The connected car devices market is expected to register a CAGR of 12.5% during 2023–2031. There is an increasing trend of electrification, automated driving, and connected vehicles driving the market for connected car devices.
Connected Car Devices Market Analysis
The increasing integration of vehicle automation and advanced technologies is driving the growth of the connected car devices market. This trend presents a lucrative opportunity for connected car devices, facilitating autonomous capabilities and inter-vehicle communication. Leading producers are collaborating to develop new vehicle tracking technologies for connected cars, fueling the adoption of advanced 4G and LTE technologies.
Increasing vehicle automation and advanced technologies also result in greater demand for connected car devices, hence pushing the growth of the connected car devices market. In a nutshell, connected car devices could be of great help in achieving the goal of autonomous vehicle capabilities and inter-vehicle communication. Different leading producers of connected car devices are further initiating all possible efforts to develop new vehicle tracking technologies for connected cars. The overall connected car market is also experiencing substantial adoption of advanced 4G and LTE technologies for connected cars because they can meet the requirements of future cars by transmitting more data packets and at faster rates.
Connected Car Devices Market Overview
The further development of vehicle automation will drive the next evolution of IoV that is emerging. The new IoV evolving patterns have physical sensors, machine-type devices, and vehicles as the IoV network users. For another, the automotive technology scaling will drive the development of L2-L5 EVs in drastic changes. L2–L5 EVs refer to different levels of automation defined by the Society of Automotive Engineers (SAE), for example, lane departure warning systems, adaptive cruise control, self-parking assistance, auto-pilot, and traffic sign recognition for self-driving cars.
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Connected Car Devices Market: Strategic Insights
Market Size Value in US$ XX Million in 2023 Market Size Value by US$ XX Million by 2031 Growth rate CAGR of 12.5% from 2023 to 2031 Forecast Period 2024-2031 Historic Period 2021-2022
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Connected Car Devices Market: Strategic Insights
| Market Size Value in | US$ XX Million in 2023 |
| Market Size Value by | US$ XX Million by 2031 |
| Growth rate | CAGR of 12.5% from 2023 to 2031 |
| Forecast Period | 2024-2031 |
| Historic Period | 2021-2022 |
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Connected Car Devices Market Drivers and Opportunities
Increasing Penetration of High-Speed Technologies such as 4G and LTE to Favor the Market
The penetration of high-speed technologies such as 4G and LTE is highly significant in connected car devices market growth. This technology enables inter-vehicle communication and helps connected vehicles achieve autonomous capabilities. The ever-increasing speed of mobile communication and technology inside the connected cars are fuelling automobile manufacturers to offer more new and exciting services to the customers, which, in turn, is driving the dimension of this market.
Additionally, many of the test technologies integral to connected cars are being refined and honed along with the car itself. These technologies have to remain in top condition, operate reliably, and communicate with other systems at lightning speed. Automotive technology developers are using research to enable these connected and automated vehicles to sense and stop collisions. Sensing and avoiding collisions is a basic function for literally all connected and autonomous vehicles. The connected car devices market is experiencing growth. To conclude, the wide integration of vehicle automation and other advanced technologies is the major influence of the CCD market growth.
Autonomous Capabilities and Mobility Services
Autonomous self-driving vehicles that broaden the potential of rideshare and mobility services. Companies such as Waymo have launched paid rideshare services for those using autonomous self-driving vehicles on the road entirely without human intervention. Some ride-hailing services are expanding from specific geo-fenced areas into large metropolitan areas and cities, such as Phoenix, San Francisco, and parts of Los Angeles. Autonomous vehicles and vehicles running automated ride-hailing services are creating a rapidly growing demand for connected car devices and infrastructure. The advent of self-driving cars has also had a huge impact on IoT devices for the car market in particular, opening up a lot of opportunities for prospects, especially in the ridesharing and mobility services sector. Many companies such as Waymo, General Motors, and Ford are moving in this direction to have cars that can operate on their own and fleets that would be self-driving for rideshare purposes, and we predict this will potentially require a strong IoT backup since cars and IoT devices will need to be connected to access those autonomous services.
Connected Car Devices Market Report Segmentation Analysis
Key segments that contributed to the derivation of the connected car devices market analysis are communication type and enterprise size.
- Based on deployment type, the connected car devices market is divided into Vehicle to Vehicle, Vehicle to Infrastructure, Vehicle to Pedestrian, and Others.
- based on product type, the market is divided into Driver Assistance Systems, Telematics, and Others.
- based on vehicle type, the market is divided into Passenger Cars and Commercial Vehicles.
Connected Car Devices Market Share Analysis by Geography
Connected Car Devices Market Report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America. Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering connected car devices market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level. Also, the report covers PEST analysis, which involves the study of major factors that influence the connected car devices market in these regions.
Connected Car Devices Market Report Scope
Connected Car Devices Market News and Recent Developments
The connected car devices market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the connected car devices market are listed below:
- HARMAN, a global leader in connected vehicle solutions, today announced the launch of the HARMAN Ready Connect 5G Telematics Control Unit (TCU), leveraging state-of-the-art Snapdragon® Digital Chassis™ connected car technologies from Qualcomm Technologies, Inc. to push connectivity boundaries and democratize the automotive connectivity landscape. Based on the Snapdragon® Auto 5G Modem-RF Gen 2, HARMAN Ready Connect 5G TCU represents a significant advancement in automotive connectivity, delivering rich in-cabin experiences for consumers while reducing time to market and engineering efforts for OEMs. HARMAN Ready Connect 5G TCU is currently available and will be showcased this week at Mobile World Congress (MWC) 2024. (Source: HARMAN International, Company Website, February 2024)
Connected Car Devices Market Report Coverage and Deliverables
The “Connected Car Devices Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Connected car devices market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Connected car devices market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Connected car devices market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the connected car devices market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Some of the customization options available based on request are additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
The report can be delivered in PDF/PPT format; we can also share the Excel dataset based on the request.
The leading players operating in the connected car devices market are Continental AG (Germany), Delphi Automotive (UK), Robert Bosch (Germany), Denso Corporation (Japan), and ZF Friedrichshafen AG (Germany).
There is an increasing trend of electrification, automated driving, and connected vehicles driving the market for connected car devices.
The global connected car devices market is expected to grow at a CAGR of 12.5% during the forecast period 2023 - 2031.
The penetration of high-speed technologies like 4G and LTE is highly significant in connected car devices market growth.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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