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.

The rising adoption of fully autonomous vehicles is expected to significantly impact the demand for the connected vehicle market in the coming years, reshaping the automotive industry and consumer interaction with their vehicles. Fully autonomous vehicles, often called self-driving cars, rely heavily on connectivity. These vehicles require real-time data from various sources, including GPS, sensors, cameras, and communication networks, to navigate safely and make split-second decisions. Connected cars provide the infrastructure to facilitate this data exchange, ensuring that autonomous vehicles can operate seamlessly. This reliance on connectivity makes connected vehicles a fundamental enabler of fully autonomous driving systems, increasing demand for vehicles with advanced connectivity features.

Fully autonomous vehicles are expected to bring a new era of mobility-as-a-service (MaaS) and shared autonomous fleets. These services will rely heavily on connectivity to efficiently manage and coordinate fleets of self-driving vehicles. Passengers can operate autonomous vehicles via smartphone apps, and these vehicles will communicate with each other to optimize routes, minimize idle time, and respond to changing demand patterns. The demand for connected vehicles will grow as automakers and mobility service providers seek to integrate these vehicles into MaaS platforms, ensuring seamless and efficient autonomous transportation experiences. Although fully autonomous vehicle technology is still nascent, several players are planning to invest and focus on R&D activities to develop commercialized autonomous vehicles. For instance, in 2022, Wayve, a self-driving car software company, bagged US$ 200 million from Microsoft, Virgin, and Baillie Gifford to accelerate the development of autonomous vehicle solutions.

The top global connected vehicle market players included Harman International, Visteon Corporation, Robert Bosch, and General Motors in 2022. The ranking of these companies is derived by giving weightage to the following key performance parameters: overall revenue, segment revenue, geographical reach, customer base, new product launches, market initiatives, investment in technology up-gradation, R&D investments, mergers & acquisitions, and other market-related activities. Various other notable connected vehicle market players profiled in this report are Vodafone Group, Audi AG, Continental AG, AT&T, Denso Corporation, BMW Group, etc. 

Key Findings of Market Study:

France's connected vehicle market has been rapidly evolving, driven by innovative technologies and a strong focus on sustainability. French automakers such as Renault and Peugeot have been pioneers in integrating advanced connectivity features into their vehicles. Furthermore, the country boasts a thriving startup ecosystem focused on connected vehicle technologies, fostering innovation in areas such as autonomous driving and mobility services. With stringent environmental goals and a strong emphasis on technological advancement, France is a key player in the Europe connected vehicle market.
The UK connected vehicle market showcases a unique blend of innovation and entrepreneurship. While the UK is not traditionally known for automobile manufacturing, it has become a hub for technology development and startups in the connected vehicle space. British companies have made significant strides in areas including autonomous vehicle technology, software development, and data analytics for connected vehicles. The UK government has supported this industry through initiatives promoting electric vehicle adoption, connected infrastructure, and smart cities. For instance, the government spent approximately US$5 billion in 2020 to make gigabit-capable broadband available throughout the country and US$56.7 million in 2021–2022 to illustrate the potential benefits of 5G technology.

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