Connected Car Market Report 2031 by Segments, Geography, Dynamics, Recent Developments, and Strategic Insights

The connected car market is expected to register a CAGR of 16.1% during 2023–2031. The evolution of advanced technologies, like the integration of the Internet of Things (IoT) in vehicles, is likely to remain a key trend in the market.

Connected Car Market Analysis

• The increasing demand for automotive cybersecurity, high-end connectivity of vehicles and digitalization has led to significant growth in the global connected car market.
• The growing chances of cyber threats have increased as vehicles are getting more advanced and sophisticated features such as safety features, autonomous driving capabilities, and a variety of sensors. Owing to this, there has been an increase in demand for advanced technology solutions to protect cars and their occupants from possible cyberattacks.

Connected Car Market Overview

• The connected car market is anticipated to be boosted by a number of factors, such as the mounting number of electronic control units (ECUs) in electric vehicles for enhanced performance and sophistication, the upsurge in cyberattacks targeting the automotive industry, and the growing number of connected and autonomous vehicles
• Vehicle safety solution providers are working with other key stakeholders and investing broadly in the development of advanced automotive solutions in order to combat the growing number of road accidents and hazards.
•  Due to original equipment manufacturers' (OEMs)' growing concerns about vehicle security, the connected car market is expected to grow significantly over the upcoming years.

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Connected Car Market: Strategic Insights

Connected Car Market

• Market Size 2023
  US$ XX Million
• Market Size 2031
  US$ XX Million

Market Dynamics

GROWTH DRIVERS

• Growing Focus on Technological Advancement in Vehicles to Favor the Market

FUTURE TRENDS

• Emergence of software-defined vehicles

OPPORTUNITIES

• Growing Automotive Sales in Emerging Nations

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Technology

• 4G/LTE
• 3G
• 2G
• Bluetooth

Connectivity

• Integrated
• Tethered and Embedded

Application

• Navigation
• Telematics
• Infotainment

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Connected Car Market Drivers and Opportunities

Growing Focus on Technological Advancement in Vehicles to Favor the Market

• The market for connected cars is developing as an outcome of the widespread application of connected vehicle technology.
• With features such as infotainment systems, telematics, remote diagnostics, and over-the-air (OTA) software updates, modern cars are getting more connected. Although these features improve driving and have many advantages, they also make users more vulnerable to online threats. For the purpose of exchanging data with outside systems and services, connected cars rely on a variety of communication interfaces and networks.

Emergence of Software-Defined Vehicles

• The automotive industry has begun to focus more on vehicles that are software centric.
• Automotive software is primarily responsible for enabling the features and functions of these vehicles. Most automotive manufacturers would likely procure cybersecurity products from suppliers and integrate them into their car’s hardware.
• The weak internal capabilities of most automakers at the plant or in technical centers may create significant vulnerabilities during the delay. This will lead to a rise in the demand for software-defined vehicles, which will create growth opportunities for the connected car market.

Connected Car Market Report Segmentation Analysis

Key segments that contributed to the derivation of the connected car market analysis are technology, connectivity, and application.

• Based on the technology, the connected car market is divided into 4G/LTE, 3G, 2G, bluetooth and others.
• On the basis of connectivity, the market is divided into integrated, tethered and embedded.
• On the basis of the application, the market is divided into navigation, telematics and infotainment.

Connected Car Market Share Analysis by Geography

• The connected car market report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
• Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering connected car market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
• Also, the report covers PEST analysis, which involves the study of major factors that influence the connected car market in these regions.

Connected Car Market Market Report Scope

Connected Car Market News and Recent Developments

The connected car market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the connected car market are listed below:

• Renault Group and Google announced today an expanded partnership aimed at designing and delivering the digital architecture for the “Software Defined Vehicle” (SDV) and accelerating the group's digitalization. This collaboration on cloud computing, initiated in 2021, is accelerating today with the creation of a Digital Twin, a virtual twin of the vehicle that will feature the most advanced Artificial Intelligence (AI) capabilities for easier and continuous integration of new services into the vehicle and the creation of new onboard (In-Car Services) and offboard applications. The group will eventually transform its entire operational model to the cloud for more agility, better performance, and higher profitability. (Source: Renault Group, Company Website, November 2022)

Connected Car Market Report Coverage and Deliverables

The “Connected Car Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Connected car market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Connected car market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Connected car market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the connected car market
• Detailed company profiles