Connected Car Devices Market to Reach Value of US$ 52.78 Bn by 2031, State Analysts at TMR.
- The connected car devices market is projected to expand at a CAGR of 7.25% during 2022 to 2031.
- Surge in the demand for and production of cars globally is creating profitable prospects in the connected car devices market.
- Rise in the adoption of advanced technologies in North America is fueling the regional market growth.
WILMINGTON, Del., Aug. 18, 2022 – The global connected car devices market is prognosticated to gain a valuation of US$ 52.78 Bn by 2031, according to a research report by Transparency Market Research (TMR). Thus, the market is anticipated to develop at a CAGR of 7.25% during the forecast period, 2022 to 2031.
The TMR study provides panoramic view of the global connected car devices market. Thus, it includes thorough analysis of the growth drivers, restraints, challenges, and opportunities in the market. Moreover, the report sheds light on the connected car trends, connected car market size, and recent developments in the market.
Players in the connected car devices market are focusing on R&Ds in order to develop innovative products. Moreover, they are concentrating on the delivery of top-notch connected car software development services. Such initiatives are expected to help in the growth of the connected car devices market in the years to come. This aside, the market is expected to be driven by rising adoption of collaboration strategies by OEMs and service providers across the globe.
Connected Car Devices Market: Key Findings
- The government authorities of several developed and developing nations are increasing initiatives to support programs pertaining to connected vehicles. This factor is prognosticated to help in the expansion of the connected car devices market during the forecast period. Moreover, a surge in the infrastructure development activities across many emerging economies is expected to drive the market development in the near future.
- According to study of connected car trends, consumers across the globe are increasing the demand for advance driver assistance systems (ADAS) features in their cars. As a result, connected car manufacturers are focusing on the integration of IoT devices and solutions in their products in order to offer high-speed automotive V2X communications, notes a TMR study on the connected car devices market. Such initiatives are resulting into the incorporation of varied connected car services such as automatic route planning, adaptive cruise control, automatic vehicle braking to avoid collisions, autonomous and semi-autonomous vehicle control, and vehicle redirection owing to traffic congestion. Such technological advancements in vehicles are resulting into rising sales of next-gene vehicles, which in turn, is fueling the expansion of the connected car devices market.
Connected Car Devices Market: Growth Boosters
- Towering demand for cars globally is creating profitable prospects in the connected car devices market
- Increase in the incorporation of technological advancements and safety features in cars is expected to drive the growth avenues in the market
- Rise in the adoption of advanced technologies such as car infotainment and telematics systems is propelling the market
Connected Car Devices Market: Regional Analysis
- North America is estimated to maintain its dominating position in the connected car devices market during the forecast period due to many factors including rise in the focus of automakers and the regional government agencies on the development of autonomous and connected cars.
- The connected car devices market in Europe is likely to offer notable expansion avenues in the forthcoming years owing to surge in the investments by the regional service providers and increase in the number of government projects in the region.
Connected Car Devices Market: Key Players
Some of the key players profiled in the report are:
- ZF Friedrichshafen AG
- Robert Bosch GmbH
- Continental AG
- Autoliv Inc.
- Delphi Technologies PLC
- Valeo SA
- DENSO Corporation
- TE Connectivity
- Harman International Industries Inc.
- WiTricity Corporation
Connected Car Devices Market Segmentation
- Advance Driver Assistance Systems (ADAS)
- Adaptive cruise control
- Lane departure warning
- Blind spot detection
- Road sign recognition
- Park assist
- Pedestrian detection system
- Others (IoT, AI, Cloud platforms, etc.)
- Vehicle to Vehicle (V2V)
- Vehicle to Infrastructure (V2I)
- Vehicle to Everything (V2X)
- Dedicated Short Range Communication (DSRC)
- Cellular Network
- Utility Vehicles
- IC Engine Vehicles
- Gasoline/Petrol Cars
- Diesel Cars
- Electric Vehicles
- Battery Electric Cars
- Hybrid Electric Cars
- North America
- Asia Pacific
- Middle East & Africa
- South America
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