North America Connected Vehicle Market Revenue to cross US$ 40,918.19 million by 2030

At 17.3% CAGR, North America Connected Vehicle Market is Speculated to be worth US$ 40,918,49 million by 2030, says Business Market Insights

According to Business Market Insights' research, the North America connected vehicle market was valued at US$ 11,424.96 million in 2022 and is expected to reach US$ 40,918.49 million by 2030, registering a CAGR of 17.3% from 2022 to 2030. Connected car data monetization and increasing smart city initiatives are among the critical factors attributed to the North America connected vehicle market expansion.

Data monetization trends in the connected vehicle industry involve exploring innovative ways to leverage the vast amounts of data generated by connected vehicles for financial gain while also delivering value to vehicle owners and third-party stakeholders. One prominent trend is the usage-based insurance (UBI). Insurance companies increasingly use telematics data from connected vehicles to offer UBI policies. These policies calculate premiums based on real-time driving behavior, promoting safer driving habits and potentially lowering insurance costs for responsible drivers. This approach benefits consumers and allows insurers to assess risk better and set competitive pricing.

Data analytics and insights services are becoming integral to the connected vehicle ecosystem. Companies monetize vehicle data by providing automakers, city planners, and advertisers with actionable insights. This data can inform infrastructure improvements, traffic management strategies, and targeted advertising campaigns.

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

Based on technology, the North America connected vehicle market is categorized into 5G, 4G/LTE, and 3G & 2G. The 4G/LTE segment held 69.2% market share in 2022, amassing US$ 7,905.80 million. It is projected to garner US$ 20,105.63 million by 2030 to expand at 12.4% CAGR during 2022-2030.

By connectivity, the North America connected vehicle market is segmented into integrated, tethered, and embedded. The embedded segment held 53.1% share of North America connected vehicle market in 2022, amassing US$ 6,065.82 million. It is projected to garner US$ 21,605.97 million by 2030 to expand at 17.2 CAGR during 2022-2030.

In terms of application, the North America connected vehicle market is categorized into telematics, infotainment, driving assistance, and others. The infotainment segment held 33.2% share of North America connected vehicle market in 2022, amassing US$ 3,796.07 million. It is projected to garner US$ 12,942.11 million by 2030 to expand at 16.6% CAGR during 2022-2030.

Based on country, the North America connected vehicle market has been segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 65.2% share of North America connected vehicle market in 2022. It was assessed at US$ 7,446.40 million in 2022 and is likely to hit US$ 27,134.02 million by 2030, exhibiting a CAGR of 17.5% during 2022-2030.

Key players operating in the North America 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.