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Report Overview

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.

2024

Base Year

2018-2024

Historical Period

2025-2034

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%

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.

Global Connected Vehicle Market by Segment

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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.

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
  • Asia Pacific
  • Latin America
  • Middle East and Africa

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%

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.

Connected Vehicle Market Report Snapshots

Connected Vehicle Market Size

Connected Vehicle Market Growth

Connected Vehicle Market Regional Analysis

Connected Vehicle Companies

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

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.

Report Summary

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.

Key Highlights of the Report

Please note that the figures mentioned in the description serve as estimates and may vary from the actual figures presented in the final report.

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:

  • 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
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
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
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