Steady Growth Projected for Connected Car Market

Market Size and Growth

According to various industry reports, the global connected car market has experienced significant expansion in recent years:

• 2022: USD 8,472 billion
• 2023: USD 8,087 billion (estimated)
• 2024: Projected to grow to USD 9,514 billion

The market is expected to continue growing at a compound annual growth rate (CAGR) of 13.3% from 2024 to 2030, reaching a projected USD 387 billion by 2030.

Factors Driving Growth

The growth of the connected car market is attributed to several factors, including:

• Increasing demand for connected services (e.g., navigation, entertainment)
• Advances in wireless communication technologies (5G, V2V)
• Government regulations promoting connected car technologies

Conclusion

The connected car market is poised for continued growth as the integration of technology into vehicles enhances convenience, safety, and efficiency. With the expansion of 5G networks and the development of innovative applications, the connected car is poised to transform the driving experience and revolutionize the automotive industry.