The global connected car market size accounted for USD 37,228 million in 2024 and is expected to exceed around USD 1,19,821 million by 2034, growing at a CAGR of 12.4% from 2024 to 2034.
The automotive industry's period has been shaped by technological developments. One may readily observe the incorporation of technological features despite the wide variations in the car's interior, specifications, and experience. The transition to Al and ML technology has improved driving with the highest level of comfort and aesthetic appeal. Automakers can now gather and examine enormous volumes of data from connected cars thanks to cloud-based technologies. They are offering insightful information about driving habits, consumer behavior, and car performance. Using all of these insights, new and creative connected car services are created to improve road safety and the driving experience.
Vehicles are changing dramatically from fuel-based to electric and hybrid models. In metro areas, governments actively support the development of intelligent transportation networks. From bicycles to public transportation, numerous OEMs are helping to bring smart transportation to life; the change is occurring quickly. Businesses from both the automotive and non-automotive sectors are exhibiting their creative V2V and V2I communication solutions. For instance, in an effort to lower the likelihood of collisions and enhance passenger safety, the US Transportation Department has suggested V2V communication in automobiles.
In connected car market, Europe is anticipated to be the second-largest region. For increased safety, convenience, and entertainment, European consumers are calling for cars with cutting-edge networking technologies. European drivers are increasingly using features like smartphone integration, remote diagnostics, real-time traffic updates, and in-car Wi-Fi. Yahoo and Xperi collaborated in October 2023 to provide BMW drivers with in-car video that included Yahoo Finance, Yahoo Sports, and in the Know via Xperi's TiVo-powered DTS AutoStage service. This comes after BMW and Meta previously worked together on the linked car program, which focused on integrating AR and VR in cars. Over the course of the forecast period, North America is anticipated to experience steady growth in the connected car market. The increasing use of cutting-edge technologies like 5G connection will benefit North showcase healthy growth.
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| Stats ID: | 7160 |
| Format: | Databook |
| Published: | December 2024 |
| Price | US$ 1550 |
Immediate Delivery
| Stats ID: | 7160 |
| Format: | Databook |
| Published: | December 2024 |
| Price | US$ 1550 |
Immediate Delivery
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