Overview and Scope
Connected car devices refer to hardware components or systems installed in vehicles that enable connectivity and communication with external networks or devices. These devices enhance the driving experience by providing convenience, safety, and entertainment options. They also enable new services and applications, such as automatic crash notification, stolen vehicle tracking, and remote control functionalities.
Sizing and Forecast
The connected car devices market size has grown rapidly in recent years. It will grow from $66.43 billion in 2023 to $77.94 billion in 2024 at a compound annual growth rate (CAGR) of 17.3%. The growth in the historic period can be attributed to evolution of communication technologies, increasing consumer demand for connectivity, regulatory mandates, growth of IoT ecosystem, rise of autonomous vehicles.
The connected car devices market size is expected to see rapid growth in the next few years. It will grow to $148.63 billion in 2028 at a compound annual growth rate (CAGR) of 17.5%. The growth in the forecast period can be attributed to increasing adoption of electric vehicles (EVs), emergence of edge computing, enhanced cybersecurity measures, integration of artificial intelligence (AI), continued innovation in mobility services. Major trends in the forecast period include integration of 5G connectivity, expansion of vehicle-to-everything (V2X) communication, growth of over-the-air (OTA) updates, rise of personalized in-vehicle experiences, focus on cybersecurity.
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Segmentation & Regional Insights
The connected car devices market covered in this report is segmented –
1) By Communication: Vehicle-to-Vehicle (V2V), Vehicle-to-Infrastructure (V2I), Vehicle-to-Pedestrian(V2P), Other Modes Of Communication
2) By Technology: Driver Assistance Systems, Telematics, Other Technologies
3) By Connectivity: Dedicated Short Range Communication (DSRC), Long Range Or Cellular Network
4) By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles
5) By End-user: Original Equipment Manufacturer, Aftermarket
Asia-Pacific was the largest region in the connected car devices market in 2023. It is expected to be the fastest-growing region in the forecast period. The regions covered in the connected car devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising adoption of electric vehicles is expected to propel the growth of connected car devices market going forward. Electric vehicles (EVs) are automobiles that are powered by one or more electric motors, using electrical energy stored in rechargeable batteries or generated by an onboard fuel cell. Electric vehicle adoption is on the rise due to several factors, including stringent emissions regulations, growing awareness of the environmental benefits, and cost efficiency. Connected car devices in electric vehicles facilitate remote monitoring of battery status, vehicle charging, and energy consumption, while also delivering real-time navigation updates customized for EVs, thereby improving overall efficiency and user satisfaction. For instance, in July 2023, according to International Energy Agency, a France-based intergovernmental organization, the proportion of electric cars in overall sales has surged by over threefold within a span of three years, rising from approximately 4% in 2020 to a higher figure in 2022. Therefore, the rising adoption of electric vehicles is driving the growth of the connected car devices market.
Key Industry Players
Major companies operating in the connected car devices market are Volkswagen AG, Toyota Motor Corporation, General Motors Company, Robert Bosch GmbH, Tesla Inc., Intel Corporation, Panasonic Corporation, Denso Corporation, Nvidia Corporation, Qualcomm Incorporated, Continental AG, Porsche AG, Magna International Inc., Valeo SA, Infineon Technologies AG, Autoliv Inc., Harman International Industries Incorporated, Garmin Ltd., Visteon Corporation, TomTom N.V., Sierra Wireless Inc., Delphi Technologies, Autotalks Ltd.
The connected car devices market report table of contents includes:
1. Executive Summary
2. Connected Car Devices Market Characteristics
3. Connected Car Devices Market Trends And Strategies
4. Connected Car Devices Market – Macro Economic Scenario
5. Global Connected Car Devices Market Size and Growth
…..
32. Global Connected Car Devices Market Competitive Benchmarking
33. Global Connected Car Devices Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Connected Car Devices Market
35. Connected Car Devices Market Future Outlook and Potential Analysis
36. Appendix
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