The global connected cars market was valued at USD 60.78 billion in 2018 and is expected to reach USD 221.53 billion in 2026, growing at a CAGR of 15.07% during the forecast period. Increase in need of safety & security and increase in demand for advanced automatic electronics in the vehicle are expected to drive the growth of the connected cars market.
According to the European Automobile Manufacturers Association (EAMA), in 2018, automobile manufacturers spent a major share of the €57.4 billion annual investment on developing sophisticated connected car technology. It is anticipated that this investment will reflect in the growing demand for connected car technology over the forecast period.
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The rising consumer focus on safety and comfort which is coupled with increased demand for automobiles are the main drivers for the market growth of the global connected cars market over the forecast period. Moreover, the massive change in the lifestyle of today’s millennial and growing production in developing countries are expected to enhance the market size. This also expected to open investment opportunities in the global market for the manufacturers in the coming years.
However, the high initial capital investment and growing concern for data security are the main factors, which expected to hinder the growth of the global connected cars market during the forecast period. Moreover, a limited number of platforms and limited infrastructure development such as charging points and service centers, are the prime challenges in the global connected cars market throughout the forecast period.