Connected Car Market - Trends Forecast Till 2028

Market Overview

The Connected Car Market size is projected to reach a CAGR of 19.9% from 2022 to 2028.

Connected car facilitates connectivity on wheels offering comfort, convenience, performance, safety, and security along with powerful network technology. This enables the driver to connect with online platforms, thereby facilitating real-time communication. Rise in consumer demand for connectivity solutions, surge in need for constant connectivity, increase in dependency on technology, and upsurge in tech-savvy population are the key factors that contribute toward the growth of the global connected cars market. Over time, various connectivity solutions have been developed by car manufacturers and service providers, such as the machine-to-machine (M2M) connectivity platform. This M2M feature in a car enables interconnectivity between two connected cars. The car is equipped with numerous sensors and processors, which provide accurate and real-time information to the driver.

The rollout of stringent safety regulations, adoption of high-end and luxury cars, and growing adoption of integrated connectivity are some of the factors that have supported long-term expansion for Connected Car Market.

A decline in production since 2018 and the COVID-19 pandemic have had a severe impact on the entire automotive industry. This has resulted in disruptions in the supply of automotive components due to lockdowns imposed by governments.

Regional Analysis

The Asia Pacific market is expected to witness the highest CAGR during the forecast period, especially in Japan and China. The growth of the US market is driven primarily by increasing vehicle safety and security norms, demand for vehicle-to-vehicle (V2V) connectivity technology, and the incorporation of IoT in the automotive industry.

Insights are provided for each region and major countries within the regions

Competitive Landscape

Key Players

• Bosch
• Continental AG
• Delphi Technologies PLC
• DENSO Corporation
• Harman International Industries, Inc.
• Infineon Technologies AG
• NXP Semiconductors N.V.
• Toyota Motor Corporation
• Valeo
• ZF Friedrichshafen AG
• BorgWarner.

Recent Developments

• In November 2021, Continental developed a technology solution for highly automated driving: an intelligent software that enables complex driving maneuvers autonomously. The Next Generation Driving Planner is an innovative software solution that enables highly automated driving from Level 3. This means that vehicles can master certain driving tasks independently and without driver intervention. The software developed by Continental represents a significant leap forward in driving intelligence.
• In January 2021, HARMAN announced HARMAN Turbo Connect (TBOT), a new intelligent software agent that anticipates and mitigates vehicle connectivity discrepancies on the road. The newest solution in HARMAN’s telematics portfolio, HARMAN TBOT satisfies the current demand for high-speed connectivity with low latency, especially when used alongside 5G-enabled technologies like HARMAN’s Smart Conformal Antenna and full 5G and 5G-ready Telecommunications Control Units (TCU).

Reasons to Acquire

• Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors
• Gain authentic and granular data access for Connected Car Market so as to understand the trends and the factors involved behind changing market situations
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns

Report Scope