Connected Vehicle Market Outlook
According to the report by Expert Market Research (EMR), the global connected vehicle market size is projected to grow at a CAGR of 17% between 2024 and 2032. Aided by the advancements in automotive technology and the increasing demand for enhanced driving experiences, the market is expected to grow significantly by 2032.
Connected vehicles represent a significant leap in the automotive sector, integrating advanced communication technologies to enable a wide range of applications such as real-time traffic updates, automated driving, remote diagnostics, and enhanced entertainment systems. These vehicles use a combination of Internet of Things (IoT) connectivity, AI, and data analytics to provide safer, more efficient, and more comfortable driving experiences.
The surge in consumer demand for vehicles equipped with advanced safety features, alongside the convenience offered by real-time vehicle monitoring and diagnostics, is a primary driver of the connected vehicle market growth. In addition, the increasing awareness of the benefits of vehicle connectivity in terms of fuel efficiency, reduced emissions, and predictive maintenance is further bolstering the market expansion.
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Another critical factor contributing to the connected vehicle market’s growth is the integration of infotainment systems. These systems offer navigation, parking assistance, voice recognition, and streaming services, enhancing the overall in-vehicle experience. Additionally, the rise in smartphone penetration and the growing popularity of cloud-based services have led to the seamless integration of mobile applications with vehicle systems, expanding the scope of connected vehicle capabilities.
The connected vehicle market outlook is being influenced by significant investments in the development of autonomous vehicles, which rely heavily on connected vehicle technologies. This trend is not only transforming the automotive industry but also paving the way for new business models and opportunities in the realms of shared mobility and transportation-as-a-service (TaaS).
Governments across the globe are increasingly focusing on regulations and initiatives to promote vehicle connectivity. This regulatory support, combined with incentives for adopting environmentally friendly transportation solutions, is expected to play a vital role in the accelerated adoption of connected vehicles.
The connected vehicle market demand is poised for significant growth, driven by technological advancements, consumer demand for advanced safety and infotainment features, and supportive government policies. As the automotive industry continues to evolve towards more connected and autonomous vehicles, the market is expected to witness substantial expansion, offering lucrative opportunities for manufacturers, tech companies, and service providers in the ecosystem.
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Connected Vehicle Market Segmentation
The market can be divided based on type, vehicle type, and region.
Market Breakup by Type
- Embedded Solutions
- Integrated Solutions
- Tethered Solutions
Market Breakup by Vehicle Type
- Passenger Car
- Truck
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global connected vehicle market. Some of the major players explored in the report by Expert Market Research are as follows:
- Airbiquity Inc.
- CloudMade Holdings Limited
- Robert Bosch GmbH
- Intellias Ltd.
- The Luxoft Holdings, Inc.
- Others
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