Connected car market size to grow by USD 172.76 billion from 2022 to 2027 | North America is estimated to account for 35% of the growth of the global market- Technavio
NEW YORK, Nov. 20, 2023 /PRNewswire/ -- The global connected car market size is estimated to increase by USD 172.76 billion from 2022 to 2027. The market's growth momentum will accelerate at a CAGR of 27.36% during the forecast period. Based on geography, the global connected car market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global connected car market. North America is estimated to account for 35% of the growth of the global market during the forecast period. The US and Canada are the key countries in the market in the region. The growth of the regional market is attributed to factors such as the advent of IoT technologies in cars and the rising adoption of vehicle-to-vehicle (V2V) connectivity. In addition, stringent regulations on road safety improvements have increased the adoption of connected features such as crash imminent braking, dynamic brake support, and pedestrian automatic emergency braking in cars. These factors will drive the growth of the market in the region during the forecast period. - Request a sample report
Global connected car market – Vendor analysis
Vendor landscape –
The global connected car market is fragmented, with the presence of several vendors. A few prominent vendors that offer connected car in the market are Airbiquity Inc., Alps Alpine Co. Ltd., AT and T Inc., BMW AG, BorgWarner Inc., DXC Technology Co., Ford Motor Co., Intellias group, Mercedes Benz Group AG, NXP Semiconductors NV, Qualcomm Inc., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Schaeffler AG, Sierra Wireless Inc., Telefonica SA, Tesla Inc., Valeo SA, Volkswagen AG, and Zubie Inc. and others.
The market is expected to grow at a rapid pace because of the growing competition among automotive manufacturers. The adoption of connected technologies in entry-segment vehicles is compelling luxury automobile manufacturers to differentiate their products by incorporating advanced connected features in their vehicles. This is encouraging connected technology providers to increase their investments in developing new connected features. Such initiatives by technology providers are expected to intensify the competition among automobilemanufacturers.
Global connected car market - Customer landscape
Global connected car market - Segmentation assessment
Global connected car market – Market dynamics
Key Driver - The government regulations to increase in-vehicle safety are driving the market growth. Governments are focusing on improving safety standards and environmental conditions. The increasing adoption of safety technologies, such as advanced driver assistance systems (ADAS), is also contributing to the adoption of connected cars. In addition, automotive reconfigurable instrument assists drivers in the information processing of in-vehicle systems and contributes to safer driving. These factors will fuel the global market growth during the forecast period. The outbreak of COVID-19 worldwide also affected this sector in 2020. Automotive production in Q1 2020 saw a decline of about 23.07% compared with the production in Q1 2019. Similarly, Q2 2020 witnessed a drop of 32.42% in automotive production compared with the Q2 2019 figure, and Q3 2020 saw a production dip of 22.92% compared with that in Q3 2019. Thus, the temporary shutting down of manufacturing facilities and ongoing disruptions in the global supply chain due to the pandemic has adversely affected automotive production in all key regions across the world.
Key trends - Big data platforms provided by connected cars are a key trend in the market. Automotive OEMs focus on developing efficient products, owing to the increasing availability of real-time data. The use of big data is expected to grow further owing to the rising adoption of connected cars during the forecast period. Insurance providers can use this data to calculate the optimum premium for individual customers as per their driving behavior. Such factors will support the market growth during the forecast period.
Major challenges - Data challenges associated with connected cars are challenging market growth. Connected cars generate huge amounts of data. The generated data through such cars can influence the growth of the automotive industry and the driving experience. However, vendors face challenges such as determining the type of data to be collected, its use, and the need to protect the data. Such challenges are expected to hinder the growth opportunities for vendors in the market during the forecast period.
What are the key data covered in this connected car market report?
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Table of contents
1 Executive Summary
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