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, 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 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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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.
Grand View Research has segmented the global connected car market on the basis of on application, and region:
Connected Car Application Outlook (Revenue, USD Billion, 2017 - 2030)
Connected Car Regional Outlook (Revenue, USD Billion, 2017 - 2030)
Middle East and Africa
United Arab Emirates (UAE)
List of Key Players in the Connected Car Market
ALE International, ALE USA Inc.
AT&T Intellectual Property
Ford Motor Company
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