Growing concerns for safety and security, rapid urbanization, accelerating demand for improved driving experience, and rising adoption of internet of things (IoT) in the automobile sector are projected to drive the growth of the connected car market, at a CAGR of 24.1%, during the forecast period (2020–2025). At this rate, the revenue size of the market will increase from $72,499.2 million in 2019 to $198,459.7 million by 2025.
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The face of mobility will be transformed by the integration of IoT-enabled technologies in the automotive sector. The connected car market growth is also driven by the fact that original equipment manufacturers (OEMs) are incorporating IoT-based technologies to achieve cutting-edge results pertaining to the connected cars. Moreover, IoT encompasses a range of advanced connectivity solutions and infotainment services for drivers. With the fast-paced incorporation and commercialization of IoT and associated technologies, these services have become a quintessential part of the automobile sector.
During the forecast period, the Asia-Pacific connected car market is projected to showcase the fastest growth, due to the rapid integration of connected devices in passenger cars and increase in digital services such as software updates and cybersecurity. Furthermore, expected surge in strategic alliances between automotive and non-automotive companies in the forecast period will accelerate the market growth. These alliances are projected to enhance the communication infrastructure and meet the government norms for vehicle data security.
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Thus, the growing concerns for safety and security and spurring demand for enhanced driving features will boost the market growth in future.
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