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Connected Car Market to Hit USD 191.83 Billion with 18.1% CAGR by 2028; Rapid Expansion of Smartphone Usage Worldwide to Positively Impact the Market: Fortune Business Insights™

·6 min read

Key Prominent Players Covered in the Connected Car Market are Volvo, Ford Motor Company, TomTom Inc., Daimler AG, AT&T, Harman International, HYUNDAI MOTOR GROUP, General Motors, Audi, Robert Bosch GmbH, Continental AG and Others

Pune, India, Sept. 22, 2021 (GLOBE NEWSWIRE) -- The global connected car market size is projected to reach USD 191.83 billion by 2028, exhibiting a CAGR of 18.1% during the forecast period. The emergence of automotive electronic startups will enable this market to reach greater heights in the coming years, postulates Fortune Business Insights™ in its report, titled “Connected Car Market, 2021-2028”. The market size stood at USD 55.56 billion in 2020.

Wireless connectivity systems in cars are a trend that is gaining considerable traction in the automotive industry. Recognizing the potential offered by these changing dynamics, several startups specializing in automotive electronics and communications have come up and are advancing connected car technologies. For example, Connexion, an Internet of Things (IoT) startup based in Melbourne, Australia, provides infotainment systems, fleet management solutions, and cloud-based telematics to carmakers.

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Savari, a California-based startup, offers software and hardware solutions for vehicle manufacturers to arm their vehicles with vehicle-to-everything (V2X) systems and Dedicated Short Range Communication (DSRC) sensors. The proliferation of startups offering innovative automotive communication solutions is expected to open new expansion avenues for this market.

COVID-19 Impact

The sudden explosion of the COVID-19 pandemic has created unprecedented turmoil across all economic systems around the globe, aggravating the already widespread uncertainty in the business world. Worldwide, governments have been taking emergency measures to wade their economies out of this crisis. Private sector entities are also exploring alternatives to survive these challenging times. At Fortune Business Insights™, we are making concrete efforts to gain market intelligence and equip you with updated information to aid your fight against this crisis. We are offering precise market reports based on our expertise and experience in the field of market research.

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The main features of the report include:

  • Tangible analysis of the various market drivers, trends, and restraints;

  • Holistic evaluation of the regional prospects of the market;

  • Microscopic study of all market segments; and

  • In-depth examination and profiling of the prominent players and their strategies.

Driving Factor

Rising Number of Road Accidents Worldwide to Accelerate Growth

One of the leading factors propelling the connected car market growth is the rising number of road traffic accidents around the globe. According to the World Health Organization (WHO), road traffic crashes kill approximately 1.35 million people worldwide every year. Furthermore, between 20 million and 50 million people suffer non-fatal injuries from road accidents, with several accident victims getting afflicted with a temporary or permanent disability. The most common causes of road accidents, the WHO highlights, include driving under the influence, speeding, distracted driving, and unsafe vehicles.

Connected cars have the potential to address all these issues as these vehicles operate on real-time data acquired from various sensors attached to the cars. For example, IoT-enabled cars gather real-time traffic and crash data, alerting drivers to changes in surrounding traffic conditions, road hazards, and upcoming obstructions such as pedestrians and cyclists. Smart technologies enhance the safety quotient of a vehicle and can thus reduce the probability of road accidents.

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Regional Insights

Growing Demand for Advanced Automotive Technologies to Boost the Asia Pacific Market

Asia Pacific dominated the connected car market share in 2020 with a market size of USD 32.90 billion on account of the rising preference for high-end, advanced automotive technologies in the region. This evolving dimension in the automotive industry in Asia Pacific is underpinned by the increasing level of disposable incomes among buyers, which is enabling them to demand enhanced safety and infotainment features in vehicles.

In Europe, major automakers such as BMW and Volkswagen are partnering with automotive technology specialists to equip their cars with sophisticated safety features. The market in North America, on the other hand, is set to benefit from the rapid adoption of next-gen connectivity technologies such as 5G in the region.

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Competitive Landscape

Key Players to Deepen Footprint in Emerging Markets

The demand for premium cars and vehicular components is escalating in the emerging market of Asia and Africa. Acknowledging the huge business scope offered by the countries in these regions, automotive giants are steadily deepening their presence in these countries by launching innovative solutions.

Industry Developments:

  • February 2020: Ford India introduced the FordPassTM, its comprehensive mobile connectivity solution that enables owners to remotely access their cars, call for breakdown assistance, and perform many such functions, in India. All BS-VI Ford cars will have a cloud-based device that connects the vehicles with the FordPass app.

  • January 2020: Audi of America and Verizon Business Group collaborated to develop and deliver embedded in-vehicle Wi-Fi and advanced connectivity to future Audi cars. Audi’s connect® CARE will be preinstalled in Audi’s A4 and A5 lines and will feature Verizon’s Unlimited data connection powered by Verizon’s 4G LTE network.

List of Key Companies Profiled in this Market Report:

  • Volvo

  • Ford Motor Company

  • TomTom Inc.

  • Daimler AG

  • AT&T

  • Harman International


  • General Motors

  • Audi

  • Robert Bosch GmbH,

  • Continental AG

Major Table of Content for Connected Car Market:

  • Introduction

    • Research Scope

    • Market Segmentation

    • Research Methodology

    • Definitions and Assumptions

  • Executive Summary

  • Market Dynamics

    • Market Drivers

    • Market Restraints

    • Market Opportunities

  • Key Insights

    • Merger, Acquisitions, and Partnerships

    • Porter’s Five Forces Analysis

    • SWOT Analysis

    • Technological Developments

    • Impact of COVID-19

  • Global Electric Vehicle Market Analysis, Insights and Forecast, 2017-2028

    • Key Findings / Summary

    • Market Analysis, Insights and Forecast – By Type

      • Battery Electric Vehicle (BEV)

      • Plug-In Hybrid Electric Vehicle (PHEV)

      • Hybrid Electric Vehicle (HEV)

    • Market Analysis, Insights and Forecast – By Vehicle Type

      • Passenger Car

      • Commercial Vehicle

    • Market Analysis, Insights and Forecast – By Region

      • North America

      • Europe

      • Asia pacific

      • Rest of the World

  • North America Electric Vehicle Market Analysis, Insights and Forecast, 2017-2028

    • Key Findings / Summary

    • Market Analysis – By Type

      • Battery Electric Vehicle (BEV)

      • Plug-In Hybrid Electric Vehicle (PHEV)

      • Hybrid Electric Vehicle (HEV)

    • Market Analysis – By Vehicle Type

      • Passenger Car

      • Commercial Vehicle

    • Market Analysis – By Country

  • U.S.

  • By Vehicle Type

  • Canada

  • By Vehicle Type

  • Mexico

  • By Vehicle Type

TOC Continued

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Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

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