Connected Car Market With Key Companies Profile & Cost Structure Analysis By 2025

According to a report by P&S Intelligence, the global connected car market reached a value of $72,499.2 million in 2019, and it is projected to attain a value of $198,459.7 million by 2025, progressing at a 24.1% CAGR during the forecast period (2020–2025). The growing demand for improved driving experience, introduction of IoT in the automotive industry, and surging concerns regarding safety and security are the key factors resulting in the expansion of the market across the globe.

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Moreover, the growing research and development, rising requirement for an efficient and safe driving option, and support from state and federal governments for the evolution of innovative driving technologies are driving the expansion of the regional domain. In the connected car market, the Asia-Pacific region is expected to witness the fastest growth during the forecast period. The rise in penetration of digital services, including software updates and cyber security, and rising rate of connected device integration in passenger vehicles are leading to the growth of the regional industry.

The growing demand for improved driving experience is the key reason for the expansion of the connected car market across the globe. As the urbanization is rising, the need for vehicles for both commercial and personal uses has increased as well. This has led to an increased number of vehicles on roads that are causing traffic jams. These problems can be taken care of to some extent with the aid of innovative connectivity features.

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In addition to this, the surging concerns regarding safety and security are also projected to result in the growth of the connected car market in the years to come. Technologies including automatic braking, ADAS, and lane assistance can considerably help in improving the driving experience significantly. These technologies aid in decreasing traffic rule violations, causing a decline in road accidents. Owing to these factors, the integration of safety and security solutions in new vehicles are increasing.

In conclusion, the demand for connected cars is growing due to the rising need for enhanced driving experience and increasing security and safety concerns among people.