Connected car market size to grow by USD 172,767.39 million between 2022 and 2027; Growth driven by the government regulations to increase in-vehicle safety and improvement in safety controls – Technavio

NEW YORK, April 3, 2023 /PRNewswire/ — The connected car market size is forecast to increase by USD 172,767.39 million from 2022 to 2027, at a CAGR of 27.36%, according to the recent market study by Technavio. The growth of the market will be driven by the increasing internet penetration and its impact on the connected cars market, the applications of blockchain technology in connected cars, and the government regulations to increase in-vehicle safety and improvement in safety controls. Charts & data tables about market and segment sizes for a historic period (2017-2021) and forecast period (2023-2027) have been covered in this report. Download The Sample Report

Vendor Analysis

The global connected car market is fragmented, with the presence of several vendors. The market is expected to grow at a rapid pace because of the growing competition among automotive manufacturers. The adoption of connected technologies in entry-segment vehicles is compelling luxury automobile manufacturers to differentiate their products by incorporating advanced connected features in their vehicles. This is encouraging connected technology providers to increase their investments in developing new connected features. Such initiatives by technology providers are expected to intensify the competition among automobile manufacturers. Some of the key vendors covered in the report include:

• Airbiquity Inc.: The company offers connected cars that are enabled to receive remote over-the-air (OTA) software updates and transmit diagnostic and operational data from on-board systems and components. 
• Alps Alpine Co. Ltd.: The company offers connected cars that encompass core devices technology, such as human-machine interfaces (HMI) and sensors representing the automobile nervous system.
• AT and T Inc.: The company offers connected cars where specialized customer support teams are available to provide dedicated technical support, answer questions and offer account management services.
• BMW AG: The company offers connected cars that can be linked to other services and devices via a network along with laptops and mobile phones. 
• BorgWarner Inc.
• DXC Technology Co.
• Ford Motor Co.
• Intellias group
• Mercedes Benz Group AG
• NXP Semiconductors NV
• Qualcomm Inc.
• Robert Bosch GmbH
• Samsung Electronics Co. Ltd.
• Schaeffler AG
• Sierra Wireless Inc.

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Key Benefits for Industry Players & Stakeholders – 

• The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.
• It also provides detailed analyses of the market’s competitive landscape and vendors’ product offerings.
• The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

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Market Segmentation:

The market is segmented by connectivity (embedded solutions, integrated solutions, and tethered solutions), end-user (OEM and aftermarket), and geography (North America, Europe, APAC, South America, and Middle East and Africa).

By connectivity, the market growth will be significant in the embedded solutions segment during the forecast period. Telematics systems are adopting embedded software and smartphone-based applications, which provide entertainment, navigation, external communications, security, and Internet-based services. Smartphone manufacturers are developing applications that provide real-time status of the vehicle battery. In addition, investments in autonomous cars are increasing. Automotive OEMs are also focusing on reducing the cost of embedded infotainment systems integrated into automobiles. Such drivers are expected to drive the growth of the segment during the forecast period. 

By end-user, the market will witness increased demand for OEM segment during the forecast period. Factors such as the increasing technical breakthroughs including continuous connection, cybersecurity, and the development of autonomous cars linked with highly secure software, are expected to support OEM dominance during the forecast period. 

North America will account for 35% of the market growth during the forecast period. The growth of the regional market is attributed to factors such as the advent of IoT technologies in cars and the rising adoption of vehicle-to-vehicle (V2V) connectivity. In addition, stringent regulations on road safety improvements have increased the adoption of connected features such as crash imminent braking, dynamic brake support, and pedestrian automatic emergency braking in cars. These factors will drive the growth of the market in the region during the forecast period.

Market Dynamics:

Key DRIVERS:

• Government regulations to increase in-vehicle safety and improvement in safety controls
• Increasing internet penetration and its impact on the connected cars market
• Applications of blockchain technology in connected cars

Government regulations to increase vehicle safety are boosting market growth. The government focuses on improving safety standards and environmental conditions. The increasing adoption of safety technologies such as advanced driver assistance systems (ADAS) is also contributing to the adoption of connected cars. In addition, automotive reconfigurable instrument assists drivers in the information processing of in-vehicle systems and contributes to safer driving. These factors will drive the growth of the global market during the forecast period. 

Major Trends:

• Big data platform provided by connected cars to push further developments
• Increasing number of vehicles launches featuring connected technologies
• Safety, mobility, and environmental benefits offered by connected cars

Big data platforms powered by connected cars are an important trend in the market. Due to the increasing availability of real-time data, car manufacturers are focusing on developing efficient products. The use of big data is expected to continue increasing due to the increasing adoption of connected cars during the forecast period. Moreover, insurance companies can use this data to calculate optimal premiums based on individual customer driving behavior. Such factors will support the growth of the market during the forecast period. 

Key Challenges:

• Data challenges associated with connected cars
• Design complexity and technological challenges
• Short product life of connected car technologies owing to fast advances in passenger smartphones

Data challenges associated with connected cars are hindering market growth. Connected cars generate enormous amounts of data which can influence the growth of the automotive industry and the driving experience. However, vendors face challenges such as determining the type of data to be collected, its use, and the need to protect the data. Such challenges are expected to hamper the growth opportunities of the vendors in the market during the forecast period. 

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What are the key data covered in this Connected Car Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the connected car market between 2023 and 2027
• Precise estimation of the connected car market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the connected car market across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of connected car market vendors

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Table of contents:

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Connectivity
• Exhibit 06: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global – Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global connected car market 2017 – 2021 
• Exhibit 18: Historic Market Size – Data Table on Global connected car market 2017 – 2021 ($ million)

• 4.2 Connectivity Segment Analysis 2017 – 2021 
• Exhibit 19: Historic Market Size – Connectivity Segment 2017 – 2021 ($ million)

• 4.3 End-user Segment Analysis 2017 – 2021 
• Exhibit 20: Historic Market Size – End-user Segment 2017 – 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 – 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 – 2021 ($ million)

• 4.5 Country Segment Analysis 2017 – 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 – 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis – Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition – Five forces 2022 and 2027

6 Market Segmentation by Connectivity

• 6.1 Market segments
• Exhibit 30: Chart on Connectivity – Market share 2022-2027 (%)
• Exhibit 31: Data Table on Connectivity – Market share 2022-2027 (%)

• 6.2 Comparison by Connectivity 
• Exhibit 32: Chart on Comparison by Connectivity
• Exhibit 33: Data Table on Comparison by Connectivity

• 6.3 Embedded solutions – Market size and forecast 2022-2027 
• Exhibit 34: Chart on Embedded solutions – Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Embedded solutions – Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Embedded solutions – Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Embedded solutions – Year-over-year growth 2022-2027 (%)

• 6.4 Integrated solutions – Market size and forecast 2022-2027 
• Exhibit 38: Chart on Integrated solutions – Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Integrated solutions – Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Integrated solutions – Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Integrated solutions – Year-over-year growth 2022-2027 (%)

• 6.5 Tethered solutions – Market size and forecast 2022-2027 
• Exhibit 42: Chart on Tethered solutions – Market size and forecast 2022-2027 ($ million)
• Exhibit 43: Data Table on Tethered solutions – Market size and forecast 2022-2027 ($ million)
• Exhibit 44: Chart on Tethered solutions – Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Tethered solutions – Year-over-year growth 2022-2027 (%)

• 6.6 Market opportunity by Connectivity 
• Exhibit 46: Market opportunity by Connectivity ($ million)

7 Market Segmentation by End-user

• 7.1 Market segments
• Exhibit 47: Chart on End-user – Market share 2022-2027 (%)
• Exhibit 48: Data Table on End-user – Market share 2022-2027 (%)

• 7.2 Comparison by End-user 
• Exhibit 49: Chart on Comparison by End-user
• Exhibit 50: Data Table on Comparison by End-user

• 7.3 OEM – Market size and forecast 2022-2027 
• Exhibit 51: Chart on OEM – Market size and forecast 2022-2027 ($ million)
• Exhibit 52: Data Table on OEM – Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Chart on OEM – Year-over-year growth 2022-2027 (%)
• Exhibit 54: Data Table on OEM – Year-over-year growth 2022-2027 (%)

• 7.4 Aftermarket – Market size and forecast 2022-2027 
• Exhibit 55: Chart on Aftermarket – Market size and forecast 2022-2027 ($ million)
• Exhibit 56: Data Table on Aftermarket – Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Chart on Aftermarket – Year-over-year growth 2022-2027 (%)
• Exhibit 58: Data Table on Aftermarket – Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by End-user 
• Exhibit 59: Market opportunity by End-user ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 60: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 61: Chart on Market share by geography 2022-2027 (%)
• Exhibit 62: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 63: Chart on Geographic comparison
• Exhibit 64: Data Table on Geographic comparison

• 9.3 North America – Market size and forecast 2022-2027 
• Exhibit 65: Chart on North America – Market size and forecast 2022-2027 ($ million)
• Exhibit 66: Data Table on North America – Market size and forecast 2022-2027 ($ million)
• Exhibit 67: Chart on North America – Year-over-year growth 2022-2027 (%)
• Exhibit 68: Data Table on North America – Year-over-year growth 2022-2027 (%)

• 9.4 Europe – Market size and forecast 2022-2027 
• Exhibit 69: Chart on Europe – Market size and forecast 2022-2027 ($ million)
• Exhibit 70: Data Table on Europe – Market size and forecast 2022-2027 ($ million)
• Exhibit 71: Chart on Europe – Year-over-year growth 2022-2027 (%)
• Exhibit 72: Data Table on Europe – Year-over-year growth 2022-2027 (%)

• 9.5 APAC – Market size and forecast 2022-2027 
• Exhibit 73: Chart on APAC – Market size and forecast 2022-2027 ($ million)
• Exhibit 74: Data Table on APAC – Market size and forecast 2022-2027 ($ million)
• Exhibit 75: Chart on APAC – Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on APAC – Year-over-year growth 2022-2027 (%)

• 9.6 South America – Market size and forecast 2022-2027 
• Exhibit 77: Chart on South America – Market size and forecast 2022-2027 ($ million)
• Exhibit 78: Data Table on South America – Market size and forecast 2022-2027 ($ million)
• Exhibit 79: Chart on South America – Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on South America – Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa – Market size and forecast 2022-2027 
• Exhibit 81: Chart on Middle East and Africa – Market size and forecast 2022-2027 ($ million)
• Exhibit 82: Data Table on Middle East and Africa – Market size and forecast 2022-2027 ($ million)
• Exhibit 83: Chart on Middle East and Africa – Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on Middle East and Africa – Year-over-year growth 2022-2027 (%)

• 9.8 US – Market size and forecast 2022-2027 
• Exhibit 85: Chart on US – Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Data Table on US – Market size and forecast 2022-2027 ($ million)
• Exhibit 87: Chart on US – Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on US – Year-over-year growth 2022-2027 (%)

• 9.9 China – Market size and forecast 2022-2027 
• Exhibit 89: Chart on China – Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Data Table on China – Market size and forecast 2022-2027 ($ million)
• Exhibit 91: Chart on China – Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on China – Year-over-year growth 2022-2027 (%)

• 9.10 Germany – Market size and forecast 2022-2027 
• Exhibit 93: Chart on Germany – Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Data Table on Germany – Market size and forecast 2022-2027 ($ million)
• Exhibit 95: Chart on Germany – Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on Germany – Year-over-year growth 2022-2027 (%)

• 9.11 Japan – Market size and forecast 2022-2027 
• Exhibit 97: Chart on Japan – Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Data Table on Japan – Market size and forecast 2022-2027 ($ million)
• Exhibit 99: Chart on Japan – Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on Japan – Year-over-year growth 2022-2027 (%)

• 9.12 UK – Market size and forecast 2022-2027 
• Exhibit 101: Chart on UK – Market size and forecast 2022-2027 ($ million)
• Exhibit 102: Data Table on UK – Market size and forecast 2022-2027 ($ million)
• Exhibit 103: Chart on UK – Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on UK – Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 105: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 106: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 107: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 108: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 109: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 110: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 111: Matrix on vendor position and classification

• 12.3 Airbiquity Inc.
• Exhibit 112: Airbiquity Inc. – Overview
• Exhibit 113: Airbiquity Inc. – Product / Service
• Exhibit 114: Airbiquity Inc. – Key offerings

• 12.4 Alps Alpine Co. Ltd.
• Exhibit 115: Alps Alpine Co. Ltd. – Overview
• Exhibit 116: Alps Alpine Co. Ltd. – Business segments
• Exhibit 117: Alps Alpine Co. Ltd. – Key news
• Exhibit 118: Alps Alpine Co. Ltd. – Key offerings
• Exhibit 119: Alps Alpine Co. Ltd. – Segment focus

• 12.5 AT and T Inc.
• Exhibit 120: AT and T Inc. – Overview
• Exhibit 121: AT and T Inc. – Business segments
• Exhibit 122: AT and T Inc. – Key news
• Exhibit 123: AT and T Inc. – Key offerings
• Exhibit 124: AT and T Inc. – Segment focus

• 12.6 BMW AG
• Exhibit 125: BMW AG – Overview
• Exhibit 126: BMW AG – Business segments
• Exhibit 127: BMW AG – Key offerings
• Exhibit 128: BMW AG – Segment focus

• 12.7 BorgWarner Inc.
• Exhibit 129: BorgWarner Inc. – Overview
• Exhibit 130: BorgWarner Inc. – Business segments
• Exhibit 131: BorgWarner Inc. – Key news
• Exhibit 132: BorgWarner Inc. – Key offerings
• Exhibit 133: BorgWarner Inc. – Segment focus

• 12.8 DXC Technology Co.
• Exhibit 134: DXC Technology Co. – Overview
• Exhibit 135: DXC Technology Co. – Business segments
• Exhibit 136: DXC Technology Co. – Key news
• Exhibit 137: DXC Technology Co. – Key offerings
• Exhibit 138: DXC Technology Co. – Segment focus

• 12.9 Ford Motor Co.
• Exhibit 139: Ford Motor Co. – Overview
• Exhibit 140: Ford Motor Co. – Business segments
• Exhibit 141: Ford Motor Co. – Key news
• Exhibit 142: Ford Motor Co. – Key offerings
• Exhibit 143: Ford Motor Co. – Segment focus

• 12.10 Intellias group
• Exhibit 144: Intellias group – Overview
• Exhibit 145: Intellias group – Product / Service
• Exhibit 146: Intellias group – Key offerings

• 12.11 Mercedes Benz Group AG 
• Exhibit 147: Mercedes Benz Group AG – Overview
• Exhibit 148: Mercedes Benz Group AG – Business segments
• Exhibit 149: Mercedes Benz Group AG – Key offerings
• Exhibit 150: Mercedes Benz Group AG – Segment focus

• 12.12 NXP Semiconductors NV 
• Exhibit 151: NXP Semiconductors NV – Overview
• Exhibit 152: NXP Semiconductors NV – Product / Service
• Exhibit 153: NXP Semiconductors NV – Key news
• Exhibit 154: NXP Semiconductors NV – Key offerings

• 12.13 Schaeffler AG
• Exhibit 155: Schaeffler AG – Overview
• Exhibit 156: Schaeffler AG – Business segments
• Exhibit 157: Schaeffler AG – Key offerings
• Exhibit 158: Schaeffler AG – Segment focus

• 12.14 Tesla Inc.
• Exhibit 159: Tesla Inc. – Overview
• Exhibit 160: Tesla Inc. – Business segments
• Exhibit 161: Tesla Inc. – Key news
• Exhibit 162: Tesla Inc. – Key offerings
• Exhibit 163: Tesla Inc. – Segment focus

• 12.15 Valeo SA
• Exhibit 164: Valeo SA – Overview
• Exhibit 165: Valeo SA – Business segments
• Exhibit 166: Valeo SA – Key news
• Exhibit 167: Valeo SA – Key offerings
• Exhibit 168: Valeo SA – Segment focus

• 12.16 Volkswagen AG
• Exhibit 169: Volkswagen AG – Overview
• Exhibit 170: Volkswagen AG – Business segments
• Exhibit 171: Volkswagen AG – Key offerings
• Exhibit 172: Volkswagen AG – Segment focus

• 12.17 Zubie Inc.
• Exhibit 173: Zubie Inc. – Overview
• Exhibit 174: Zubie Inc. – Product / Service
• Exhibit 175: Zubie Inc. – Key offerings

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 176: Inclusions checklist
• Exhibit 177: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 178: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 179: Research methodology
• Exhibit 180: Validation techniques employed for market sizing
• Exhibit 181: Information sources

• 13.5 List of abbreviations 
• Exhibit 182: List of abbreviations

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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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