PUNE, India, April 4, 2017 /PRNewswire/ --
The report "Connected Car Devices Market by communication type (V2V, V2I, V2P), Connectivity Type (DSRC, Cellular Network), Product Type (ADAS, Telematics), Vehicle Type (Passenger and Commercial), and Region - Global Forecast to 2021", published by MarketsandMarkets, the market is projected to grow at a CAGR of 16.3% from 2016 to 2021, to reach USD 57.15 Billion by 2021.
Browse 70 market data Tables and 62 Figures spread through 150 Pages and in-depth TOC on "Connected Car Devices Market"
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Some of the major factors responsible for the growth of the market are government regulations for safety and increasing electrification of vehicles.
Dedicated Short Range Communication (DSRC): Promising technology in connected car devices
Connected car devices with DSRC as connectivity use short range communication technologies such as Radar and Lidar, which are designed for a communication range up to 1000 feet. DSRC allows rapid communications between connected car networks, and is used for various applications in the modern automobiles. The high demand for DSRC can be attributed to several advantages offered by the technology in connected vehicle applications. DSRC as connectivity technology is used in various vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) applications such as adaptive cruise control, park assist systems, and collision avoidance system among others. The market for these technologies is growing rapidly and regulatory bodies in Europe and North America are planning to mandate some of these technologies.
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Telematics Systems: Upcoming mandates in Asia-Pacific to drive the demand
The global Connected Car Devices Market is estimated to be dominated by the telematics devices during the review period. Telematics systems have been mandated in all passenger cars in most of the advanced economies of Europe and North America. Furthermore, Asian countries such as China and India are investigating the benefits of telematics technology as well. The regulation regarding telematics mandate is estimated to be followed from 2019 onwards. These factors make the telematics devices one of the most prominent technologies in the Connected Car Devices Market.
Asia-Pacific: Largest market for connected car devices
Asia-Pacific was estimated to be the largest market for connected car devices in 2016, owing to the increasing vehicle production in countries such as Japan, China, and India and stringent safety regulations in these countries. Changing government approach towards vehicle, driver, passenger, and pedestrian safety has imposed many regulations, which mandate automobile manufacturers to deliver vehicles with installed safety features. Additionally, improving socio-economic conditions in countries such as India, Thailand, and Indonesia have resulted in the growth of demand for premium segment passenger cars, which in turn has accelerated the market for connected car devices in these countries.
The report covers all the major players in the global Connected Car Devices Market such as Continental AG (Germany), Denso Corporation (Japan), Delphi Automotive, PLC (U.K.), Robert Bosch GmbH (Germany), and Autoliv, Inc. (Sweden) among others.
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