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Europe Connected Car Market Research Report - Segmented By Service (Fleet Management, Driver Assistance, Entertainment, Safety & Security and Autonomous Driving), Technology (2G,3G, and 4G/LTE), End-User (OEM, Aftermarket) and Country (UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic and Rest of Europe) - Industry Analysis on Size, Share, Trends, COVID-19 Impact & Growth Forecast (2023 to 2028)

Published: March, 2023
ID: 9102
Pages: 130
Formats: report pdf report excel report power bi report ppt

Europe Connected Car Market Size (2023 to 2028)

The connected car market in Europe is predicted to be worth USD 39.81 billion by 2028 from USD 28.37 billion in 2023, growing at a CAGR of 7.01% from 2023 to 2028.

The connected vehicle trend is emerging, in which European car manufacturers and automotive suppliers are developing several relevant solutions. Based on connectivity, the demand for integrated solutions, linked solutions, and others for connected cars has increased over the years. Likewise, the use of telematics and fleet management solutions for connected utility vehicles has expanded.

Car manufacturers are focusing heavily on providing connectivity solutions in their vehicles to increase their car sales due to the growing need for connectivity. In addition, the increased willingness of consumers to stay connected to the outside world, even when traveling, encourages the adoption of connected cars worldwide. Also, integrating connectivity solutions into the vehicle has become a top priority for automakers, as consumers expect their vehicles to perform tasks like computers and smartphones.

The multiple connectivity solutions integrated into modern cars require Internet service to perform their respective functions. One of these connectivity solutions is used to provide an Internet connection to the driver and passengers traveling in the vehicle. By using a smartphone, modem, or connectivity device, an access point can be created in the car to provide Internet access to all devices in the vehicle. As a result, the growing trend in connectivity solutions is driving the connected car market.

The demand for a connected driving experience is increasing rapidly in this region. Major automakers and OEMs are working to make this a reality very soon. Safety-related regulatory initiatives will have a decisive effect on the adoption of OEM telematics across Europe.

The growing demand for electric vehicles by European consumers plays a crucial role in boosting the market for connected cars. Besides, the market is expected to gain strength due to the widespread adoption of mobile and wireless technologies.

Some governments within the EU are introducing various vehicle safety regulations and initiatives, which could be a positive move for manufacturers and dealers of connected cars. In addition, the availability of advanced telecommunications and road infrastructure will also continue to fuel the European connected car market.

OEMs in Europe face challenges in the form of rising costs, extended supply chains, more compact vehicles, growing customer demand, and the need for unprecedented manufacturing flexibility.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2022 to 2028

Base Year

2022

Forecast Period

2023 to 2028

CAGR

7.01%

Segments Covered

By Service, Technology, End-User, and Region.

 

Various Analyses Covered

Global, Regional and country Level Analysis, Segment-Level Analysis; DROC, PESTLE Analysis; Porter’s Five Forces Analysis; Competitive Landscape; Analyst Overview of Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

 

Market Leaders Profiled

Airbiquity Inc, Aptiv PLC, Autoliv, Continental AG, Denso, NXP Semiconductors, Robert Bosch GmbH, TomTom, WirelessCar, ZF Friedrichshafen, and Others.

 

This research report on the European connected car market has been segmented and sub-segmented into the following categories.

Europe Connected Car Market - By Service:

  • Fleet Management
  • Driver Assistance
  • Entertainment  
  • Safety & Security
  • Autonomous Driving

Of these, fleet management and safety & security segments account for a prominent share of the regional market. However, with the increasing technological advances, the autonomous driving segment is likely to witness rapid growth in the forecast period.

Europe Connected Car Market - By Technology:

  • 2G
  • 3G
  • 4G/LTE

Among these, the 4G/LTE segment holds the dominant portion due to the need for high-speed data connectivity in vehicles. It is also estimated to witness tremendous growth in the coming years.

Europe Connected Car Market - By End-User:

  • OEMs
  • Aftermarket

OEMs among these are predicted to register the highest CAGR in the foreseen years, owing to the rise in demand for authentic components.

Europe Connected Car Market - By Country:

  • UK
  • France
  • Spain
  • Germany
  • Italy
  • Russia
  • Sweden
  • Denmark
  • Switzerland
  • Netherlands
  • Turkey
  • Czech Republic
  • Rest of Europe

Europe has always been very supportive of promoting connected car technology. European CEN and ETSI have established specific standards for cooperative information transport systems (ITS), in line with the European Commission's request for safer, more efficient, and more sustainable transport. The latest standards oblige manufacturers to equip each car model with a GPS and 3G/4G connectivity. Also, the technology is expected to interconnect drivers with automakers, dealerships, and auto repair shops, which is a significant advance for the connected car market in Europe.

KEY MARKET PLAYERS:

Airbiquity Inc., Aptiv PLC, Autoliv, Continental AG, Denso, NXP Semiconductors, Robert Bosch GmbH, TomTom, WirelessCar and ZF Friedrichshafen are some of the notable companies in the Europe connected car market. These companies have secure global distribution networks and offer a wide range of products. They adopt strategies such as new product development, collaborations, and contracts and agreements to maintain their market position.

RECENT HAPPENINGS IN THE MARKET:

  • In September 2019, Continental launched Cosma Solution, a digital door opener for Honda E, which is an access solution based on smartphones that will allow Honda owners to open their vehicles or share the key with other people using only their smartphone. With the My Honda + application, customers can unlock the car remotely via Bluetooth Low Energy (BLE). The new Honda will be available in 2020 Europe.
  • In July 2019, Bosch developed a new software service connected to the cloud to manage and monitor the battery life of electric vehicles. The new connectivity would allow companies to monitor and manage battery status remotely to reduce battery wear by up to 20%.
  • In June 2019, Airbiquity partnered with Wind River, a leader in the provision of IoT software for critical infrastructure, to develop an end-to-end software lifecycle management solution for connected and autonomous vehicles, extending from the car to the cloud. The solution would allow secure and intelligent OTA software updates and data management.

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FAQ's

What are the key drivers fueling the growth of the connected car market in Europe?

The increasing demand for advanced safety features, rising consumer awareness, and the growing adoption of IoT technologies are driving the growth of the connected car market in Europe.

How is the Europe connected car market expected to grow over the next five years?

The connected car market in Europe is anticipated to grow at a CAGR of 7.01% from 2023 to 2028.

What are the challenges hindering the growth of the connected car market in Europe?

Factors such as infrastructure limitations, concerns about data security, and the need for standardized regulations across European countries are hindering the growth of the European connected car market. 

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