The global connected car market size was US$62.03 billion in 2019. The global connected car market is forecast to reach the value of US$ 345.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 17.1% during the forecast period from 2021-2030.         

A connected car enables connectivity on wheels and offers comfort, convenience, and safety to the passengers. It enables real-time communication by connecting to online platforms.

Factors Influencing

• Trending use of connectivity solutions for safety purposes is forecast to fuel the market growth in the coming years. Considering the growing demand for connectivity worldwide, automobile manufacturers have begun adopting effective connectivity solutions to accelerate the trade. Thus, the new era of smart vehicles would ultimately fuel the demand for connected car services. 
• Beneficial features like advanced diagnostic systems are forecast to propel market growth in the coming years. 
• The problems related to the internet network and connectivity may act as a significant challenge for market growth. 
• The growing cases of accidents may propel market growth in the coming years. Safety has always been a major concern for drivers and passengers. Connected car technology can enhance the safety of people. Thus, the market may witness a significant rise in the coming years. 

Geographic Overview

Geographically, North America is dominating the global connected cars market. The region is home to various prominent automobile manufacturers, which can contribute to revenue generation. Moreover, the mounting demand for technology advancements mainly from the automotive sectors may fuel the market growth in North America. 

The Asia-Pacific region would maintain the second leading position in the global connected car market. It is due to the expanding adoption of digital services and the growing demand for advancements in the automobile sector. 

Covid-19 Impact Analysis

The global automotive industry witnessed many challenges during the COVID-19 pandemic. The epidemic has caused a severe decline in the demand for cars and other vehicles. As a result, the demand for connected car services abruptly decreased. 

The unavailability of raw materials has been another challenge for the market players. Most of the countries in the Asia-pacific region were affected by the spread of the deadly virus. Governments had to introduce stringent lockdown regulations to curb the spread. Thus, the ban on import-export activities and travel restrictions have been a major cause of the severe decline in market growth. 

Market Segmentation

By Technology

• 3g
• 4g/LTE
• 5g

By End Market

• Original Equipment Manufacturer (OEMs)
• Aftermarket

By Service

• Driver Assistance
• Safety
• Entertainment
• Well-Being
• Vehicle Management
• Mobility Management

By Connectivity Solutions

• Integrated
• Embedded
• Tethered

By Region

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of South America

Competitors in the Market

• Airbiquity Inc.
• Continental AG
• Intellias Ltd.
• Luxoft
• Qualcomm Technologies Inc.
• Sierra Wireless
• Tesla Zubie Inc.
• Audi AG
• Bmw Group
• Daimler AG (Mercedes-Benz)
• Ford Motor Company
• Samsung Electronics Co. Ltd.
• Telefonica, S.A.
• Tomtom International N.V
• Verizon Communications Inc.
• Vodafone Group Plc
• Other Prominent Players