The global connected vehicle market stood at a value of around USD 123.48 Billion in 2024. The market is further expected to grow at a CAGR of 17.00% in the forecast period of 2025-2034 to attain a value of around USD 593.55 Billion by 2034.
Base Year
Historical Period
Forecast Period
Compound Annual Growth Rate
17%
Value in USD Billion
2025-2034
Connected Vehicle Market Outlook
*this image is indicative*
| Global Connected Vehicle Market Report Summary | Description | Value |
| Base Year | USD Billion | 2024 |
| Historical Period | USD Billion | 2018-2024 |
| Forecast Period | USD Billion | 2025-2034 |
| Market Size 2024 | USD Billion | 123.48 |
| Market Size 2034 | USD Billion | 593.55 |
| CAGR 2018-2024 | Percentage | XX% |
| CAGR 2025-2034 | Percentage | 17.00% |
| CAGR 2025-2034 - Market by Region | North America | 18.1% |
| CAGR 2025-2034 - Market by Country | USA | 18.2% |
| CAGR 2025-2034 - Market by Country | UK | 17.8% |
| CAGR 2025-2034 - Market by Type | Embedded Solutions | 19.3% |
| CAGR 2025-2034 - Market by Vehicle Type | Passenger Car | 20.4% |
| Market Share by Country 2024 | Germany | 4.4% |
Based on vehicle type, the passenger car segment is expected to hold a significant share in the connected vehicle industry during the forecast period. This growth can be attributed to the rising population across the globe and the increased demand for vehicles. In addition, the increasing disposable incomes, improved living standards, and heightened accessibility to passenger vehicles are also expected to aid the market growth.
In this regard, the growing dependency on technology is also propelling the adoption of connected vehicle technology to provide connectivity solutions such as machine-to-machine connectivity systems. These factors are predicted to drive the market growth in the coming years.
North America is predicted to hold a significant market share in the connected vehicle industry. The presence of advanced technology and the high consumer purchasing power in the region have been aiding the industry growth with the increased adoption of connected vehicles. Moreover, the growing research and development activities by the leading domestic players to innovate advanced vehicle technology are expected to further aid the market in the forecast period.
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Connected vehicle technology is an emerging phenomenon wherein vehicles are able to connect with other nearby devices through wireless networks such as entertainment devices, smartphones, or other car systems. This concept is increasingly being utilised to formulate Intelligent Transportation Systems (ITS). In addition, this technology also provides parking and road safety assistance, infotainment, and global positioning system facilities, among others.
By type, the market is distributed into:
On the basis of vehicle type, the industry can be categorised into:
The regional markets for the product include
| CAGR 2025-2034 - Market by | Country |
| USA | 18.2% |
| UK | 17.8% |
| China | 17.7% |
| Italy | 17.0% |
| Australia | 16.5% |
| Canada | XX% |
| Germany | XX% |
| France | XX% |
| Japan | XX% |
| India | XX% |
| Saudi Arabia | XX% |
| Brazil | 16.3% |
| Mexico | XX% |
The rising demand for improved vehicle safety in order to reduce road accidents is anticipated to aid the industry growth in the forecast period. According to the UN statistics, approximately 1.3 million people succumb to road accidents every year, with around 20-50 million non-fatal injuries. In this regard, the connected vehicle technology helps connect digital devices nearby with the vehicle to provide the driver with information such as the density of pedestrian population or two wheelers ahead in the route. Moreover, the increasing technological dependency is driving consumers to invest in vehicles that provide connectivity features, for instance, to engage with music streaming applications or audiobooks, or attend a call safely while on the go. Furthermore, this technology is estimated to help reduce traffic jams and road congestion by diverting oncoming vehicles from areas observing high traffic density. These factors are expected to aid the market growth in the coming years.
The report gives a detailed analysis of the following key players in the global connected vehicle market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model and SWOT analysis.
Connected Vehicle Market Growth
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In 2024, the global connected vehicle market attained a value of nearly USD 123.48 Billion.
The market is projected to grow at a CAGR of 17.00% between 2025 and 2034.
The market is estimated to witness a healthy growth in the forecast period of 2025-2034 to reach USD 593.55 Billion by 2034.
The major market drivers include the growing demand for passenger cars, rising concerns about road accidents, and the surging demand for on-the-go digital connectivity solutions such as music streaming services.
The key trends guiding the market growth rising investments to develop enhanced vehicle technology and the increasing demand for improved vehicle safety.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major types of connected vehicles included in the market report are embedded solutions, integrated solutions, and tethered solutions.
The significant vehicle types considered within the market report are passenger car and truck, among others.
The major connected vehicles market players are Airbiquity Inc., CloudMade Holdings Limited., Robert Bosch GmbH, Intellias Ltd., and The Luxoft Holdings, Inc., among others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2024 |
| Historical Period | 2018-2024 |
| Forecast Period | 2025-2034 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Vehicle Type |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
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