Connected Cars Market: A Deep Dive into the Industry's Key Applications and Technologies

The latest report on the global Connected Car Market offers strategic insights into the market landscape to stakeholders, investors, and business owners to help them make efficient and lucrative business decisions based on key statistical data and facts. The report aims to offers a thorough outlook of the Connected Car Market based on various key elements, such as market drivers, limitations, threats, restraining factors, and growth prospects. The report aims to deliver a comprehensive understanding of the Connected Car Market growth and expansion in each key region of the world. It offers accurate estimations about the expected market size and growth over the projected timeline of 2021-2030.

The Global Connected Cars Market size was USD 28.50 Billion in 2022 and is expected to register a steady revenue CAGR of 18.4% during the forecast period, according to latest analysis by Emergen Research. Rapid advancements in sensing technology, rising demand for fuel efficient vehicles globally, and surge in the usage of telematics are key factors driving market revenue growth.

Connected cars can help in fuel management by providing real-time information on a vehicle's fuel consumption and range, as well as by optimizing vehicle's performance to improve fuel efficiency. Connected cars can also provide information on location of nearby gas stations and prices of fuel, allowing drivers to make informed decisions on where to refuel. In addition, these cars can also use data on traffic and road conditions to plan the most efficient route, which can help to reduce fuel consumption. Through Vehicle-to-Everything (V2X) communication, vehicles can also share information on traffic congestion, road closures, and other events that might impact fuel consumption. Moreover, connected cars can also be designed to shut off unnecessary systems and restart when they are needed or not. Furthermore, rising demand for fuel efficient vehicles globally is expected to drive revenue growth of the market globally.

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Moreover, rapid advancements in sensing technology is another factor driving revenue growth of the market. In connected cars, sophisticated sensors are employed to collect data on surroundings and driver’s behavior. Numerous features, including infotainment systems, driver assistance systems, and autonomous driving capabilities, are made possible by these sensors. For instance, usage of Light Detection and Ranging (LiDAR) sensors can be used to build thorough Three Dimensional (3D) maps of the area around automobile, enabling it to recognize and detect objects such as other cars, people, and barriers. These factors are expected to drive revenue growth of the market over the forecast period.

However, higher costs of connected cars over traditional cars, concerns related to data privacy and security, and rising number of cyber-attacks are major factors hampering revenue growth of the market.

Some Key Highlights From the Report

The 5G segment is expected to register a rapid revenue growth rate over the forecast period. This is due to rapid rollout and adoption of 5G connectivity across various region globally.
The integrated segment is expected to account for largest revenue share over the forecast period. This can be attributed to increasing popularity of Vehicle-to-Vehicle (V2V) communication and Vehicle-to-Infrastructure (V2I) communication in connected cars.
The sensors segment is expected to account for largest revenue share over the forecast period. This is due to rapid advancement made in sensing technology, which are used in connected cars to gather data and improve overall driving experience.
The cellular segment accounted for largest revenue share in 2022. This can be attributed to rising popularity of cellular Vehicle-to-Everything (C-V2X) communication, which is based on 4G and 5G connections and rapid rollout of 5G technology, is further driving revenue growth of the market.
The North America market is expected to account for largest revenue share over the forecast period. This is due to rising government investments and funding to promote research in connected car technology in this region.
On 5 January 2022, Visteon launched AllGo App Store, which was created to satisfy rising demand on a global scale for secure and practical methods of accessing app-based content in a smart, connected cockpit. This app store offers versions of the most popular navigation, parking, mobility, and entertainment apps for automobiles.

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Emergen Research has segmented the global connected cars market based on technology, connectivity, hardware, network, and region:

Technology Outlook (Revenue, USD Billion; 2019-2032)

Connectivity Outlook (Revenue, USD Billion; 2019-2032)

Embedded
Integrated
Tethered

Hardware Outlook (Revenue, USD Billion; 2019-2032)

Central Gateway (CGW)
Head Unit
Intelligent Antenna
Electronic Control Unit (ECU)
Telematic Control Unit (TCU)
Sensors
Others

Network Outlook (Revenue, USD Billion; 2019-2032)

Operational Data
Dedicated Short Range Communication (DSRC)
Cellular

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Regional Outlook (Revenue, USD Billion; 2019–2032)

North America

S.
Canada
Mexico

Europe

Germany
France
UK
Italy
Spain
Benelux
Rest of Europe

Asia Pacific

China
India
Japan
South Korea
Rest of APAC

Latin America

Brazil
Rest of LATAM

Middle East Africa

Saudi Arabia
UAE
South Africa
Turkey
Rest of Middle East Africa

Additional information offered by the report:

Along with a complete overview of the global Connected Car market, the report provides detailed scrutiny of the diverse market trends observed on both regional and global levels.
The report elaborates on the global Connected Car market size and share governed by the major geographies.
It performs a precise market growth forecast analysis, cost analysis, and a study of the micro- and macro-economic indicators.
It further presents a detailed description of the company profiles of the key market contenders.

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About Emergen Research

At Emergen Research, we believe in advancing with technology. We are a growing Marketresearch and strategy consulting company with an exhaustive knowledge base of cutting-edge and potentially market-disrupting technologies that are predicted to become more prevalent in the coming decade.

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