Reports
Global Connected Vehicle Market Size, Trends, Analysis: By Type: Embedded Solutions, Integrated Solutions, Tethered Solutions; By Vehicle Type: Passenger Car, Truck, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Competitive Landscape; 2024-2032
Global Connected Vehicle Market Outlook
The global connected vehicle market stood at a value of around USD 123.48 billion in 2023. The market is further expected to grow at a CAGR of 17.9% in the forecast period of 2024-2032 to attain a value of around USD 538.42 billion by 2032.
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Rising Demand for Passenger Cars to Augment the Market Growth of the Global Connected Vehicle Industry
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 to Occupy a Significant Market Share in the Connected Vehicle Industry Globally
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.
Connected Vehicle: Market Segmentation
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.
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By type, the market is distributed into:
- Embedded Solutions
- Integrated Solutions
- Tethered Solutions
On the basis of vehicle type, the industry can be categorised into:
- Passenger Car
- Truck
- Others
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Increased Demand for Improved Vehicle Safety to Augment the Growth of the Global Connected Vehicle Industry
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.
Key Industry Players in the Global Connected Vehicle Market
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:
- Airbiquity Inc.
- CloudMade Holdings Limited
- Robert Bosch GmbH
- Intellias Ltd.
- The Luxoft Holdings, Inc.
- Others
The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model and SWOT analysis.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Type, Vehicle Type, Region |
| Breakup by Type | Embedded Solutions, Integrated Solutions, Tethered Solutions |
| Breakup by Vehicle Type | Passenger Car, Truck, Others |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Airbiquity Inc., CloudMade Holdings Limited, Robert Bosch GmbH, Intellias Ltd., The Luxoft Holdings, Inc., Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Connected Vehicle Market Analysis
8.1 Key Industry Highlights
8.2 Global Connected Vehicle Historical Market (2018-2023)
8.3 Global Connected Vehicle Market Forecast (2024-2032)
8.4 Global Connected Vehicle Market by Type
8.4.1 Embedded Solutions
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Integrated Solutions
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Tethered Solutions
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.5 Global Connected Vehicle Market by Vehicle Type
8.5.1 Passenger Car
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Truck
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Others
8.6 Global Connected Vehicle Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Connected Vehicle Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Connected Vehicle Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Connected Vehicle Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Connected Vehicle Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Connected Vehicle Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Airbiquity Inc.
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 CloudMade Holdings Limited
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Robert Bosch GmbH
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Intellias Ltd.
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 The Luxoft Holdings, Inc.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Connected Vehicle Market: Key Industry Highlights, 2018 and 2032
2. Global Connected Vehicle Historical Market: Breakup by Type (USD Billion), 2018-2023
3. Global Connected Vehicle Market Forecast: Breakup by Type (USD Billion), 2024-2032
4. Global Connected Vehicle Historical Market: Breakup by Vehicle Type (USD Billion), 2018-2023
5. Global Connected Vehicle Market Forecast: Breakup by Vehicle Type (USD Billion), 2024-2032
6. Global Connected Vehicle Historical Market: Breakup by Region (USD Billion), 2018-2023
7. Global Connected Vehicle Market Forecast: Breakup by Region (USD Billion), 2024-2032
8. North America Connected Vehicle Historical Market: Breakup by Country (USD Billion), 2018-2023
9. North America Connected Vehicle Market Forecast: Breakup by Country (USD Billion), 2024-2032
10. Europe Connected Vehicle Historical Market: Breakup by Country (USD Billion), 2018-2023
11. Europe Connected Vehicle Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Asia Pacific Connected Vehicle Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Asia Pacific Connected Vehicle Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Latin America Connected Vehicle Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Latin America Connected Vehicle Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Middle East and Africa Connected Vehicle Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Middle East and Africa Connected Vehicle Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Global Connected Vehicle Market Structure
Key Questions Answered in the Report
In 2023, the global connected vehicle market attained a value of nearly USD 123.48 billion.
The market is projected to grow at a CAGR of 17.9% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 538.42 billion by 2032.
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.
Analyst Review
The global connected vehicle market attained a value of USD 123.48 billion in 2023, driven by the increased demand for passenger cars among consumers. Aided by heightened demand for vehicle safety, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 17.9%. The market is projected to reach USD 538.42 billion by 2032.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. On the basis of type, the market can be segmented into embedded solutions, integrated solutions, and tethered solutions. By vehicle type, the industry can be segmented into passenger car, truck, and others. The major regional markets for connected vehicle are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Airbiquity Inc., CloudMade Holdings Limited., Robert Bosch GmbH, Intellias Ltd., The Luxoft Holdings, Inc., and others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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