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Connected Car Market Share

ID: MRFR//0634-HCR | 100 Pages | Author: Shubham Munde| December 2024

sector share positioning strategies are critical for organizations looking to get a firm footing in the highly competitive connected automobile sector. Partnerships and cooperation are two main tactics. Numerous automakers understand how important it is to make use of technological business knowledge, which has led to the formation of strategic alliances that combine their resources and competencies. Companies may access a wider range of expertise, spur creativity, and work together to tackle the complex problems associated with creating cutting-edge, connected automobile technology by partnering.
Differentiation through distinctive features and user experiences is another important tactic. Businesses want to set their connected cars apart from the competition by providing unique features that appeal to customers. An emphasis on distinction enables businesses to carve out a distinct brand in the market, whether it's through tailored connection choices, cutting-edge infotainment systems, or sophisticated driver assistance technologies. The goal is to develop a value proposition that is appealing to customers and distinguishes a brand from rivals.
Some competitors in the connected automobile industry have adopted a noteworthy approach to market positioning through vertical integration. This entails managing several phases of the value chain, ranging from producing hardware parts to creating software. Businesses may maximize productivity, guarantee flawless interoperability across many components, and even cut costs by vertically integrating. By providing end-to-end connected automobile solutions, this strategy presents them as full solution providers.
In the connected automobile sector, adopting an open ecosystem strategy is becoming more and more common. Some businesses choose to use an open platform approach, which permits outside developers to contribute apps and services, as opposed to depending only on proprietary technology. This increases the ecosystem's capacity for innovation and gives customers a wide range of options, which raises the connected car's total value. Businesses that use this approach present themselves as enablers of a dynamic, cooperative, linked automobile ecosystem.
Some market participants use cost leadership as a tactic to obtain an advantage over their competitors. Significant R&D expenses are associated with the connected automobile industry. Thus, businesses striving for cost leadership concentrate on streamlining production procedures, locating affordable parts, and realizing economies of scale.
They can provide connected automobiles at affordable costs thanks to this strategy, which will appeal to a wider range of customers and increase their market share.

Covered Aspects:

Report Attribute/Metric	Details
Base Year For Estimation	2022
Historical Data	2018- 2022
Forecast Period	2023-2032
Growth Rate	25.20% (2023-2032)

Connected Car Market Highlights:

Connected Car Market Trends

Connected Car Market Analysis

Connected Car Market Share

Connected Car Companies

Global Connected Car Market Overview:

Connected Car Market Size valued at USD 28.1 Billion in 2023. The Connected Car market industry is projected to grow from USD 35.1812 Billion in 2024 to USD 170 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 21.76% during the forecast period (2024 - 2032). Increased adoption of ADAS features in vehicles for better safety and strict safety regulations imposed by the regulatory bodies are the key market drivers enhancing market growth.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Connected Car Market Trends

Growing demand for improved user comfort, safety, and convenience is driving the market growth.

Market CAGR for the connected cars is being driven by the growing demand for improved user comfort, safety, and convenience. The rising incidents of vehicle thefts are gaining the attention of car buyers to a monitoring system that can monitor their vehicles and send timely updates about their geographic locations. The growing adoption of ADAS is anticipated to boost the connected car market. The strict safety norms imposed by the government on automotive manufacturers to produce vehicles with ADAS features are owing to rising concern towards the safety and security of passengers.

The vehicles that are connected to tablets and smartphones and are equipped with internet access, and have the ability to increase their operations at regular intervals are connected cars. Through the network connection, they can share content with a series of devices within and outside the car environment. Radar, LiDAR, and advanced sensors help to share the vehicle's data. The popularity of connectivity has fueled manufacturers to adopt connectivity solutions in their vehicles to expand their automobile sales, and vehicles to perform their tasks similar to computers and smartphones are the expectation from consumers. The main aim for the manufacturers of the automobiles is to add connectivity solutions to vehicles. The embedded, tethered, or integrated connectivity solutions are the connectivity that can be provided by a car. There is a rise in the acquiring of cybersecurity solutions in-car safety systems, as data have become vital factors in the automotive industry. The car-owners have begun to equip their vehicles with devices like TravelEyes2, Lojack, and ProScout, to avoid data theft, as these systems send a notification to the owner of the mobile phones, allowing them to lock the car with a single touch. There is also an increase in the implementation of strict rules to reduce the increasing number of data theft instances.

The applicability of ADAS in vehicles has increased with the rapid adoption of software algorithms, cameras, sensors, processors, and advanced technologies in mapping road obstacles, thus minimizing road fatalities. Thus, driving the Connected Car market revenue.

Connected Car Market Segment Insights:

Connected Car Network Type Insights

The Connected Car Market segmentation, based on network type, includes 3G, 4G, 5G, and Satellite. The 5G segment is expected to dominate the connected car market during the forecast years as most of the telecommunication market players are developing advanced 5G networks for improved communication in connected vehicles and external devices. Road accidents of more than 60% can be avoided using the seamless 5 G network. The satellite segment market is expected to be popular at rapid rate during the forecast period.

Connected Car Technology Insights

The Connected Car Market segmentation, based on technology, includes Embedded, Tethered, and Integrated. The integrated segment of the technology is anticipated to dominate the market as this system offers unlimited data-sharing possibilities and is low-cost compared to embedded and tethered systems. Furthermore, the embedded segment is the second-fastest growing segment for reasons like cost optimization of service plans and cloud services.

Figure 1: Global Connected Car Market, by Technology, 2022 & 2032 (USD Billion)

Connected Car Market, by Technology, 2022 & 2032

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Connected Car Application Insights

The Connected Car Market segmentation, based on application, includes Mobility Management, Telematics, Infotainment, and Driver Assistance. The driver assistance segment is expected to dominate the market as their advanced system includes technologically advanced features like adaptive cruise control, 360 view camera, park assist, etc. Further, the mobility management segment is the second-fastest growing segment of application in the connected car market.

Connected Car Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Connected Car market dominates the market due to the growth of the connected car network. The investment by the key telecommunication companies in developing the capabilities of connected cars and the rising sales of vehicles throughout the region. The US is the largest contributor for the growth of the connected car market in the North American region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Connected Car Market SHARE BY REGION 2022 (USD Billion)

Connected Car Market SHARE BY REGION 2022

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe's Connected Car market accounts for the second-largest market share owing to the increase in investment to enable the adoption of cybersecurity in connected cars and the introduction of new advanced technology by the manufacturers. Further, the German Connected Car market held the largest market share, and the UK Connected Car market was the rapid-growing market in the European region.

The Asia-Pacific Connected Car Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the increasing manufacturing operations developments related to connected services and the adoption of the 5G network for connected cars. Moreover, China’s Connected Car market held the largest market share, and the Indian Connected Car market was the rapid-growing market in the Asia-Pacific region.

Connected Car Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to spread their product lines, which will help the Connected Car market grow even more. Market participants are also undertaking a various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Connected Car industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Connected Cars industry to benefit clients and increase the market sector. In recent years, the Connected Car industry has offered some of the most significant advantages to the automobile industry. Major players in the Connected Car market, including Morris Garage Motor India, Bosch, Maruti Suzuki, Payment24, Airbiguity, Harman International, Continental AG, Daimler AG, General Motors, Hyundai Motor Group, Volvo, Ford Motor Company, Audi, and others, are attempting to increase market demand by investing in research and development operations.

Airbiquity is a leader in automotive telematics and in the delivery of connected vehicle services. The company has developed new software technology and has been building and application of connected vehicle programs for 20 years. They provide commercial, automotive industry customers with a whole range of connected vehicle technologies and services, exceptional integration expertise, and solution hosting flexibility. In April 2022, Airbiquity launched DATAmatic, which is a suite of edge data management solutions to provide the rising demand for services and tools that assists automakers and monetize the data of the connected vehicle. Airbiquity also announced its collaboration with Renesas, which is the premier provider of advanced semiconductor solutions. The Renesas R-Car S4 system-on-chip and the Airbiquity OTAmatic software management platform are the extended technology integration involved.

Payment24 is an International Fuel Payment Solutions Provider which is based in Cape Town and Berlin. It emphasizes innovative IT research and development projects in the areas of fleet management systems, payment systems, retail solutions, and mobile solutions, providing its solution in over 5 continents. The company provides a bespoke, tailor-made solution for payment transactions that is sensitive to security, speed, accuracy, and real-time reporting. In June 2021, Vehicle Biometric was launched by the company for smart and rapid refueling solutions for connected cars. The system helps automate fuel approval and payment deduction as the registered vehicles enter the fuel station. This system is expected to significantly minimize the fueling fraud and wastage.

Key Companies in the Connected Car market include

Morris Garage Motor India

Bosch

Maruti Suzuki

Payment24

Airbiguity

Harman International

Continental AG

Daimler AG

General Motors

Hyundai Motor Group

Volvo

Ford Motor Company

Audi

Connected Car Industry Developments

June 2021: The launch of the new MEMS sensor, the SMI230, was announced by Bosch. This helps realistically visualize vehicle movements and ensures trouble-free navigation.

January 2020: The d ZS Connected Car was launched by Morris Garages Motor India, which is the first electric internet SUV in India; on a full charge, 340 km is its driving range.

February 2019: The largest car manufacturer in India, Maruti Suzuki, launched its Suzuki Connect, which is provided as an option for consumers to connect the car to their smartphone via the Nexa app. Emergency alerts, vehicle tracking, car assistance, driving analytics, preventive maintenance calls, and live vehicle status are some of the features that the owners can access through this system.

Connected Car Market Segmentation:

Connected Car Network Type Outlook

Satellite

Connected Car Technology Outlook

Embedded

Tethered

Integrated

Connected Car Application Outlook

Mobility Management

Telematics

Infotainment

Driver Assistance

Connected Car Regional Outlook

North America

- US
- Canada

Europe

- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe

Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific

Rest of the World
- Middle East
- Africa
- Latin America

Connected Car Companies

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