Connected Vehicle Market is expected to reach US$ 2,12,012.9 million by 2030

Increasing Government Support for Electric Vehicles

According to our latest market study on " Connected Vehicle Market Forecast to 2030 –Global Analysis – by Technology, Connectivity, Application," the market is expected to grow from US$ 52,649.57 million in 2022 to US$ 2,12,012.9 million by 2030; it is anticipated to grow at a CAGR of 19.0% from 2022 to 2030.

Data monetization trend in the connected vehicle industry is exploring innovative ways to leverage the vast amounts of data generated by connected vehicles for financial gain while also delivering value to vehicle owners and third-party stakeholders. One prominent trend is the usage-based insurance (UBI). Insurance companies increasingly use telematics data from connected vehicles to offer UBI policies. These policies calculate premiums based on real-time driving behavior, promoting safer driving habits and potentially lowering insurance costs for responsible drivers. This approach benefits consumers and allows insurers to assess risk better and set competitive pricing.

Connected Vehicle Market Share — by Region, 2023

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Source: The Insight Partners Analysis

Data analytics and insights services are becoming integral to the connected vehicle ecosystem. Companies monetize vehicle data by providing automakers, city planners, and advertisers with actionable insights. This data can inform infrastructure improvements, traffic management strategies, and targeted advertising campaigns. For instance, in 2021, Honda Motor started a new company that sells data produced by smart vehicles. Honda partnered with Tokyo-based company Nightley, to study driving behavior. The information is intended to help in determining customer demands.

The 5G category of the technology segment is expected to dominate the market during the forecast period as it is acting as a foundation for the connected vehicle ecosystem. 5G employs higher digital radio frequencies, which allows for quicker data download and upload, and has the capacity to connect multiple devices without causing congestion. In addition, developed and developing nations across the globe are investing heavily to develop and deploy 5G infrastructure, which is further accelerating the market.

Asia Pacific is leading in the connected vehicle market, followed by North America and Europe. China is a leading market in Asia Pacific, and the US is a significant shareholder in North America. In addition, Germany and France are two major contributors to the connected vehicle market in Europe.

Harman International, Visteon Corporation, Otonomo Technologies, Aptiv PLC, Robert Bosch, General Motors, and TomTom NV are among the major companies operating in the connected vehicle market. Strategic alliances with other firms, product/technology development, and expanding networks in different countries are a few major strategies followed by the companies to strengthen their foothold in the connected vehicle market.

Asia Pacific is home to one of the most dynamic and rapidly evolving automotive industries in the world. As the world's largest and most populous region, it encompasses a diverse landscape of automotive manufacturers, from established giants to emerging players. Within this dynamic region, the connected vehicle industry is gaining significant traction and reshaping the way consumer interact with their vehicles and the transportation ecosystem. A blend of innovation, urbanization, and a growing middle-class population characterizes the connected vehicle industry in Asia Pacific. Leading automakers across the region, including Toyota, Hyundai, and BYD, are investing heavily in integrating advanced connectivity features into their vehicles. For instance, Toyota Corporation invested US$ 600 million in China's mobility technology company, DiDi Global. 

The region is witnessing substantial growth in electric-connected vehicles, with a focus on energy-efficient routing and intelligent charging solutions. Major countries such as China and India are actively promoting electric mobility, providing incentives for electric vehicle adoption, and supporting the development of charging infrastructure. The increasing adoption of electric vehicles is directly impacting the connected vehicles market positively, owing to the integration of the latest technologies in vehicles to enhance the overall driving experience. The robust digital infrastructure in the region, including the deployment of 5G networks, further accelerates the growth of the connected vehicle industry. With high-speed, low-latency connectivity, vehicles can access real-time data, receive over-the-air updates, and communicate seamlessly with other vehicles and infrastructure.

Harman International, Visteon Corporation, Vodafone Group, Audi AG, Robert Bosch, General Motors, Continental AG, AT&T, Denso Corporation, BMW Group are among the key connected vehicle market players profiled during this study on the market. In addition, several other important connected vehicle market players were analyzed during this study to get a complete view of the market and its ecosystem.

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