Connected Cars Market Size to Reach $4,99,236.3 Million in 2031

Connected Cars Global Market Opportunities And Strategies To 2031: COVID-19 Growth And Change from Altus Market Research provides the strategists; marketers and senior management with the critical information they need to assess the global connected cars market as it emerges from the COVID 19 shut down.

This report describes and evaluates the global connected cars market. It covers 2016-2021, termed the historic period, and the forecast periods of 2021-2026 and 2026-2031.

The global connected cars market reached a value of nearly $76,459.2 million in 2021. The market is expected to grow from $76,459.2 million in 2021 to $186,892.9 million in 2026 at a rate of 19.6 %. The market is then expected to grow at a CAGR of 21.7% from 2026 and reach $4,99,236.3 million in 2031.

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Growth in the historic period resulted from emerging markets growth, increased demand for enhanced user comfort, safety, and convenience, and increasing occurrences of vehicle theft in connected cars industry. Factors that could hinder the growth of the connected cars market in the historic period include lack of infrastructure for proper functioning of connected cars, impact of COVID-19.

Going forward, a rise in global population, the emergence of various technologies such as 5G and AI, a rise in internet penetration, internet of things (IoT), rising preference of in-car Wi-Fi hotspots and data services and increasing demand for smart solutions in mobility will drive market growth. Factors that could hinder the growth of the connected cars market in the future include high security threats in connected cars and interrupted connectivity.

The connected cars market is segmented by product type into embedded, tethered and integrated. The embedded was the largest segment of the connected cars market by product type, accounting for $42,367.7 million or 55.4% of the total market in 2021. The Integrated market is expected to be the fastest-growing segment going forward at a CAGR of 22.9%.

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North America was the largest region in the global connected cars market, accounting for 29.5% of the total in 2021. It was followed by Asia Pacific and Western Europe and then the other regions. Going forward, the fastest-growing regions in the connected cars market will be Asia Pacific and Eastern Europe, where growth will be at CAGRs of 21.5% and 21.3% respectively during 2021-2026. 

The global connected cars market is highly concentrated, with a large number of players in the market. The top ten competitors in the market made up to 68.99% of the total market in 2020. Volkswagen Corporation was the largest competitor with 17.69% of the market, followed by Toyota Motor Corporation with 11.86%, General Motors with 9.05%, Daimler AG with 8.98%, BMW Group with 8.56%, Ford Motor Company with 3.96%, Honda Motor Co Ltd with 2.94%, Hyundai Motor Group with 2.38%, Tesla with 1.99% and Renault with 1.56%.

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