Global Connected Car Market Size Expected to Exceed USD 186.49 Billion By 2032, With Projected 22.3% CAGR: Polaris Market Research
Polaris Market Research & Consulting LLP
8 min read
Polaris Market Research & Consulting LLP
Global connected car market size & share is currently valued at USD 24.93 billion in 2022 and is anticipated to generate an estimated revenue of USD 186.49 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 22.3% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2023-2032. The 5G segment is expected to witness the highest growth rate during the forecast period on account of its high-speed and low-latency connectivity.
New York, NY, Nov. 13, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a recent study report titled "Connected Car Market Share, Size, Trends, Industry Analysis Report, By Connectivity (Embedded, Tethered, Integrated); By Technology; By Application; By Sales Channel; By Region; Segment Forecast, 2023- 2032" in its research database.
According to [115+ Pages] research report, the global connected car market size & share is currently valued at USD 24.93 billion in 2022 and is anticipated to generate an estimated revenue of USD 186.49 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 22.3% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2023-2032.
What is a Connected Car? How Big is the Market for Connected Cars?
Overview
A car that has internet access as well as a variety of sensors and communication equipment that let it communicate with its environment is referred to as a "connected car." These technologies can include communication tools that allow the car to send and receive data, entertainment systems, diagnostic sensors, and GPS navigation.
Also, in addition to communicating with other vehicles, traffic infrastructure, and online services, connected automobiles can give drivers real-time information, improving convenience, safety, and comfort. Through the in-car screens, passengers may conveniently access a variety of information, including music, films, and apps. As a result, the connected car market demand is increasing, and the market players are teaming up to manage problems such as carbon emissions and traffic congestion. Request Sample Copy of Connected Car Market Research Report @ https://www.polarismarketresearch.com/industry-analysis/connected-car-market/request-for-sample
(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, Table of Contents, Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Essential Takeaways from the Report
The growing customer desire for more features, increased safety concerns, technological breakthroughs in autonomous driving, government regulations, and the widespread deployment of 5G networks are driving the expansion of the connected car industry.
The connected car market segmentation is primarily based on the technology, connectivity, sales channel, application, and region.
North America dominated the market with the largest share in 2022.
The Increased Consumer Desire: The demand from customers for connection, in-car entertainment, and streaming service access is growing. Connectivity features are making vehicles more convenient and user-friendly. Examples include keyless entry, remote vehicle control, and customizable settings. The adoption of connected cars is significantly influenced by real-time navigation featuring traffic updates and route optimization.
Government Regulations: Governments and regulatory agencies may impose requirements on safety features such as V2X communication and eCall, which may accelerate the uptake of connected automobile technologies. The usage of linked systems to optimize vehicle performance is encouraged by regulations pertaining to fuel efficiency and pollution, which is expanding the connected car market growth.
Increased Development of Autonomous Vehicles: Throughout the projection period, growth prospects are anticipated to arise from an increase in the development of autonomous vehicles. Real-time data and communication capabilities are provided by connected cars, and these features are critical to the operation and security of autonomous vehicles. Autonomous vehicles can benefit from connected automobiles' useful data sharing, which can help with navigation and decision-making.
Adoption of Connected Cars: Companies are implementing linked automobile technologies in order to track, analyze, and manage fleets more efficiently. Telematics data helps lower operating costs and downtime by forecasting repair requirements, which is expanding the connected car market size.
Segmental Overview
The 5G Sector Witnesses the Highest Growth
High-speed, low-latency connectivity is made possible by 5G, enabling smooth communication between connected automobiles and outside networks and services. 5G-enabled connected automobiles can access and transmit real-time data more quickly, opening the door to capabilities like instantaneous remote vehicle control, live traffic updates, and high-quality streaming services. For cars to be connected, vehicle-to-everything (V2X) communication is essential. In order to enhance safety and traffic management, 5G networks provide V2X communication, which enables automobiles to exchange data with other vehicles, traffic lights, and road infrastructure.
The OEM Sector Holds a Significant Revenue Share
Several networking elements are built into the vehicle by OEMs throughout the production process. Infotainment systems, smartphone integration, GPS navigation, and telematics for data collecting and analysis are examples of these features. Along with features like remote locking and unlocking, tracking stolen vehicles, and automatic collision warnings, several OEMs provide safety and security services in their connected cars.
Moreover, for premium connection services, several OEMs provide adaptable subscription-based models that let users choose the features and services that go beyond basic connectivity and suit their needs.
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Geographic Outlook
North America: The region brought together automakers, IT firms, and service providers to work on linked automobiles. Because of its emphasis on convenience, safety, and technology developments, it is anticipated to maintain a significant place in the future. Prominent entities in the sector, including Google, Tesla, and General Motors, are fostering innovation.
Asia Pacific: In the near future, the connected car market in Asia Pacific region will see the fastest growth in the connected automobile market. The region's fast development has made cities more crowded and increased the need for smart mobility solutions. The purpose of connected cars is to improve traffic management, reduce congestion, and improve the quality of urban transportation as a whole.
Browse the Detail Report “Connected Car Market Share, Size, Trends, Industry Analysis Report, By Connectivity (Embedded, Tethered, Integrated); By Technology; By Application; By Sales Channel; By Region; Segment Forecast, 2023- 2032” with in-depth TOC at:https://www.polarismarketresearch.com/industry-analysis/connected-car-market
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