Projected 22.30% CAGR Connected Car Market to $186.49 Billion by 2032

Connected Car Market Size Worth $186.49 Billion By 2032 | CAGR: 22.30%


The global connected car market size is expected to reach USD 186.49 billion by 2032, according to a new study by Polaris Market Research. The 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, 2024- 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Ongoing technological progressions in 5G connectivity and the Internet of Things (IoT) are enhancing the capabilities of connected cars. High-speed and low-latency 5G networks are crucial for real-time communication and data exchange within connected vehicles. Automakers and technology companies are making investments in developing and implementing connected car solutions. This investment is expanding the availability of ranges of car models and features.

Connected cars are also expected to play a pivotal role in the transformation of ride-sharing and mobility services, fundamentally changing the way people access transportation. By leveraging real-time GPS and connectivity, connected cars empower ride-sharing platforms to efficiently pair passengers with nearby drivers, reducing waiting times and optimizing route planning. Ride-sharing companies can remotely monitor and manage their fleets of connected cars, ensuring that vehicles are well-maintained and addressing any issues promptly.

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Advancements in connected car technology have been transformative, bringing significant benefits and innovations to the automotive landscape. Infotainment systems have evolved with larger touchscreens, voice recognition, and seamless smartphone integration. Passengers can now enjoy a wealth of entertainment and information services on the road.

ADAS capabilities have improved with more precise sensors, better object recognition, and increased automation. These systems bolster safety through features like adaptive cruise control and lane-keeping assistance.

The deployment of 5G networks has revolutionized data transmission in connected cars, offering lightning-fast internet access, high-quality streaming, and near-instantaneous communication. It is pivotal for applications like autonomous driving. Artificial intelligence and machine learning are being integrated into connected car systems to enhance navigation, personalize user experiences, and bolster autonomous driving capabilities.

Connected Car Market Report Highlights

  • 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.
  • In 2022, the driver assistance segment held the largest market share, which is mainly driven by its growing integration of ADAS systems for greater driver safety and convenience.
  • In 2022, the OEM segment held a significant revenue share, mainly due to an increase in demand for infotainment systems, GPS navigation, and smartphone integration in vehicles.
  • In 2022, North America dominated the largest market share due to technological advancements and the adoption of connected cars.
  • Asia-Pacific region experienced the fastest market growth during the forecast period, owing to a greater need for intelligent transportation solutions to mitigate traffic congestion and enhance traffic management.
  • The global key market players include Apple Inc., Aptiv, AUDI AG, Continental AG, Ford Motor Company, General Motors, Google LLC, and Harman International, among others.

Polaris Market Research has segmented the Connected Car market report based on connectivity, technology, application, sales channel, and region:

Connected Car, Connectivity Outlook (Revenue - USD Billion, 2019 - 2032)

  • Embedded
  • Tethered
  • Integrated

Connected Car, Technology Outlook (Revenue - USD Billion, 2019 - 2032)

  • 3G
  • 4G
  • 5G

Connected Car, Application Outlook (Revenue - USD Billion, 2019 - 2032)

  • Driver Assistance
  • Infotainment
  • Mobility Management
  • Telematics
  • Others

Connected Car, Sales Channel Outlook (Revenue - USD Billion, 2019 - 2032)

  • OEM
  • Aftermarket

Connected Car, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

Connected Car Market Report Scope

Report Attributes

Details

Market size value in 2024

USD 37.19 billion

Revenue forecast in 2032

USD 186.49 billion

CAGR

22.30% from 2024 – 2032

Base year

2023

Historical data

2019-2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2024 to 2032

Segments covered

By Connectivity, By Technology, By Application, By Sales Channel, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Customization

Report customization as per your requirements with respect to countries, region and segmentation.

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  • Regional analysis
  • Segmentation analysis
  • Industry outlook
  • Competitive landscape
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