Connected Car Market Trends,
Business Overview, Industry Growth and Forecast to 2031

The global connected car
market is expected to grow at a significant CAGR during the forecast period
(2024-2031).  The market is largely supported by key drivers such as OEMs'
growing attention on the development of autonomous and connected vehicles.
Design complexity and technology hurdles associated with connected automobile
technologies, on the other side, have been cited as market obstacles. During
the forecast period, Asia-Pacific is expected to offer many chances for
providers of smart technologies used in connected cars owing to the increased
focus on connected cars in this region. The improved smartphone ecosystem is
one of the primary elements driving growth in APAC.

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Automated linked car devices
are in high demand as they assist in the monitoring of vehicles and drivers by
transferring important information between surrounding infrastructure and
automobiles. Many of the world's largest automotive technology companies are
based in Europe. IoT and telematics have improved connectivity, communications,
and answers to provide infotainment, safety, security, and increased vehicle
management to drivers, passengers, and commuters through smart platforms. The
growing trend towards autonomous vehicles is considered a boon to the connected
vehicle business. With self-driving cars predicted to be the automotive
industry's future, the connected cars market is poised for significant growth
in the forecast period. Various actions performed by public entities and
governments in European countries have played a significant role in propelling
the market. For instance, the European Union implemented the eCall mandate in
2020, requiring that specified levels of driver assistance technologies be
fitted on all new automobiles sold in the region by 2022. Using data from
multiple connected car technologies, this decision aims to attain partial
autonomy. 

The European Transport Safety
Council (ETSC) has advocated for a variety of connected and autonomous driving
aids, such as 5G network-linked automobiles, driverless vehicles, and
ride-hailing services, all of which may be accomplished with connected cars.
The increasing use of in-car infotainment systems for various purposes, such as
navigation, entertainment, safety, vehicle management, and other onboard
systems has been leading to the increasing connectivity of vehicles to exchange
information with world-leading manufacturers, such as Volkswagen Group
(Porsche, Mercedes Benz, Audi, Lamborghini, and others), and BMW, both of which
are based in Europe. This, in turn, will drive the market growth in
Europe. 

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Market Coverage

• Segment Covered- 

o             By Service 

o             By Communication Type

• Competitive Landscape: Continental AG, Robert Bosch GmbH,
  Airbiquity Inc., Visteon Corp., among others.     

Key questions addressed by the
report

• What is the market growth rate?


• Which segment and region dominates the market in base year?


• Which segment and region will project fastest growth in the market?


• How COVID-19 impacted the market?

o             Recovery Timeline

o             Deviation from pre-COVID forecast

o             Most affected region and segment

• Who is the leader in the market?


• How players are addressing challenges to sustain growth?


• Where is the investment opportunity?

Global Connected Car Market Report
Segmentation

By Service

•                
Infotainment Services 

•                
Telematics Services 

•                
Mobility Management

•                
Others

By Communication Type

•                
Vehicle to Vehicle

•                
Vehicle to Infrastructure

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