Market Size of North America Connected Car Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 25.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Connected Car Market Analysis
Currently, North America Connected Car Market is valued at USD 30.05 billion and is expected to reach USD 114.40 billion in the next five years, registering a CAGR of 25% during the forecast period (2022-2027).
As automotive manufacturers have resumed operations due to steadily rising automobile sales in countries with a limited number of COVID-19 cases, the market is likely to recover during the forecast. Furthermore, the manufacturers are implementing contingency plans to mitigate future business uncertainties to retain continuity with clients in the critical sectors of the automobile industry.
Over the long term, increasing investments in R&D by major industry players, rising Internet penetration, availability of 5G, falling data costs, and growing preference of customers for connectivity features over mechanical specifications of vehicles and a rise in sales of electric and autonomous vehicles are creating demand in the automotive and transportation industry with a surge in sales of connected vehicles in North American market.
Key players in the market are expanding their presence in digital mobility to cater to the increased demand for connected cars. For instance, in October, 2022: Ford Motor Co. opened Ford Atlanta Research and Innovation Center (FARIC) in Atlanta in United States, to accelerate the digital transfofmation in the company. The R&D Centre will focus on developing and testing new technologies for connected vehicles, application of artificial intelligence in obility and identifying new partnerships for university research in connected mobility.
The United States is anticipated to be the dominant market for connected cars in the region due to the large prescence of automotive OEMs, high levels of technology awareness amongst the general car buyers, preference for infotainment and telematics in vehiclles, wideperad adoption of 4G/5G and growing sales of electric, connected and autonomous vehicles in the country.
