Global Connected Car Devices Market is Anticipated to Hold a Value worth US$ 52.78 Billion by 2031: Transparency Market Research

Wilmington, Delaware, United States, July 31, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global connected car devices market was valued at US$ 26.21 Bn in 2021 and is projected to grow at a CAGR of 7.25% from 2022 to 2031 to reach US$ 52.78 Bn by 2031.

Increase in popularity of autonomous vehicles across the globe is a key trend anticipated to broaden market outlook. Rise in sales of connected cars is anticipated to augment market size in the next few years. IoT is a key enabler of high-speed vehicle-to-vehicle and vehicle-to-infrastructure communications.

Key Findings of Study

Rapid Pace of Penetration of IoT and ADAS in Vehicles

Significant deployment of Advanced Driver Assistance Systems (ADAS) by automakers in next-gen vehicles is a key factor expected to bolster revenue for companies in the global connected car devices market. Increase in usage of autonomous driving technologies, such as blind spot detection system and adaptive navigation, for enhanced safety of passengers is a key trend likely to accelerate market development.

Considerable adoption of IoT technologies in smart mobility, such as cameras, sensors, and RFID, is projected to create lucrative opportunities to companies in the global connected car devices market. In terms of technology, Advanced Driver Assistance Systems (ADAS) was the dominant segment in 2021.

Increase in usage of high-speed vehicle-to-vehicle and vehicle-to-infrastructure communications in the automotive industry is anticipated to propel application of IoT in connected car devices.

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Market Snapshot:

Surge in Utilization of High-speed V2X Communication Technologies Bolstering Automated Driving

Rapid technological advancement in connected vehicle technology is projected to offer substantial business opportunities for companies in the near future. Increase in utilization of high-speed V2X (vehicle-to-everything) communication to obtain real-time updates on traffic scenario and information about road haphazard, such as crash sites and areas with construction, is expected to augment the connected car devices market size.

Based on connectivity, the dedicated short range communication (DSRC) segment accounted for the leading market share in 2021. DSRC enables short-range vehicle-to-vehicle communication and is compliant with IEEE 802.11p standard.

Key Growth Drivers of Connected Car Devices Market

• Rise in demand for autonomous driving technologies in next-generation vehicles is a key driver of the connected car devices market
  
• Steady utilization of IoT technologies in the automotive industry is likely to bolster the usage of cellular communication and on-board connection technologies in connected cars.
  

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Regional Landscape

North America accounted for the leading market share in 2021. Significant adoption of autonomous vehicle technologies and considerable initiatives by governments in the region to promote intelligent transportation system (ITS) are anticipated to fuel market growth in the near future.

Significant investment in infrastructure for smart cities in the U.S. and Canada is expected to propel the market in the region in the next few years.

The market in Europe is likely to grow at a rapid pace in the next few years. Considerable investment in 5G technologies and rise in demand for autonomous vehicles among consumers in the region are likely to fuel market expansion.

Increase in number of government projects on the 5G - CORAL project is anticipated to boost the market. Advances in communication standards for the automotive industry in Europe is likely to bolster market development.

Competition Landscape

Prominent companies in the connected car devices market are focusing on comprehensive R&D activities. They have also adopted strategies, such as mergers & acquisitions and product portfolio expansion, to stay ahead of the competition. OEMs and service providers are also engaging in collaborations, which is likely to bolster business growth.

Key players operating in the market are:

• Robert Bosch GmbH
• ZF Friedrichshafen AG
• Continental AG
• Autoliv, Inc.
• Faurecia
• Delphi Technologies plc
• Azcom
• Denso Corporation
• Valeo SA
• Harman International Industries Inc.
• TE Connectivity
• WiTricity Corporation

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Segmentation

The global connected car devices market is segmented based on

Technology

• Advanced Driver Assistance Systems (ADAS)
  • Adaptive Cruise Control
  • Lane Departure Warning
  • Blind Spot Detection
  • Road Sign Recognition
  • Park Assist
  • Pedestrian Detection System
• Telematics
• Others
  

Communication

• Vehicle to Vehicle (V2V)
• Vehicle to Infrastructure (V21)
• Vehicle to Everything (V2X)
  

Connectivity

• Cellular Networks
• Dedicated Short Range Communication (DSRC)
• Others
  

Car Type

• Hatchback
• Sedan
• Utility Vehicles
  

Propulsion

• IC Electric Vehicles
  • Gasoline/Petrol Cars
  • Diesel Cars
• Electric Vehicles
  • Battery Electric Vehicles
  • Hybrid Electric Vehicles

Sales Channel

• OEM
• Aftermarket

Region

• Asia Pacific
• North America
• Middle East & Africa
• South America
• North America
  

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