Connected Cars Market Size is expected to reach USD 275.89 Billion by 2031 | CAGR: 15.50%.

The global connected cars market is projected to reach USD 275.89 billion by 2031, at a CAGR of 15.50%, from USD 66.4 billion in 2022. The market for connected cars is predicted to experience significant growth in the upcoming years. This surge can be attributed to the heightened demand for connectivity solutions, including Machine-to-machine (M2M) communication platforms. These solutions offer users added comfort and safety while on the road. Furthermore, the rise in automotive production, coupled with the increasing customer preference for luxury and comfort, is also fueling the market’s expansion. Consumers are now more aware of the many benefits of connected cars, such as improved safety, convenience, and fuel efficiency. With connected vehicles, individuals can stay connected to the outside world during travel, which is a significant driver of market growth.

As per the analysis conducted by Gartner, the global research and advisory organization, the number of connected cars is projected to reach 400 million by the year 2025. This indicates a substantial growth of almost 100% from the 237 million connected cars that were operational in 2021. Additionally, Gartner predicts that by 2030, an impressive 96% of all vehicles will be connected.

Market Dynamics

The automotive industry offers multiple ways to connect vehicles to the internet, including embedded, integrated, and tethered connection systems. Among these, the integrated segment is expected to witness significant growth in the global connected cars market. This particular segment provides unlimited data sharing possibilities, seamless connectivity, and cost-effectiveness as compared to embedded and tethered systems. Moreover, it facilitates easier communication between vehicles and infrastructure, further enhancing the connected experience for drivers and passengers.

In February 2023, Continental launched its integrated connectivity solution for connected cars to provide a more seamless and integrated experience for the driver and improve the security of connected cars.

Regional Analysis

North America is the leading market for connected cars with over 35% of the global market share. The market is driven by a number of factors, including the increasing development of connected car networks, infotainment and convenience features, and advances in connectivity technology. Furthermore, prominent companies in the region, including Tesla and Ford Motor Company, have addressed this trend by launching advanced connected vehicle options to cater to their regional customers. Service providers offering connected services have made noteworthy advancements to offer superior and efficient services, leading to the growth of the regional market.

The report “Connected Cars Market Size, Share & Trends Analysis Report by Service (Driver Assistance, Safety, Entertainment, Well-being Vehicle Management, and Mobility Management), and by Region (North America, Europe, APAC, MEA, and CSA), and Segment Forecasts, 2023-2031” is available now to Econ Market Research customers and can also be purchased directly from: https://www.econmarketresearch.com/

Further key findings from the report suggest:

• The global connected cars market is expected to grow at a compound annual growth rate (CAGR) of 15.50% during the forecast period of 2023-2031.
• North America is expected to be the leading region in the global connected cars market during the forecast period of 2023-2031.
• The major key players in the global connected cars market are: Airbiquity Inc.; AT&T; Audi AG; BMW Group; CloudMade; Continental AG; Daimler AG; Ford Motor Company; Intellias Ltd.; and LUXOFT

Econ Market Research has segmented the global connected cars market based on technology, connectivity solution, service, end use, and region:

Connected Cars Market by Technology Outlook (Revenue, USD Billion, 2023-2031)

• 3G
• 4G/LTE
• 5G

Connected Cars Market by Connectivity Solution Outlook (Revenue, USD Billion, 2023-2031)

• Integrated
• Embedded
• Tethered

Connected Cars Market by Service Outlook (Revenue, USD Billion, 2023-2031)

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

Connected Cars Market by Regional Outlook (Revenue, USD Billion, 2023-2031)

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Rest of Asia Pacific
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Rest of MEA
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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