The global connected car market is expected to surge to a valuation of USD 118,352 Million by 2034, marking a significant increase from the estimated value of USD 37,223 million in 2024. This remarkable growth, at a CAGR of 12.3%, reflects the automotive sector’s substantial investments in AI and advanced connectivity features.
The automotive industry has witnessed a notable shift towards advanced safety features and autonomous driving technology, driven in part by the impact of road accidents, which account for approximately 1.35 million fatalities globally every year. As a result, manufacturers have incorporated advanced safety specifications such as lane departure warning, pedestrian detection, and automatic braking systems into vehicles to address these concerns.
The influence of smart city initiatives has prompted key companies and manufacturers to pivot towards environmentally friendly vehicles, shaping the trajectory of the connected car ecosystem. Amidst this transformation, automakers are also focusing on enhancing in-car entertainment and communication services to meet consumer demands. The integration of AI and machine learning has expanded the capabilities of connected car applications, allowing for seamless adjustments of seats, air conditioning, and entertainment applications.
The advent of advanced technologies such as 5G has further propelled the connected car market forward, offering high-speed, low-latency, and reliable connectivity. Additionally, vehicle-to-vehicle (V2V) communication has emerged as a critical component for enhancing road safety and improving the overall driving experience, allowing vehicles to share data and optimize traffic flow. These factors collectively contribute to the evolving landscape of the connected car market, presenting opportunities for innovation and growth in the automotive sector.
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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:
- Morris Garage Motor India
- Bosch
- Maruti Suzuki
- Payment24
- Airbiguity
- Harman International
- Continental AG
- Daimler AG
- General Motors
- Hyundai Motor Group
- Volvo
- Ford Motor Company
- Audi
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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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