Connected vehicle data market faces setbacks as two of its largest players exit

CVD is often aggregated with or supplemented by location-based services data and data from onboard telematics devices. Although the connected vehicle data market was thought of as the future of vehicle services, the reality — at least in the near term — has been much bleaker. Ultimately, the total addressable market for connected vehicle data was much smaller than expected, and both firms struggled to monetize data streams beyond ad hoc deals. According to our VoCUL: Connected Car, Services 2023 survey, the majority (60%) of respondents today do not have a car enabled with connected car services. S&P Global projects that the connected car market — the source of all of this potentially valuable vehicle data — will likely explode in coming years.