Market Overview

The connected car device market is anticipated to register a CAGR of about 21.36%, during the forecast period (2019 – 2024).

• Connected car devices essentially assist in monitoring vehicles and drivers. These devices also update private automobile owners and fleet managers about their vehicles’ performance, pertaining to fuel economy index, emissions, onboard diagnostics (OBD), vehicle maintenance, and recalls. Some devices also provide GPS tracking and real-time alerts.
• The major factors that are driving the market are the increasing occurrences of vehicle theft, and a robust spike in the number of road accidents, particularly due to unsafe driving habits, such as over-speeding, hard cornering, and unmanageably dense traffic, among others. Apart from the aforementioned drivers, vehicle connectivity has also gained traction, due to the preference of in-car Wi-Fi hotspots and data services, for providing infotainment facilities.
• Vehicle automation presents the most lucrative opportunity for connected car devices, which provide the necessary (initial) inter- and intra-vehicle communication and response infrastructure, to facilitate autonomous capabilities.

Scope of the Report

The connected car device market has been segmented by end-user type, communication type, product type, and vehicle type.

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Key Market Trends

Increasing Incidence of Vehicle Theft and Road Accidents

The increasing incidences of vehicle theft is directing customers’ attention to a surveillance system that can monitor their vehicle and send timely updates about its geographical location. According to the Federal Bureau of Investigation (FBI), 773,139 units of motor vehicles were stolen in 2017, when compared to 767,290 units, in 2016. Additionally, a surge in road accidents, due to unsafe driving habits are also prompting customers to adopt connectivity in their cars, to remain updated about on-board diagnostics, the performance of electronic control systems, etc.

According to NHTSA (National Highway Traffic Safety Administration), about 94% of the accidents occurring on the US roadways can be attributed to human choice or error, including drunken driving, speeding, and others.

Every year, approximately 1.3 million people die in road traffic accidents; a further 20-50 million are injured. Latest technologies, such as new safety devices, connected and autonomous vehicles, and intelligent transportation systems with their associated infrastructure and systems are likely to improve and reduce road accidents. Vehicle manufacturers, governments, and international safety organizations, are all working to achieve this goal, and are heavily reliant on international safety standards. According to the US Department of Transport, V2V communication could prevent up to 80% of accidents that don’t involve drunken driving or mechanical failure.

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