Europe Connected Vehicle Market Revenue to cross US$ 46,430.82 million by 2030

At 17.7% CAGR, Europe Connected Vehicle Market is Speculated to be worth US$ 46,430.82 million by 2030, says Business Market Insights

According to Business Market Insights' research, the Europe connected vehicle market was valued at US$ 12,625.37 million in 2022 and is expected to reach US$ 46,430.82 million by 2030, registering a CAGR of 17.7% from 2022 to 2030. Increasing smart city initiatives and advancements in connectivity technology are among the critical factor attributed to the Europe connected vehicle market expansion.

The impact of smart cities and infrastructure development on the demand for the connected vehicle market in the coming years is poised to be transformative. As cities across the globe continue to evolve into intelligent, tech-driven urban centers, the synergy between these developments and the connected vehicle market is set to shape the future of urban mobility. The growing emphasis on innovative city initiatives drives investments in infrastructure supporting connected vehicles. These investments encompass the deployment of sensors, data networks, and real-time traffic management systems that create a rich ecosystem of data that is favorable for the connected vehicles industry. As smart cities increasingly prioritize environmental sustainability, the demand for connected vehicles, particularly electric and hybrid models, is expected to surge. These cities actively promote eco-friendly transportation options to reduce emissions and combat pollution. Connected vehicles play a pivotal role in this endeavor by offering features such as energy management, remote diagnostics, and optimized charging, all of which contribute to a greener, more sustainable urban transportation ecosystem. As cities continue to incentivize and invest in green mobility solutions, the market demand for connected vehicles with environmentally friendly features is set to grow substantially.

On the contrary, data privacy and security concerns hurdle the growth of Europe connected vehicle market.

Based on technology, the Europe connected vehicle market is segmented into 5G, 4G/LTE, and 3G & 2G. The 4G/LTE segment held 74.9% market share in 2022, amassing US$ 9,458.18 million. It is projected to garner US$ 20,414.06 million by 2030 to expand at 10.1% CAGR during 2022-2030.

In terms of connectivity, the Europe connected vehicle market is categorized into integrated, tethered, and embedded. The embedded segment held 45.3% share of Europe connected vehicle market in 2022, amassing US$ 5,721.41 million. It is projected to garner US$ 19,765.35 million by 2030 to expand at 16.8 % CAGR during 2022-2030.

By application, the Europe connected vehicle market is segmented into telematics, infotainment, driving assistance, and others. The infotainment segment held 36.8% share of Europe connected vehicle market in 2022, amassing US$ 4,644.34 million. It is projected to garner US$ 16,363.51 million by 2030 to expand at 17.0% CAGR during 2022-2030.

Based on country, the Europe connected vehicle market has been categorized into Germany, France, Italy, the UK, and the Rest of Europe. Our regional analysis states that Germany captured 27.0% share of Europe connected vehicle market in 2022. It was assessed at US$ 3,412.27 million in 2022 and is likely to hit US$ 13,180.63 million by 2030, exhibiting a CAGR of 18.4% during the 2022-2030 period.

Key players operating in the Europe connected vehicle market are AT&T, Audi AG, Bayerische Motoren Werke AG, Continental AG, Denso, General Motors Co, Harman International Industries Inc, Robert Bosch GmbH, Visteon Corp, and Vodafone Group Plc, among others.