonomous driving tech, partly due to the global toll of road accidents, which cause about 1.35 million deaths annually.
To address safety concerns, carmakers are adding features like lane departure warnings, pedestrian detection, and automatic braking. Additionally, smart city initiatives are pushing manufacturers toward eco-friendly vehicles, shaping the connected car ecosystem. There’s also a focus on improving in-car entertainment and communication services to meet consumer expectations.
The rise of 5G technology is a game-changer, providing fast, reliable connectivity. Vehicle-to-vehicle (V2V) communication is also key, enhancing road safety and optimizing traffic flow by allowing cars to share data. These advances are transforming the connected car market, paving the way for innovation and growth in the automotive industry.
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Key Takeaways from the Connected Car Market Report:
- The 5G segment in network technology covers about 62.8% of the share for 2024.
- V2V has an impressive yet more extensive share of 67.2% for 2024 in the connected car industry.
- The connected car market in Germany is set to experience an exponential increase, with a 13.5% CAGR through 2034.
- The connected car market in Italy is anticipated to develop at a CAGR of 12.9% through 2034.
- The connected car market in the United Kingdom is projected to grow at a CAGR of 12.5% through 2034.
- The connected car market in the United States is estimated to rise at a 12.3% CAGR through 2034.
- The connected car market in South Korea is predicted to rise at an 11.8% CAGR through 2034.
Competitive Landscape:
Companies are focused on providing advanced connected car services. They are also leveraging AI and ML to connect proximity cars to innovative features. Many are focused on launching safety and security features to keep pace with the speed of development in emerging economies.
Leading Key Players:
The connected car market is rapidly evolving, driven by advancements in technology and increasing consumer demand for enhanced automotive experiences. Leading key players in this market include Morris Garage Motor India, Bosch, Maruti Suzuki, Payment24, Airbiquity, Harman International, Continental AG, Daimler AG, General Motors, Hyundai Motor Group, Volvo, Ford Motor Company, and Audi. These companies are at the forefront of integrating innovative connectivity solutions that enhance vehicle safety, entertainment, and efficiency. With significant investments in research and development, these industry leaders are developing cutting-edge technologies such as advanced driver-assistance systems (ADAS), telematics, and in-car payment solutions. Their efforts are reshaping the automotive landscape, making connected vehicles a critical component of the future mobility ecosystem.
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Recent Developments:
- In January 2024, Samsung and Hyundai teamed up to connect the SmartThings platform with Hyundai and Kia vehicles, enabling users to control appliances and car systems through a single app.
- In March 2024, Vero and Privacy4Cars introduced Identi-FI, a data privacy solution for connected cars, offering privacy tools and identity protection services for dealerships and consumers.
Connected Car Market Segmentation:
By Network Technology:
Network technologies present in the industry are 3G, 4G, and 5G.
By Communication Type:
V2V, V2I, and V2P are categorized as communication types in this sector.
By Application:
Connected car finds applications in driver assistance, vehicle safety, and security, infotainment, telematics, and navigation applications.
By Vehicle Type:
ICE and electric are two vehicle types in this industry.
By Region:
A regional analysis has been carried out in key countries of North America, Latin America, Asia Pacific, Middle East and Africa (MEA), and Europe.
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