Counterpoint: Global connected car sales to grow 8% year-on-year in 2024

Counterpoint: Global connected car sales to grow 8% year-on-year in 2024

According to the latest report from Counterpoint, global sales of connected cars will increase by 8% year-on-year in 2024, and 75% of all passenger cars sold in 2024 will be equipped with embedded cellular connectivity, up from 71% in 2023, indicating an accelerated adoption of in-vehicle connectivity around the world.

Commenting on the growing connectivity in cars, Associate Director Greg Basich said: “The increasing adoption of connectivity features in mass-market vehicles is a key driver of this expansion. Automakers are integrating advanced telematics, real-time navigation and connected car entertainment features to enhance the driving experience and improve safety. Embedded cellular connectivity is increasingly becoming a standard rather than an add-on feature.”

Toyota Motor Group will dominate the global connected car market sales in 2024, followed by Volkswagen Group and Hyundai Kia Automotive Group. China-based BYD Group will be the fastest growing company, with its connected car sales increasing by 34% year-on-year.

Commenting on the OEM’s strategy, Senior Analyst Parv Sharma said: “BYD, as a pure electric vehicle manufacturer, has implemented connectivity features in all its models and offers advanced safety and technology features at competitive prices, which has helped its rapid growth in the connected car market.”

“Automakers around the world are integrating embedded connectivity to enhance in-car user experience, safety and vehicle performance,” added Sharma. “Consumer demand will continue to influence the automotive industry as connectivity becomes a standard feature.”

Driven by the booming electric vehicle industry and strong consumer demand for smart mobility solutions, China will remain the leader in the global connected car market in 2024, followed by the United States and Germany. However, India stands out as the fastest-growing market, with a year-on-year growth of 25% in 2024. Counterpoint attributes this to domestic OEMs integrating connected features in their product lines.

Commenting on the Indian automobile market, Research Analyst Abhilash Gupta said, “The Indian automotive industry is adopting smart mobility solutions in line with consumer demand for seamless digital integration in cars. Leading OEMs are focusing more on their electric vehicle lineups which are equipped with advanced connectivity and safety features. India is expected to be the fastest growing connected car market, growing at a CAGR of 18% between 2025 and 2030.”

Telematics control units (TCUs) that provide 4G network access remain the primary connected device for connected cars. About 94% of connected cars sold in 2024 will be 4G connected. 5G penetration is gradually increasing, enhancing advanced vehicle connectivity. 5G integration momentum is increasing in luxury and high-end models, and will slowly penetrate into mid-range cars in the next two years. It is expected that by 2028, more than half of the cars sold will be embedded with 5G connectivity. 5G connectivity will enable enhanced vehicle-to-everything (V2X) communications, faster data transmission, and improved autonomous driving capabilities.

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