Connected Car Devices Market Growth: 17.5% CAGR, Reaching $148.63 Billion by 2028 with AI Integration and Cybersecurity Focus

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Connected Car Devices Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $148.63 Bn In 2028 At A CAGR Of 17.5%:

The connected car devices market size has grown rapidly in recent years. It will grow from $66.43 billion in 2023 to $77.94 billion in 2024 at a compound annual growth rate (CAGR) of 17.3%. The growth in the historic period can be attributed to evolution of communication technologies, increasing consumer demand for connectivity, regulatory mandates, growth of IoT ecosystem, rise of autonomous vehicles.

The connected car devices market size is expected to see rapid growth in the next few years. It will grow to $148.63 billion in 2028 at a compound annual growth rate (CAGR) of 17.5%. The growth in the forecast period can be attributed to increasing adoption of electric vehicles (EVs), emergence of edge computing, enhanced cybersecurity measures, integration of artificial intelligence (AI), continued innovation in mobility services. Major trends in the forecast period include integration of 5G connectivity, expansion of vehicle-to-everything (V2X) communication, growth of over-the-air (OTA) updates, rise of personalized in-vehicle experiences, focus on cybersecurity.

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Connected Car Devices Market Major Segments
The connected car devices market covered in this report is segmented -

1) By Communication: Vehicle-to-Vehicle (V2V), Vehicle-to-Infrastructure (V2I), Vehicle-to-Pedestrian(V2P), Other Modes Of Communication
2) By Technology: Driver Assistance Systems, Telematics, Other Technologies
3) By Connectivity: Dedicated Short Range Communication (DSRC), Long Range Or Cellular Network
4) By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles
5) By End-user: Original Equipment Manufacturer, Aftermarket

Key Driver - Electric Vehicle Adoption Fueling Growth Of The Connected Car Devices Market

The rising adoption of electric vehicles is expected to propel the growth of connected car devices market going forward. Electric vehicles (EVs) are automobiles that are powered by one or more electric motors, using electrical energy stored in rechargeable batteries or generated by an onboard fuel cell. Electric vehicle adoption is on the rise due to several factors, including stringent emissions regulations, growing awareness of the environmental benefits, and cost efficiency. Connected car devices in electric vehicles facilitate remote monitoring of battery status, vehicle charging, and energy consumption, while also delivering real-time navigation updates customized for EVs, thereby improving overall efficiency and user satisfaction. For instance, in July 2023, according to International Energy Agency, a France-based intergovernmental organization, the proportion of electric cars in overall sales has surged by over threefold within a span of three years, rising from approximately 4% in 2020 to a higher figure in 2022. Therefore, the rising adoption of electric vehicles is driving the growth of the connected car devices market.

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Prominent Trend - Advancement In Connected Vehicle Platforms Is Leading Innovation In The Connected Car Devices Market

Major companies operating in the connected car devices market are developing connected vehicle platforms, such as Snapdragon Digital Chassis, to gain a competitive edge in the market. Snapdragon Digital Chassis integrates various technologies such as Snapdragon cockpit platform, Snapdragon car-to-cloud services and cellular vehicle-to-everything (C-V2X) to enhance the in-vehicle experience. For instance, in February 2022, Qualcomm Technologies Inc., a US-based semiconductor and technology company, launched the Snapdragon Digital Chassis connected vehicle platform. This platform aims to deliver premium driving experiences and connected in-vehicle services, with features such as Connectivity-as-a-Service for Snapdragon Telematics Applications Framework, and a Wi-Fi 6E automotive chipset. It also offers several features, including advanced driver assist systems (ADAS), cloud-connected commerce, personalized infotainment, and real-time mapping for improved navigation.

Connected Car Devices Market Players
Major companies operating in the connected car devices market are Volkswagen AG, Toyota Motor Corporation, General Motors Company, Robert Bosch GmbH, Tesla Inc., Intel Corporation, Panasonic Corporation, Denso Corporation, Nvidia Corporation, Qualcomm Incorporated, Continental AG, Porsche AG, Magna International Inc., Valeo SA, Infineon Technologies AG, Autoliv Inc., Harman International Industries Incorporated, Garmin Ltd., Visteon Corporation, TomTom N.V., Sierra Wireless Inc., Delphi Technologies, Autotalks Ltd.

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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the connected car devices market in 2023. It is expected to be the fastest-growing region in the forecast period. The regions covered in the connected car devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Connected Car Devices Market Report Structure
3. Connected Car Devices Market Trends And Strategies
4. Connected Car Devices Market - Macro Economic Scenario
5. Connected Car Devices Market Size And Growth
…..
27. Connected Car Devices Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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