Connected Car Market: Advanced Tech Driving Valuation to USD 143.72 Billion by 2031 | SkyQuest Technology
WESTFORD, Mass., July 22, 2024 /PRNewswire/ -- According to SkyQuest, the global Connected Car Market size was valued at USD 34.56 Billion in 2022 and is poised to grow from USD 41.29 Billion in 2023 to USD 143.72 Billion by 2031, growing at a CAGR of 19.50% during the forecast period (2024-2031).
Connected cars are witnessing momentum owing to the speedy adoption of improved technologies and growing sales of vehicles embedded with these technologies. Dynamic developments in vehicle technology and connectivity are changing the automotive market. Improved technologies like (ADAS) advanced driver assistance systems, artificial intelligence, and V2X infrastructure are considerably making independent driving functionality. In addition, improvements witnessed in telecommunication are also majorly driving the market growth, since they connect vehicles. Furthermore, IT equipment is making major contributions to deliver a wide range of services like telematics, entertainment, after-sales diagnostics and more.
Besides, rising number of government initiatives like fixing of communication devices in the new vehicles and support for autonomous driving are helping the market grow.
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Connected Car Market Overview:
Report Coverage |
Details |
Market Revenue in 2023 |
USD 41.29 Billion |
Estimated Value by 2031 |
USD 143.72 Billion |
Growth Rate |
Poised to grow at a CAGR of 19.50% |
Forecast Period |
2024–2031 |
Forecast Units |
Value (USD Brillion) |
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered |
Service, Hardware, Form Type, End Market, Transponder, Network, Electric Vehicle Type, and Region |
Geographies Covered |
North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
Report Highlights |
Updated financial information / product portfolio of players |
Key Market Opportunities |
Expanding Use of Technologies like AI and IoT in Connected Vehicles |
Key Market Drivers |
Growing Spending Power of Consumers in the Developing Economies |
Segments covered in Connected Car Market are as follows:
- Service
- Navigation, Remote Diagnostics, Multimedia Streaming, Social-Media and Other Apps, OTA Updates, On Road Assistance, E-call And SOS Assistance, Cybersecurity, Remote Operation, Collision Warning, Auto Parking/ Connected Parking, Autopilot, Home Integration, Vehicle Management, Asset Tracking
- Hardware
- Head Unit, Central Gateway, Intelligent Antenna, Electronic Control Unit, Telematic Control Unit, Keyless Entry Systems, and Sensors
- Form Type
- Embedded, Tethered, and Integrated
- End Market
- Original Equipment Manufacturer, and Aftermarket
- Transpondero
- On Board Unit, and Roadside Unit
- Network
- DSRC, and Cellular
- Electric Vehicle Type
- BEV, PHEV, and FCEV
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Growth of Cloud Services and Supporting Government Initiatives to Lead the Embedded Segment
Currently, the embedded segment is registering a majority share of the connected car market. The growth of cloud services, increasing government regulations, and cost upgrading of service plans are the key focus areas. The embedded systems are commonly seen in the United States, supported by consumer demand and improved infrastructure of superior technology. Integration of such embedded systems helps mature utilities including real-time diagnostics, OTA (over the air) updates, and ADAS.
The integrated segment is projected to be fastest growing since they offer better access of the internet and several other intelligent features. They deliver abundant features for sharing of data and are economic in nature.
5G Segment to Continue Dominating Due to Increased Adoption of Communication Networks to Reduce Road Accidents
Based on network, the 5G segment is projected to hold major share of the market since most telecommunication companies are actively focusing on launching improved 5G networks for enhanced communication between external devices and connected vehicles. Studies show that with unified 5G network, more than 60% of road mishaps can be avoided.
The satellite segment is projected to grow considerably over the coming years due to the rising adoption of Wi-Fi and cellular networks—these networks function only in places of mobile towers in the cities. In places of no connectivity, this may lead to road accidents damaging the occupants and the driver. To avoid this scenario, satellite operators, OEMs, and mobile operators are focusing on introducing hybrid networks that will offer uninterrupted connectivity, thereby driving the market growth.
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OEM Segment to Lead Due to Focus on Delivering Enhanced Connected Technology in New Vehicles
By End Use, the OEM segment is holding maximum share of the market since Original Equipment Manufacturers are increasingly offering improved connected vehicle technology in modern vehicles. This technology also delivers smooth connectivity, several advanced characteristics, and safety features, which assist the driver in better driving, thereby driving the demand. Vehicle makers are constantly engrossed in offering improved systems like infotainment, ADAS and more that make the vehicle stronger, high-quality, and support its prominence. The implementation of these solutions, along with efforts by OEMs will propel the connected car market in the future.
The aftermarket segment is expected to be the leading segment since the installation of improved technologies is done after the car is purchased. Hence, consumers are highly demanding vehicles with in-built connectivity solutions. Also, consumers are speedily installing these systems in their existing old cars, thus driving the aftermarket segment. The growth of the aftermarket segment will largely impact the connected car market.
Streamlining Purchase Decisions for Consumers
With the development of hi-performing computing, modern cars will swiftly process more information from the sensors. Constant improvements in AI, sensor technologies, and deep learning will significantly drive the performance of the self-driving cars. In addition, implementation of IoT in infrastructure of public will offer enhanced situational awareness, thereby improving safety on roads. The market is further expected to improve technologies like sensor fusion and 5G, and these trends will unbelievably transform the market. Hence, vehicle makers should be updated with the emerging developments and identify fresh opportunities to gain strong foothold in the coming years.
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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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