Connected Vehicle Market is predicted to reach USD 335,980.1 million at a CAGR of 13.7% during the forecast period 2023-2032

Market Research Future (MRFR) has published on the “Global Connected Vehicle Market”.

Connected Vehicle (CV) is a vehicle that is equipped with a variety of sensors and communication technologies that allow it to communicate with other vehicles, infrastructure, and pedestrians. This communication can be used to improve safety, efficiency, and convenience for all road users. Increased demand for enhanced user comfort, safety, and convenience, government regulations promoting connected car technologies, growing adoption of advanced driver assistance systems (ADAS) and autonomous driving technologies and Emergence of new business models and services enabled by connected cars associated with it are the key factors driving the growth of the global market for connected vehicle.

The Connected Vehicle market is estimated to register a CAGR of 13.7% during the forecast period of 2023 to 2035.

MRFR recognizes the following companies as the key players in the global Connected Vehicle market - Harman International, Denso Corporation, Robert Bosch GmbH, Aisin Corporation, Continental AG, Qualcomm Technologies, Inc, ZF Friedrichshafen AG, Visteon Corporation, Valeo, Intellias, AT&T Intellectual Property, Verizon Communications Inc., TomTom International BV, Voxelmaps, and Broadcom.

Market Highlights

The global Connected Vehicle market is accounted to register a CAGR of 13.7% during the forecast period and is estimated to reach USD 335,980.1 million by 2035.

Increased demand for enhanced user comfort, safety, and convenience, government regulations promoting connected car technologies, growing adoption of advanced driver assistance systems (ADAS) and autonomous driving technologies and Emergence of new business models and services enabled by connected cars associated with it are the key factors driving the growth of the global market for connected vehicle. However, lack of infrastructure for the proper functioning of connected cars, high cost of connected cars and associated services, cybersecurity concerns, and privacy concerns are the major restraining factor as well as Ensuring the reliability and security of connected car systems, developing and implementing standards for connected car communication and data sharing and educating consumers about the benefits and risks of connected cars creating challenges for the market. On the other hand, new business models and services enabled by connected cars, such as vehicle sharing, ride hailing, and on demand maintenance, improved traffic flow and safety, reduced fuel consumption and emissions and new forms of entertainment and infotainment for passengers are expected to create a lucrative growth opportunity for the players operating in the global market.

Access full report @ https://www.marketresearchfuture.com/reports/connected-vehicle-market-21315

Segment Analysis

The global Connected Vehicle market has been segmented based on offering, Communication Type, Connectivity, Vehicle Type, Propulsion, and End Use.

Based on offering, the global Connected Vehicle markets has been segmented into Hardware, Software, and Services. The Hardware segment held the majority share in 2022, contributing around ~ 36.5% % to the market revenue. Connected vehicles utilize various hardware components to enable connectivity and data exchange between the vehicle and external entities. Sensors, controllers, and electronic control units are vital in gathering real-time data from within the vehicle. Hardware such as telematics devices, embedded modems, and wireless communication modules allow the vehicle to connect to the internet and mobile networks. This connectivity hardware facilitates over-the-air software updates and upgrades. Advancements in connectivity hardware, particularly integrating newer wireless technologies, are significant drivers for the connected vehicles market. The transition to 5G networks will allow vehicles to transmit and receive higher critical safety and performance data volumes at higher speeds. 5G and other high-speed connectivity solutions are expected to support more advanced applications around autonomous driving, remote diagnostics, predictive maintenance, and infotainment. This, in turn, is creating opportunities for hardware manufacturers and automakers to develop innovative 5G-enabled connected vehicle systems.

Based on hardware, the global connected vehicle market has been segmented into head unit, central gateway (CGW), high precision positioning, on-board unit (OBU), telematic control unit (TCU), intelligent antenna modules, electronic control unit (ECU), communication modules, sensors and actuators and others. Based on service, the global connected vehicle market has been segmented into remote diagnostics, infotainment, safety & security, remote operation, auto parking/connected parking, auto pilot, vehicle management, asset tracking, cybersecurity, and HD map generation.

Based on Communication, the global Connected Vehicle market has been segmented into Vehicle to Network (V2N), Vehicle to Infrastructure (V2I), Vehicle to Vehicle (V2V), Vehicle to Cloud (V2C), Vehicle to Pedestrian (V2P), Vehicle to Device (V2D), Vehicle to Grid (V2G). Vehicle to Vehicle (V2V) segment held the majority share in 2022 contributing around ~40.1% to the market revenue. Based on Connectivity, the global Connected Vehicle market has been segmented into Dedicated Short-Range Communication (DSRC), Cellular, Satellite, Wi-Fi. Based on Vehicle Type, the global Connected Vehicle market has been segmented into Passenger Cars and Commercial Vehicles. Based on Vehicle Propulsion, the global Connected Vehicle market has been segmented into ICE, Electric. And Based on End Use, the global Connected Vehicle market has been segmented into OEM and Aftermarket

Regional Analysis

By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. In terms of revenue, Asia Pacific held the largest share of ~47.0% in the Connected Vehicle market in 2022 and is expected to maintain its dominance during the forecast period. The Asia-Pacific Connected Vehicle Market encompasses vehicles equipped with advanced communication technologies to enhance connectivity and functionality. This market is experiencing substantial growth driven by factors such as the rise in urbanization, increasing disposable incomes, and advancements in wireless communication technologies. The strengths of the Asia-Pacific Connected Vehicle Market can be seen in the enhanced road safety features it offers, including collision avoidance systems, real-time traffic updates, and integration with emergency services. Furthermore, connected vehicles enhance the driving experience by providing entertainment, navigation, and seamless connectivity to smart devices. Nevertheless, concerns regarding data privacy and cybersecurity risks represent weaknesses that could impede the market's growth. Since connected vehicles collect and transmit significant amounts of user data, it becomes crucial to ensure robust security measures to gain consumer trust and address potential vulnerabilities. Opportunities within the Asia-Pacific Connected Vehicle Market are rooted in the potential for innovation and technological advancements.

The Europe Connected Vehicle Market encompasses vehicles equipped with advanced communication systems that facilitate connectivity and data exchange between vehicles, infrastructure, and other devices. This emerging market is propelled by technological advancements, growing demand for safety and convenience features, and government initiatives promoting intelligent transportation systems. The Europe Connected Vehicle Market's advantages include enhanced road safety through real-time traffic updates, emergency call systems, and collision warnings. Additionally, it offers improved convenience features such as navigation, entertainment, and remote vehicle management. Moreover, these connected vehicles enable valuable data collection for traffic management, optimized route planning, and emissions reduction. However, there are also drawbacks to consider. Data privacy and cybersecurity concerns pose potential risks as connected vehicles become more susceptible to hacking and unauthorized access. The North America Connected Vehicle Market incorporates advanced technologies, like internet connectivity and communication systems, into vehicles in the North American region. These technologies facilitate smooth communication between vehicles, infrastructure, and users, offering many advantages. One benefit of the North America Connected Vehicle Market is its ability to enhance road safety through features such as collision warning systems, blind-spot detection, and automated emergency response, reducing accidents and saving lives. Additionally, connected vehicles can improve traffic management, optimize route planning, and minimize congestion, thus leading to increased efficiency and decreased carbon emissions.

Key Findings of the Study

• The global Connected Vehicle market is expected to reach USD 335,980.1 million by 2035, at a CAGR of 13.7% during the forecast period.


• The Asia Pacific region accounted for the fastest-growing global market, imperative factors, such as technological advancements, growing demand for safety and convenience features, and government initiatives promoting intelligent transportation systems.


• Based on Type, the Hardware segment was attributed to holding the largest market in 2022, with an approximate market share of 36.5%.


• Harman International, Denso Corporation, Robert Bosch GmbH, Aisin Corporation, Continental AG, Qualcomm Technologies, Inc, ZF Friedrichshafen AG, Visteon Corporation, Valeo, Intellias, AT&T Intellectual Property, Verizon Communications Inc., TomTom International BV, Voxelmaps, Broadcom, and Others are the key market players.