The connected vehicle market accounted for US$ 52,649.57 million in the year 2022 and is expected to grow at a CAGR of 19.0 % during the period 2022 - 2030, to account for US$ 2,12,012.9 million in the year 2030.
Increasing smart city initiatives
The impact of smart cities and infrastructure development on the demand for the connected vehicle market in the coming years is expected to be significant. As cities across the globe continue to evolve into intelligent, tech-driven urban centers, the synergy between these developments and the connected vehicle market is set to shape the future of urban mobility. The growing emphasis on innovative city initiatives drives investments in infrastructure supporting connected vehicles. These investments encompass the deployment of sensors, data networks, and real-time traffic management systems that create a rich ecosystem of data that is favorable for the connected vehicles industry. As per the SmartAmerica Challenge, a White House Presidential Innovation Fellow project, over the next 20 years, city governments will spend ~US$ 41 trillion for upgrading their infrastructure. Moreover, in 2023, French investment group Eurazeo closed its second smart city fund at US$ 449.1 million. Such initiatives are positively impacting the overall development and adoption of smart cities.
As smart cities increasingly prioritize environmental sustainability, the demand for connected vehicles, particularly electric and hybrid models, is expected to surge. These cities actively promote eco-friendly transportation options to reduce emissions and combat pollution. Connected vehicles play a pivotal role in this endeavor by offering features such as energy management, remote diagnostics, and optimized charging, all of which contribute to a greener, more sustainable urban transportation ecosystem. As cities continue to incentivize and invest in green mobility solutions, the market demand for connected vehicles with environmentally friendly features is set to grow substantially.
Europe's automotive industry has long been a cornerstone of the global automotive landscape, known for its tradition of engineering excellence, innovation, and quality. The industry is accounting for ~20% of global production. The adoption of connected vehicles is gaining momentum across the continent. The adoption is not only driven by consumer preferences but also by regulatory measures and safety standards that encourage the implementation of advanced driver assistance systems (ADAS) and developments in vehicle-to-everything (V2X) communication technology. European governments are actively supporting the deployment of connected vehicles to enhance road safety and reduce emissions. Cooperative Intelligent Transport Systems (C-ITS) is one of the EU's connected vehicle projects. Successful implementation of this system will enable information exchange between vehicles and the road infrastructure. The C-ROADS Platform, which enables the uniform deployment of C-ITS operations throughout Europe, is being developed in close collaboration with road authorities and operators. Many notable European countries, such as Germany, Spain, France, and the UK, are investing heavily to develop suitable infrastructure for connected mobility. For instance, Spain is building its first intelligent highways. In this project, Kapsch TrafficCom's technology and software will enable the digitalization of a 60-kilometer section of the A8 motorway near Bilbao by 2024.
Germany's automotive industry is renowned worldwide for its engineering prowess, precision manufacturing, and commitment to innovation. Within this industry, the connected vehicle sector has emerged as a vital component, signifying the convergence of traditional automotive excellence with cutting-edge technology. The connected vehicle industry in Germany is experiencing significant growth and influence. German automakers, including giants such as Volkswagen, BMW, and Mercedes-Benz, have been at the forefront of incorporating advanced connectivity features into their vehicles. These features range from intuitive infotainment systems and real-time traffic updates to sophisticated driver assistance technologies. The German automotive sector's commitment to quality and innovation is reflected in the seamless integration of these technologies, offering consumers a superior driving experience.
Connected Vehicle Market: Competitive Landscape and Key Developments
Harman International, Visteon Corporation, Vodafone Group, Audi AG, Robert Bosch, General Motors, Continental AG, AT&T, Denso Corporation, and BMW Group are among the key connected vehicle market players profiled during this study. In addition, several other important connected vehicle market players have been studied and analyzed during the study to get a holistic view of the connected vehicle market and its ecosystem.
Reasons to Buy:
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the connected vehicle market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the connected vehicle market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Table Of Contents
1. Introduction
2. Executive Summary
- 2.1 Key Insights
- 2.2 Market Attractiveness
3. Research Methodology
- 3.1 Coverage
- 3.2 Secondary Research
- 3.3 Primary Research
4. Connected Vehicle Market Landscape
- 4.1 Overview
- 4.2 PEST Analysis
- 4.3 Ecosystem Analysis
- 4.3.1 Automakers and OEMs
- 4.3.2 Tier 1 Suppliers
- 4.3.3 Tier 2 and Tier 3 Suppliers
- 4.3.4 Telecommunications Providers
- 4.3.5 Technology Providers
- 4.3.6 Government Regulations and Standards Bodies
- 4.3.7 Data Providers
- 4.3.8 Logistics and Distribution
- 4.3.9 Service and Maintenance Providers
- 4.3.10 End Users
- 4.3.11 Aftermarket Providers
5. Connected Vehicle Market - Key Industry Dynamics
- 5.1 Connected Vehicle Market - Key Industry Dynamics
- 5.2 Market Drivers
- 5.2.1 Growing demand for driving assistance system
- 5.2.2 Advancements in Connectivity Technology
- 5.3 Market Restraints
- 5.3.1 Data Privacy and Security Concerns
- 5.3.2 High Initial Costs and Affordability Concerns
- 5.4 Market Opportunities
- 5.4.1 Increasing smart city initiatives
- 5.4.2 Adoption of Autonomous vehicles
- 5.5 Future Trends
- 5.5.1 Connected Car Data Monetization
- 5.6 Impact of Drivers and Restraints:
6. Connected Vehicle Market - Global Market Analysis
- 6.1 Connected Vehicle Market Revenue (US$ Million), 2022 - 2030
- 6.2 Connected Vehicle Market Forecast and Analysis
7. Connected Vehicle Market Analysis - Technology
- 7.1.1 Connected Vehicle Market, By Technology (2022 and 2030)
- 7.2 5G
- 7.2.1 Overview
- 7.2.2 5G Market, Revenue and Forecast to 2030 (US$ Million)
- 7.3 4G
- 7.3.1 Overview
- 7.3.2 4G Market, Revenue and Forecast to 2030 (US$ Million)
- 7.4 3G & 2G
- 7.4.1 Overview
- 7.4.2 3G & 2G Market, Revenue and Forecast to 2030 (US$ Million)
8. Connected Vehicle Market Analysis - Connectivity
- 8.1.1 Connected Vehicle Market, By Connectivity (2022 and 2030)
- 8.2 Integrated
- 8.2.1 Overview
- 8.2.2 Integrated Market, Revenue and Forecast to 2030 (US$ Million)
- 8.3 Tethered
- 8.3.1 Overview
- 8.3.2 Tethered Market, Revenue and Forecast to 2030 (US$ Million)
- 8.4 Embedded
- 8.4.1 Overview
- 8.4.2 Embedded Market, Revenue and Forecast to 2030 (US$ Million)
9. Connected Vehicle Market Analysis - Application
- 9.1.1 Connected Vehicle Market, By Application (2022 and 2030)
- 9.2 Telematics
- 9.2.1 Overview
- 9.2.2 Telematics Market, Revenue and Forecast to 2030 (US$ Million)
- 9.3 Infotainment
- 9.3.1 Overview
- 9.3.2 Infotainment Market, Revenue and Forecast to 2030 (US$ Million)
- 9.4 Driving assistance
- 9.4.1 Overview
- 9.4.2 Driving assistance Market, Revenue and Forecast to 2030 (US$ Million)
- 9.5 Others
- 9.5.1 Overview
- 9.5.2 Others Market, Revenue and Forecast to 2030 (US$ Million)
10. Connected Vehicle Market - Geographical Analysis
- 10.1 Overview
- 10.2 North America
- 10.2.1 Overview
- 10.2.2 North America Connected Vehicle Market Revenue and Forecasts To 2030 (US$ Mn)
- 10.2.3 North America Connected Vehicle Market Breakdown by Technology
- 10.2.4 North America: Connected Vehicle Market, by Connectivity
- 10.2.5 North America: Connected Vehicle Market, by Application
- 10.2.6 North America Connected Vehicle Market Revenue and Forecasts and Analysis - By Country
- 10.2.6.1 US Connected Vehicle Market Revenue and Forecasts To 2030 (US$ Mn)
- 10.2.6.1.1 United States Connected Vehicle Market Breakdown by Technology
- 10.2.6.1.2 United States Connected Vehicle Market Breakdown by Connectivity
- 10.2.6.1.3 United States Connected Vehicle Market Breakdown by Application
- 10.2.6.2 Canada Connected Vehicle Market Revenue and Forecasts To 2030 (US$ Mn)
- 10.2.6.2.1 Canada Connected Vehicle Market Breakdown by Technology
- 10.2.6.2.2 Canada Connected Vehicle Market Breakdown by Connectivity
- 10.2.6.2.3 Canada Connected Vehicle Market Breakdown by Application
- 10.2.6.3 Mexico Connected Vehicle Market Revenue and Forecasts To 2030 (US$ Mn)
- 10.2.6.3.1 Mexico Connected Vehicle Market Breakdown by Technology
- 10.2.6.3.2 Mexico Connected Vehicle Market Breakdown by Connectivity
- 10.2.6.3.3 Mexico Connected Vehicle Market Breakdown by Application
- 10.3 Europe
- 10.3.1 Overview
- 10.3.2 Europe Connected Vehicle Market Revenue and Forecasts To 2030 (US$ Mn)
- 10.3.3 Europe Connected Vehicle Market Breakdown by Technology
- 10.3.4 Europe: Connected Vehicle Market, by Connectivity
- 10.3.5 Europe: Connected Vehicle Market, by Application
- 10.3.6 Europe Connected Vehicle Market Revenue and Forecasts and Analysis - By Country
- 10.3.6.1 Germany Connected Vehicle Market Revenue and Forecasts To 2030 (US$ Mn)
- 10.3.6.1.1 Germany Connected Vehicle Market Breakdown by Technology
- 10.3.6.1.2 Germany Connected Vehicle Market Breakdown by Connectivity
- 10.3.6.1.3 Germany Connected Vehicle Market Breakdown by Application
- 10.3.6.2 France Connected Vehicle Market Revenue and Forecasts To 2030 (US$ Mn)
- 10.3.6.2.1 France Connected Vehicle Market Breakdown by Technology
- 10.3.6.2.2 France Connected Vehicle Market Breakdown by Connectivity
- 10.3.6.2.3 France Connected Vehicle Market Breakdown by Application
- 10.3.6.3 Italy Connected Vehicle Market Revenue and Forecasts To 2030 (US$ Mn)
- 10.3.6.3.1 Italy Connected Vehicle Market Breakdown by Technology
- 10.3.6.3.2 Italy Connected Vehicle Market Breakdown by Connectivity
- 10.3.6.3.3 Italy Connected Vehicle Market Breakdown by Application
- 10.3.6.4 UK Connected Vehicle Market Revenue and Forecasts To 2030 (US$ Mn)
- 10.3.6.4.1 UK Connected Vehicle Market Breakdown by Technology
- 10.3.6.4.2 UK Connected Vehicle Market Breakdown by Connectivity
- 10.3.6.4.3 UK Connected Vehicle Market Breakdown by Application
- 10.3.6.5 Rest of Europe Connected Vehicle Market Revenue and Forecasts To 2030 (US$ Mn)
- 10.3.6.5.1 Rest of Europe Connected Vehicle Market Breakdown by Technology
- 10.3.6.5.2 Rest of Europe Connected Vehicle Market Breakdown by Connectivity
- 10.3.6.5.3 Rest of Europe Connected Vehicle Market Breakdown by Application
- 10.4 Asia Pacific
- 10.4.1 Overview
- 10.4.2 Asia Pacific Connected Vehicle Market Revenue and Forecasts To 2030 (US$ Mn)
- 10.4.3 Asia Pacific Connected Vehicle Market Breakdown by Technology
- 10.4.4 Asia Pacific: Connected Vehicle Market, by Connectivity
- 10.4.5 Asia Pacific: Connected Vehicle Market, by Application
- 10.4.6 Asia Pacific Connected Vehicle Market Revenue and Forecasts and Analysis - By Country
- 10.4.6.1 Australia Connected Vehicle Market Revenue and Forecasts To 2030 (US$ Mn)
- 10.4.6.1.1 Australia Connected Vehicle Market Breakdown by Technology
- 10.4.6.1.2 Australia Connected Vehicle Market Breakdown by Connectivity
- 10.4.6.1.3 Australia Connected Vehicle Market Breakdown by Application
- 10.4.6.2 China Connected Vehicle Market Revenue and Forecasts To 2030 (US$ Mn)
- 10.4.6.2.1 China Connected Vehicle Market Breakdown by Technology
- 10.4.6.2.2 China Connected Vehicle Market Breakdown by Connectivity
- 10.4.6.2.3 China Connected Vehicle Market Breakdown by Application
- 10.4.6.3 India Connected Vehicle Market Revenue and Forecasts To 2030 (US$ Mn)
- 10.4.6.3.1 India Connected Vehicle Market Breakdown by Technology
- 10.4.6.3.2 India Connected Vehicle Market Breakdown by Connectivity
- 10.4.6.3.3 India Connected Vehicle Market Breakdown by Application
- 10.4.6.4 Japan Connected Vehicle Market Revenue and Forecasts To 2030 (US$ Mn)
- 10.4.6.4.1 Japan Connected Vehicle Market Breakdown by Technology
- 10.4.6.4.2 Japan Connected Vehicle Market Breakdown by Connectivity
- 10.4.6.4.3 Japan Connected Vehicle Market Breakdown by Application
- 10.4.6.5 South Korea Connected Vehicle Market Revenue and Forecasts To 2030 (US$ Mn)
- 10.4.6.5.1 South Korea Connected Vehicle Market Breakdown by Technology
- 10.4.6.5.2 South Korea Connected Vehicle Market Breakdown by Connectivity
- 10.4.6.5.3 South Korea Connected Vehicle Market Breakdown by Application
- 10.4.6.6 Rest of Asia Pacific Connected Vehicle Market Revenue and Forecasts To 2030 (US$ Mn)
- 10.4.6.6.1 Rest of Asia Pacific Connected Vehicle Market Breakdown by Technology
- 10.4.6.6.2 Rest of Asia Pacific Connected Vehicle Market Breakdown by Connectivity
- 10.4.6.6.3 Rest of Asia Pacific Connected Vehicle Market Breakdown by Application
- 10.5 Middle East & Africa
- 10.5.1 Overview
- 10.5.2 Middle East & Africa Connected Vehicle Market Revenue and Forecasts To 2030 (US$ Mn)
- 10.5.3 Middle East & Africa Connected Vehicle Market Breakdown by Technology
- 10.5.4 Middle East & Africa: Connected Vehicle Market, by Connectivity
- 10.5.5 Middle East & Africa: Connected Vehicle Market, by Application
- 10.5.6 Middle East & Africa Connected Vehicle Market Revenue and Forecasts and Analysis - By Country
- 10.5.6.1 South Africa Connected Vehicle Market Revenue and Forecasts To 2030 (US$ Mn)
- 10.5.6.1.1 South Africa Connected Vehicle Market Breakdown by Technology
- 10.5.6.1.2 South Africa Connected Vehicle Market Breakdown by Connectivity
- 10.5.6.1.3 South Africa Connected Vehicle Market Breakdown by Application
- 10.5.6.2 Saudi Arabia Connected Vehicle Market Revenue and Forecasts To 2030 (US$ Mn)
- 10.5.6.2.1 Saudi Arabia Connected Vehicle Market Breakdown by Technology
- 10.5.6.2.2 Saudi Arabia Connected Vehicle Market Breakdown by Connectivity
- 10.5.6.2.3 Saudi Arabia Connected Vehicle Market Breakdown by Application
- 10.5.6.3 UAE Connected Vehicle Market Revenue and Forecasts To 2030 (US$ Mn)
- 10.5.6.3.1 UAE Connected Vehicle Market Breakdown by Technology
- 10.5.6.3.2 UAE Connected Vehicle Market Breakdown by Connectivity
- 10.5.6.3.3 UAE Connected Vehicle Market Breakdown by Application
- 10.5.6.4 Rest of Middle East & Africa Connected Vehicle Market Revenue and Forecasts To 2030 (US$ Mn)
- 10.5.6.4.1 Rest of Middle East & Africa Connected Vehicle Market Breakdown by Technology
- 10.5.6.4.2 Rest of Middle East & Africa Connected Vehicle Market Breakdown by Connectivity
- 10.5.6.4.3 Rest of Middle East & Africa Connected Vehicle Market Breakdown by Application
- 10.6 South America
- 10.6.1 Overview
- 10.6.2 South America Connected Vehicle Market Revenue and Forecasts To 2030 (US$ Mn)
- 10.6.3 South America Connected Vehicle Market Breakdown by Technology
- 10.6.4 South America: Connected Vehicle Market, by Connectivity
- 10.6.5 South America: Connected Vehicle Market, by Application
- 10.6.6 South America Connected Vehicle Market Revenue and Forecasts and Analysis - By Country
- 10.6.6.1 Brazil Connected Vehicle Market Revenue and Forecasts To 2030 (US$ Mn)
- 10.6.6.1.1 Brazil Connected Vehicle Market Breakdown by Technology
- 10.6.6.1.2 Brazil Connected Vehicle Market Breakdown by Connectivity
- 10.6.6.1.3 Brazil Connected Vehicle Market Breakdown by Application
- 10.6.6.2 Argentina Connected Vehicle Market Revenue and Forecasts To 2030 (US$ Mn)
- 10.6.6.2.1 Argentina Connected Vehicle Market Breakdown by Technology
- 10.6.6.2.2 Argentina Connected Vehicle Market Breakdown by Connectivity
- 10.6.6.2.3 Argentina Connected Vehicle Market Breakdown by Application
- 10.6.6.3 Rest of South America Connected Vehicle Market Revenue and Forecasts To 2030 (US$ Mn)
- 10.6.6.3.1 Rest of South America Connected Vehicle Market Breakdown by Technology
- 10.6.6.3.2 Rest of South America Connected Vehicle Market Breakdown by Connectivity
- 10.6.6.3.3 Rest of South America Connected Vehicle Market Breakdown by Application
11. Connected Vehicle Market - Impact of COVID-19 Pandemic
- 11.1 Pre & Post Covid-19 Impact
12. Competitive Landscape
- 12.1 Company Positioning & Concentration
13. Industry Landscape
- 13.1 Overview
- 13.2 Market Initiative
- 13.3 New Product Development
- 13.4 Merger and Acquisition
14. Company Profiles
- 14.1 Harman International Industries Inc
- 14.1.1 Key Facts
- 14.1.2 Business Description
- 14.1.3 Products and Services
- 14.1.4 Financial Overview
- 14.1.5 SWOT Analysis
- 14.1.6 Key Developments
- 14.2 Robert Bosch GmbH
- 14.2.1 Key Facts
- 14.2.2 Business Description
- 14.2.3 Products and Services
- 14.2.4 Financial Overview
- 14.2.5 SWOT Analysis
- 14.2.6 Key Developments
- 14.3 AT&T Inc
- 14.3.1 Key Facts
- 14.3.2 Business Description
- 14.3.3 Products and Services
- 14.3.4 Financial Overview
- 14.3.5 SWOT Analysis
- 14.3.6 Key Developments
- 14.4 Denso Corp
- 14.4.1 Key Facts
- 14.4.2 Business Description
- 14.4.3 Products and Services
- 14.4.4 Financial Overview
- 14.4.5 SWOT Analysis
- 14.4.6 Key Developments
- 14.5 Visteon Corp
- 14.5.1 Key Facts
- 14.5.2 Business Description
- 14.5.3 Products and Services
- 14.5.4 Financial Overview
- 14.5.5 SWOT Analysis
- 14.5.6 Key Developments
- 14.6 Continental AG
- 14.6.1 Key Facts
- 14.6.2 Business Description
- 14.6.3 Products and Services
- 14.6.4 Financial Overview
- 14.6.5 SWOT Analysis
- 14.6.6 Key Developments
- 14.7 Audi AG
- 14.7.1 Key Facts
- 14.7.2 Business Description
- 14.7.3 Products and Services
- 14.7.4 Financial Overview
- 14.7.5 SWOT Analysis
- 14.7.6 Key Developments
- 14.8 General Motors Co
- 14.8.1 Key Facts
- 14.8.2 Business Description
- 14.8.3 Products and Services
- 14.8.4 Financial Overview
- 14.8.5 SWOT Analysis
- 14.8.6 Key Developments
- 14.9 Bayerische Motoren Werke AG
- 14.9.1 Key Facts
- 14.9.2 Business Description
- 14.9.3 Products and Services
- 14.9.4 Financial Overview
- 14.9.5 SWOT Analysis
- 14.9.6 Key Developments
- 14.10 Vodafone Group Plc
- 14.10.1 Key Facts
- 14.10.2 Business Description
- 14.10.3 Products and Services
- 14.10.4 Financial Overview
- 14.10.5 Key Developments
15. Appendix
- 15.1 About The Insight Partners