The Connected Car Market: Growth and Prospects

The Internet of Things (IoT) has brought changes to many industries, but it has perhaps had the largest impact on the automotive industry. When General Motors first introduced OnStar on its vehicles in 1996, it marked the birth of the “connected car.” In the 20+ years since then, cars have continued to become smarter and more connected to the world around them. According to a report published by PwC, the global connected car market will reach a value of $123 billion by 2020. This is massive growth considering that it was only a $34 billion industry in 2015.1 While there are opportunities across the globe in this industry, the United States has proven to be the top nation in terms of revenue thus far (projected to be at 11,044 million in 2018).
The connected car industry has seen a variety of technological advances in a short period of time. Continuous innovations in advanced driver assistance systems (ADAS), safety technologies, and in-car entertainment offer consumers a better, more connected driving experience. This white paper takes a look at the developments and the future of connected cars.