CONNECTED VEHICLES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)
Connected vehicles can seamlessly communicate with other vehicles, roadside infrastructure, and traffic management systems. This connectivity helps in improving road safety, traffic management, and fuel efficiency. Connected vehicles use vehicle-to-everything (V2X) communication technologies like vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), vehicle-to-pedestrian (V2P), etc. to share real-time traffic, road, and vehicle condition data with other entities. The increasing adoption of advanced driver assistance systems (ADAS) and the focus toward autonomous vehicles is expected to boost the demand for connected vehicle technologies in the coming years.
Market Dynamics:
The connected vehicles market is driven by the rising demand for safety, infotainment, and traffic management applications. Stringent safety regulations regarding ADAS features and the focus toward developing safe autonomous vehicles are forcing automakers to adopt connectivity solutions. However, high development costs and lack of standardization of connectivity protocols pose challenges. The growing deployment of 5G networks provides an opportunity to support advanced connected vehicle applications with low latency requirements. OEMs are also focusing on over-the-air updates to remotely upgrade vehicle software and introduce new functionalities.
Key features of the study:
- This report provides in-depth analysis of the global connected vehicles market, and provides market size (US$ Billion) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global connected vehicles market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include Robert Bosch, Continental, Harman International, Delphi Technologies, Denso, and TomTom International
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- The global connected vehicles market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
Market Segmentation
Table of Contents
*Browse 32 market data tables and 28 figures on 'Connected Vehicles Market' - Global forecast to 2031
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