Global Connected Car Market Surges to US$ 74.0 Billion in 2022, Poised for Striking Growth at 14.8% CAGR through 2028

DUBLIN, Nov. 9, 2023 /PRNewswire/ — The “Connected Car Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” report has been added to  ResearchAndMarkets.com’s offering.

The global connected car market witnessed a significant upswing in 2022, reaching a substantial size of US$ 74.0 Billion. Looking ahead, the market is expected to soar to US$ 179.4 Billion by 2028, reflecting a robust compound annual growth rate (CAGR) of 14.8% during the forecast period of 2023-2028.

Connected cars, also known as smart vehicles, are automobiles equipped with internet connectivity and advanced communication technologies. These vehicles facilitate seamless data exchange through various communication channels, promising improved vehicle performance, enhanced user convenience, and efficient interaction with the surrounding transport infrastructure. They play a pivotal role in preventing road accidents by providing real-time traffic alerts, notifying drivers about parking space availability, and enabling rapid response from emergency services in case of unfortunate incidents. The growing reliance on uninterrupted connectivity for navigation services is a driving force behind the market’s rapid expansion.

Connected Car Market Trends:

The market’s growth is primarily fueled by the increasing demand for in-car safety solutions. The integration of connected cars with advanced driver-assistance systems (ADAS) and anti-lock braking systems (ABS) for safe braking and obstacle detection is expected to boost market prospects. The advent of 5G connectivity and the rising use of artificial intelligence (AI) and machine-to-machine (M2M) interconnectivity between vehicles are also contributing to market growth. Furthermore, ongoing advancements in advanced suspension systems are bolstering the market.

Luxury cars are gaining popularity among individuals with high disposable incomes, further propelling market growth. Additionally, the emergence of autonomous driving trends is a significant factor contributing to market expansion. The market’s growth is further facilitated by the rapid digitization of the automotive sector and extensive research and development (R&D) activities conducted by key industry players.

Key Market Segmentation:

The report provides a comprehensive analysis of key trends in each sub-segment of the global connected car market, along with forecasts at the global, regional, and country levels for the period 2023-2028. The market is categorized based on technology, connectivity solutions, service, and end market.

Breakup by Technology:

3G4G/LTE5G

Breakup by Connectivity Solutions:

IntegratedEmbeddedTethered

Breakup by Service:

Driver AssistanceSafetyEntertainmentVehicle ManagementMobility ManagementOthers

Breakup by End Market:

Original Equipment Manufacturer (OEMs)Aftermarket

Breakup by Region:

North AmericaUnited StatesCanadaAsia-PacificChinaJapanIndiaSouth KoreaAustraliaIndonesiaOthersEuropeGermanyFranceUnited KingdomItalySpainRussiaOthersLatin AmericaBrazilMexicoOthersMiddle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined, featuring profiles of key players such as AT&T Inc., Audi AG (Volkswagen AG), Bayerische Motoren Werke AG, Continental AG, Ford Motor Company, Mercedes-Benz Group AG, Qualcomm Incorporated, Robert Bosch GmbH, Samsung Electronics Co. Ltd., Sierra Wireless, Tesla Inc., TomTom N.V., Valeo, Verizon Communications Inc., and Vodafone Group Plc.

Key Questions Answered in This Report:

What was the size of the global connected car market in 2022?What is the expected growth rate of the global connected car market during 2023-2028?What are the key factors driving the global connected car market?What has been the impact of COVID-19 on the global connected car market?What is the breakup of the global connected car market based on technology?What is the breakup of the global connected car market based on connectivity solutions?What is the breakup of the global connected car market based on the service?What is the breakup of the global connected car market based on the end market?What are the key regions in the global connected car market?Who are the key players/companies in the global connected car market?

For more information about this report visit https://www.researchandmarkets.com/r/rcjikt

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