Connected Cars Market Share, Trends And Growth By 2034

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What are the growth projections for the connected cars market from 2024 to 2029?

The connected cars market size has grown rapidly in recent years. It will grow from $91.38 billion in 2024 to $105.13 billion in 2025 at a compound annual growth rate (CAGR) of 15.0%. The growth in the historic period can be attributed to emerging markets growth, increased demand for enhanced user comfort, safety, and convenience, and increasing occurrences of vehicle theft in the connected cars industry.

The connected cars market size is expected to see rapid growth in the next few years. It will grow to $191.43 billion in 2029 at a compound annual growth rate (CAGR) of 16.2%. The growth in the forecast period can be attributed to a rise in global population, the emergence of various technologies such as 5g and ai, a rise in internet penetration, the internet of things (IoT), rising preference for in-car wi-fi hotspots and data services and increasing demand for smart solutions in mobility. Major trends in the forecast period include the adoption of 5g connectivity in connected cars, integration of AI in connected cars to enhance the features in connected car operating systems, installation of cybersecurity systems in connected cars to the risk of cyber-attacks, and design of hybrid personalized in-vehicle infotainment systems for connected cars.

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What strategic initiatives by market players are driving connected cars industry growth?
An increase in efforts by governments to develop intelligent transportation systems will drive the connected car market. During this period, government efforts for the development of connected and autonomous cars contributed to the connected car market’s growth. For instance, in the UK, government efforts were significant for the development of connected cars. The government in the UK has invested £40 million (US$50 million) in schemes for kick-starting commercial autonomous vehicle (AV) services, such as delivery vehicles and passenger shuttles. Additionally, there have been numerous trials and they have introduced new legislation to promote the deployment of connected cars. By 2030, the UK is expected to benefit from a projected £62 billion ($74.36 billion) in economic benefits from deploying connected and autonomous vehicles.

What emerging segments are shaping the future landscape of the connected cars industry?
The connected cars market covered in this report is segmented –

1) By Product Type: Embedded, Tethered, Integrated
2) By Application: Navigation, Infotainment, Telematics, Combination
3) By Services: Driver Assistance, Safety and Well-Being, Entertainment, Vehicle Management, Mobility Management, Other Services

Subsegments:
1) By Embedded: OEM Embedded Systems, Aftermarket Embedded Systems
2) By Tethered: Smartphone Tethering, Mobile Hotspot Tethering
3) By Integrated: Infotainment Systems, Advanced Driver-Assistance Systems (ADAS), Vehicle-to-Everything (V2X) Communication

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Which sustainability trends are emerging in the connected cars market?
Connected car companies are increasingly developing new technologies such as autonomous vehicle map software to increase their revenue and also to gain a competitive edge over their rivals. For instance, in 2022, NVIDIA Corporation, an American technology company launched an autonomous vehicles map software, DRIVE Map. It is a multi-modal mapping engine designed to accelerate the deployment of autonomous Level-3 and Level-4 vehicles that can operate without human intervention. After acquiring HD mapping startup, DeepMap last year, Nvidia accelerated the development of DRIVE Map. These startup's mapping technologies were incorporated into DRIVE Map. The DRIVE Map by Nvidia combines the accuracy of DeepMap survey mapping with the scale of AI-based crowdsourcing.

How are key players in the connected cars market strengthening their market position?
Major companies operating in the connected cars market include Volkswagen, Toyota Motor Corporation, General Motors, Daimler AG, BMW Group, Ford Motor Company, Honda Motor Co Ltd, Hyundai Motor Group, Tesla, Renault, Tata Motors Limited, Mahindra and Mahindra Ltd., NIO Inc., XPeng Inc., Geely Automobile Holdings Limited, Nissan Motor Co., Ltd., Mitsubishi Motor Corporation, Bavarian Motor Works AG, Audi AG, Fiat Chrysler Automobiles, Delphi, Denso, Mercedes-Benz, Continental, SAIC Motor, Dongfeng, FAW and Chang'an, Banma Network Technology, ECARX Technology, Zhidao Network Technology, AutoAI Geely, Beijing Automotive Group, Brilliance Automotive, Guangzhou Automobile Group, Chery and Jianghuai (JAC), Robert Bosch GmbH, Tomtom INC, Oxbotica, StreetDrone, Flourish, Zenzic AVs, GAZ Group, Yandex, Kamaz Livemap, Raxel Telematics, Stellantis, Airbiquity Inc., CloudMade, Intellias Ltd., LUXOFT, Qualcomm Technologies, Inc., Sierra Wireless, Telefonica S.A., Vodafone Group Plc, Verizon Communications, Samsung Electronics, AT&T, FCA South Africa, Jaguar Land Rover, Suzuki Auto South Africa

Which geographic areas are contributing significantly to the growth of the connected cars sector?
Asia-Pacific was the largest region in the connected cars market share in 2024. Western Europe was the second largest region in the global connected cars market. The regions covered in the connected cars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

How Can Companies Use The Connected Cars Market Report to Drive Business Results?
This report provides actionable insights tailored for business use—not academic analysis. Companies can leverage the data to:
• Time market entry or expansion using growth forecasts and CAGR trends.
• Develop competitive products by tracking key technology shifts and user preferences.
• Tailor regional strategies with in-depth geographic data and local market dynamics.
• Benchmark and plan partnerships using competitive landscape insights.

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