Connected Car Devices Market is expected to reach USD 2,070.06 million by 2023 at a CAGR of 29.44% during the forecast period| Major Vendors – Denso Corporation, Autoliv Inc., Aptiv PLC, Robert Bosch GmbH, Continental AG, amongst others

Market Analysis:

Connected car devices essentially assist in monitoring vehicles and drivers. The devices also keep private automobile owners, as well as fleet managers are updated about their vehicle’s performance on the fuel economy index, emissions, on-board diagnostics (OBD), vehicle maintenance, and recalls. Some devices also provide GPS tracking and real-time alerts.

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Increasing incidence of vehicle theft is directing customers’ attention to a surveillance system that can monitor their vehicle and send timely updates about its geographic location. Additionally, surge in road accidents due to unsafe driving habits is also leading customers to adopt connectivity in their cars, so they can remain updated about on-board diagnostics, the performance of electronic control systems, etc. The major factors that are driving the market are increasing incidence of vehicle theft and a robust spike in the number of road accidents, particularly due to unsafe driving habits, like over-speeding, hard cornering, and unmanageably dense traffic, among many others. Vehicle connectivity has also gained traction, due to the preference of in-car Wi-Fi hotspots and data services providing infotainment facilities.

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Market Segments:
Connected Car Devices Market is segmented by:
1. End-User: OEM, Aftermarket
2. Communication Type: V2V, V2I, V2P
3. Product Type: DAS, Telematics
4. Vehicle Type: BEV, HEV, PHEV, FCV
5. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments in the Market
• August 2017 - Travelers acquired UK-based Simply Business from Aquiline Capital Partners for approximately USD 490 million, which is a leading UK. distributor of small business insurance policies, offering products online on behalf of a broad panel of carriers.
• March 2017 - Edmunds, the leading car shopping and information platform, and State Farm, the nation’s top auto insurer, announced a new affinity relationship recognizing the importance of innovation and consumer trust in the increasingly digital car shopping process.

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