Market Size of Europe Connected Cars Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 16.90 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Connected Car Market Analysis
The Europe Connected Cars Market was valued at USD 10.63 billion in 2021 and shall surpass the net valuation of USD 26.95 billion by 2027 while registering a solid CAGR growth of 16.2% during the forecast period (2022-2027).
The COVID-19 pandemic had a partial impact on the European-connected cars market. Although the stringent lockdown and social distancing norms indirectly affected the market by reducing the number of vehicle sales registered in 2020, the technical research into implementing the connected car system was continued remotely. The pandemic has also forced people to prefer private transport, which is expected to raise car sales worldwide, and, consequently, the connected cars market.
Over the medium-term, as European Union has framed several regulatory frameworks and ambitious goals to boost connected car networks, such favorable policies will positively impact the market. In April 2022, Data Act prosed by the EU offers a set of principles required for accessing data from connected products. This includes the right to access and share data and contractual business-to-business data exchange rights. This technological dominance and government frameworks drive the demand for connected cars in the EU.
There is a growing demand for connected car devices as they help monitor vehicles and drivers by exchanging critical information between nearby infrastructure and vehicles. Europe is home to many of the largest automotive technology manufacturers. Through innovative platforms, IoT and telematics together have enhanced connectivity, communications, and responses that offer infotainment, safety, security, and increased vehicle management to drivers, passengers, and commuters.
European Union accounts for almost 30% of the globally connected car fleet. Europe is also known for its extensive technological OEMs, which work in domains such as in-car entertainment, navigation, and in-car connectivity (for example, through Bluetooth), which have evolved rapidly over the last decade.
