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