Connected Car Market - Global Market Size, Share, Development, Growth and Demand Forecast, 2013-2023

Connected car market size is projected to crosss $329.3 billion by 2023, led by rapid adoption of IoT and adjacent technologies in the automobile industry. Connected car in this report refers to a vehicle that is capable of optimizing its own operations and maintenance as well as the convenience and comfort of passengers using sensors which are generally onboard and have continuous connectivity to the internet. The connectivity with network allows connected car to share content with various devices and applications inside as well as outside a vehicle’s environment.

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As per the findings of research, fleet manager was the highest revenue generating product category in the global market, accounting for more than 40% in 2016. In terms of application, the market is bifurcated into navigation, infotainment, and telematics, where navigation stood as the largest application area of connected cars. Navigation is also expected to be the fastest growing application of connected cars in the years to come. Connected cars are now being transformed from a simple automobile concept to advanced automotive technology in a relatively short time span.

All major automotive manufacturers across the globe, are now concentrating on developing and implementing the connected car concept into their vehicles. Over half of the connected car industry revenue in 2023 is expected to come from integrated solutions. During the forecast period, embedded will remain the second preferred connectivity solution among connected car consumers.

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Geographically, North America accounted for more than 40% of the global connected car revenue in 2016. The highest revenue contribution is backed by high technological advancements and enterprise’s receptivity towards new technologies in the region. Being one of the largest passenger car markets globally, and early adopter of smart and connected car features at residential and commercial scale.

Connected cars are expected to witness fastest growth in Asia-Pacific, during the forecast period. This is due to rapid urbanization and increase in household incomes, which is attracting the consumers to replace their traditional and legacy vehicles with the smart and connected variant. Apart from this, major automotive players residing in the region are heavily investing in the design and development of connected cars for regional use and export.

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