Connected Car Market: Driving Towards a USD 25.8 Billion Future by 2030 with 11.4% CAGR Growth
The connected car market is revving its engines and heading straight for the fast lane! Valued at a staggering USD 12.1 billion in 2023 , this dynamic sector is projected to surpass USD 25.8 billion by 2030 , showcasing a remarkable CAGR of 11.4% during the 2024-2030 period. Buckle up, because we’re about to take a deep dive into what this means for the automotive industry, consumers, and the technology landscape. What is a Connected Car? In simple terms, a connected car is a vehicle equipped with internet access and a variety of sensors, enabling it to communicate with external systems. Think of it as a smart device on wheels! These cars can connect to the internet, allowing features like navigation, entertainment, vehicle diagnostics, and even remote control functionalities. The Evolution of Connected Cars The journey of connected cars began with basic GPS systems and Bluetooth connectivity. Fast forward to today, and we’re witnessing advancements such as: V2X Communication :