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 it 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 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. This trend is 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. It is anticipated to propel application of IoT in connected car devices.
“Connect with our team of research specialists and unlock the optimal solution for driving your business growth”
Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 26.21 Bn | |
| Estimated Value | US$ 52.78 Bn | |
| Growth Rate – CAGR | 7.25% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 180 Pages | |
| Market Segmentation | By Technology, Communication, Connectivity, Car Type, Propulsion, Sales Channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | 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 | |
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 it provides information about road haphazard, such as crash sites and areas with construction. It 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 will boost cellular communication and on-board connection in connected cars.
Regional Landscape
North America accounted for the leading market share in 2021. The significant adoption of autonomous vehicle technologies and government initiatives to promote intelligent transportation systems (ITS) are expected to drive 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.
