Connected Car Devices Market to Reach Value of US$ 52.78 Bn by 2031, State Analysts at TMR

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Aug 17, 2022, 21:30 ET

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 /PRNewswire/ -- 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.

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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.

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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

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Connected Car Devices Market: Key Players

Some of the key players profiled in the report are:

ZF Friedrichshafen AG
Robert Bosch GmbH
Continental AG
Faurecia
Autoliv Inc.
Azcom
Delphi Technologies PLC
Valeo SA
DENSO Corporation
TE Connectivity
Harman International Industries Inc.
WiTricity Corporation

Connected Car Devices Market Segmentation

Technology

Advance Driver Assistance Systems (ADAS)

Adaptive cruise control
Lane departure warning
Blind spot detection
Road sign recognition
Park assist
Pedestrian detection system

Telematics
Others (IoT, AI, Cloud platforms, etc.)

Communication

Vehicle to Vehicle (V2V)
Vehicle to Infrastructure (V2I)
Vehicle to Everything (V2X)

Connectivity

Dedicated Short Range Communication (DSRC)
Cellular Network
Others

Car Type

Hatchback
Sedan
Utility Vehicles

Propulsion

IC Engine Vehicles

Gasoline/Petrol Cars
Diesel Cars

Electric Vehicles

Battery Electric Cars
Hybrid Electric Cars

Sales Channel

OEM
Aftermarket

Regions Covered

North America
Europe
Asia Pacific
Middle East & Africa
South America

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About Transparency Market Research

Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research firm that offers the latest market research reports and business consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.

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