Connected Car M2M Connections Market

Key Insights

The Global Connected Car M2M Connections Market is valued at USD 24.7 Billion in 2023 and is projected to reach a value of USD 32.83 Billion by 2032 at a CAGR (Compound Annual Growth Rate) of 3.6% between 2024 and 2032.

Overview and Description

Connected car enables connectivity and offers convenience, performance, safety, and security along with powerful network technology to the consumers or drivers. This enables the driver to connect with online platforms, and provides real-time communication. The M2M feature in a car enables interconnectivity between two connected cars. The car is equipped with numerous sensors and processors, which provide accurate and real-time information to the driver.

The Global Connected Car M2M Connections Market is segmented based on products, applications, regions, and countries. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. All the segments have been analyzed based on present and future trends. The research study provides complete assessment of the market on the basis of competition, drivers, restraints, opportunities, trends, and industry-authenticated data. The market is estimated from 2018 to 2022 with forecast from 2023 to 2032.

COVID-19 Impact Analysis

COVID-19 pandemic led to government of numerous countries across the globe to impose strict lockdown restrictions during the preliminary stages. In 2021, numerous countries faced the adverse effects of the pandemic due to the outbreak of second wave, which also led governments to again impose lockdown measures. Business shutdowns, partial business operations, and travel restrictions have led to challenges in supply chain and in turn production. However, it is expected that reopening of trade activities, the market will witness steady growth in the demand in the coming years. Impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.

The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:

• Impact Assessment of COVID-19 Pandemic
• Pre & Post COVID-19 Market Size
• Qualitative analysis on the short term & long term impact of COVID-19 on the market
• The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.

Industry Insights

The easy diagnosis system of vehicles is anticipated to augment the growth of the Connected Car M2M Connections Market during the forecast period. The system in the car will source data of the vehicle to both the automobile dealer and the customer in the case of advanced diagnostics systems. This also helps to predict potential automobile issues even before they take place. In addition to that, it also helps to track vehicle records and decide which vehicle has travelled the most in fleet management, and offers service accordingly with the help of the solutions. Thus, ease of vehicle diagnosis along with the help mobile applications is anticipated to boost the growth of the Connected Car M2M Connections Market.

The evolution of connectivity solutions coupled with the increasing use of smartphones is anticipated to augment the growth of the Connected Car M2M Connections Market in the years to come. Many connectivity solutions are integrated in modern automobile in order to increase their automobile sales. The connectivity solutions in cars require internet services to perform their respective functions and this is provided in a car using embedded, and integrated connectivity solutions. An in-car hotspot can also be created to offer internet access to all the devices within the vehicle with the help of a smart phone, modem, or connectivity device. Therefore, rise in trend of connectivity solutions drives the growth of the connected cars M2M connections market.

The lack of continuous & unified internet connectivity is anticipated to hamper the growth of the connected cars M2M connections market. This is due to the low internet connectivity and signal ranges by service providers, which vary for different regions. The drivers lose interconnectivity between connected cars and might create miscommunication problems.

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Regional Analysis: Preview

Based on region, the Global Connected Car M2M Connections Market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America region led the market with the largest share in 2020. Some of the key countries contributing to the surge in the market are the U.S., U.K., Germany, France, China, India, Japan, and South Korea.

The market comprises of numerous small, medium, and large sized players spread across various geographies. Some of the main competitors in the Global Connected Car M2M Connections Market are Airbiquity, Google, Verizon Telematics, Sierra Wireless, Apple, Ford Motors, BMW, Intel, Broadcom, Alcatel-Lucent, Bell Mobility, HERE, Autonet Mobile, AT&T, Hyundai Motors, Axway, Harman International, Ericsson, CalAmp, General Motors, Gemalto, Daimler, IBM, BMW, Aeris, Audi Connect.. The report covers company market share analysis which gives a comprehensive overview of the main competitors in the market. In addition, the report also covers major strategies adopted by market players such as new product launch, acquisitions & mergers, partnerships, collaborations & joint ventures, research & development, and regional expansion. The study also covers the product portfolio of major companies operating in the market.

The Global Connected Car M2M Connections Market can be categorized as Type, Application, End-Use Industry, and Region.