Market Size of Connected Car Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 21.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Connected Car Devices Market Analysis
The connected car device market was valued at USD 11.6 billion in 2021 and is expected to reach USD 34.13 billion by 2027, registering a CAGR of over 21% during the forecast period (2022 - 2027).
The COVID-19 pandemic had a severe effect on the market owing to the slowdown of the global automotive industry. The lockdown norms implemented across the world, have severely impacted the market. However, the increasing electrification and self-driving cars are driving the demand for connected cars in the industry.
Connected car devices essentially assist in monitoring vehicles and drivers. Various sensors embedded into the vehicles provide an opportunity to monitor the vehicle's health. This enables the owners to get predictive maintenance for the vehicles without any hiccups. This technology is extremely useful for commercial fleet operators and owners. It helps them maintain a high run-time and low downtime or maintenance time, reducing the scope for losing out on revenue due to vehicle repairs.
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. 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.
