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Connected Car Devices Market Analysis, Trends, Growth, Research And Forecast 2033
Connected Car Devices Market Analysis
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
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.
Connected Car Devices Market 2024 Key Insights:
• 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%.
• Electric Vehicle Adoption Fueling Growth Of The Connected Car Devices Market
• Advancement In Connected Vehicle Platforms Is Leading Innovation In The Connected Car Devices Market
• Asia-Pacific was the largest region in the connected car devices market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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