The global connected car market size is expected to reach USD 243.75 billion by 2030, registering a CAGR of 13.4% from 2023 to 2030, according to a new report by Grand View Research, Inc. Surging consumer demand, the constant need for connectivity, increased dependency on technology and the growing number of tech-savvy people are some of the factors expected to boost global connected car market growth.
Connected cars offer connectivity on wheels providing comfort, and performance along with safety and security. Such advanced technology enables the driver and passengers to connect with various online platforms that facilitate real-time communication on the go.
The connected car market has the potential to significantly boost the revenues of automobile manufacturers over the next five to seven years. Car manufacturers are expected to deliver the right mix of application and product packages for the right customers, and must systematically invest in R&D if they are willing to maintain their technological leadership. Increasing regulations by governments and transportation authorities for the installation of advanced safety and vehicle-to-vehicle communications systems are expected to positively impact industry growth.
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Connected Car Market Report Highlights
- The safety segment is estimated to grow significantly over the forecast period. The rise of autonomous driving technologies has also contributed to the growth of the safety segment in the market.
- The driver assistance segment accounted for the largest revenue share of 36.1% in 2022 and is estimated to register the fastest CAGR of 15.6% over the forecast period. Driver assistance includes several advanced technologies that help improve the vehicle’s performance.
- Asia Pacific is expected to register the fastest CAGR of 15.3% over the forecast period. Increasing smartphone penetration, deployment of high-speed internet services, and declining average selling price in the region are expected to push the sales of such smart vehicles.
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We have segmented the global connected car market on the basis of on application, and region.
Connected Car Application Outlook
- Vehicle Management
- Driver Assistance
- Mobility Management
- Safety
- Entertainment
- Others
Connected Car Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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Grand View Research, Inc.
Phone: 1-415-349-0058
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Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
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