Connected Car Devices Market to Grow at a CAGR of 7.25% during Forecast Period: As per 2022 TMR Study

Connected Car Devices Market to Grow at a CAGR of 7.25% during Forecast Period: As per 2022 TMR Study

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The global connected car devices market size stood at US$ 26.21 Bn in 2021 and is anticipated to reach US$ 52.78 Bn by 2031. The global market is projected to expand at a CAGR of 7.25% between 2022 and 2031. Improvement in technological security features, rise in auto sales & production, and increase in demand for telematics & entertainment systems in automobiles are driving the global connected car devices market.

Additionally, expansion of ADAS features for vehicle comfort & security and increase in partnerships between OEMs and service providers are projected to present significant business opportunities in the global industry. Infrastructural development across the world and government initiatives to encourage connected vehicles are anticipated to augment the global market in the near future.

The Internet of Things (IoT) is crucial for connected vehicles, as it directs the vehicle’s components to establish bidirectional connection with a number of other on-road vehicles as well as driver’s mobile phones. Safety is one of the primary objectives of the connected vehicle system. Automotive V2X communication is made possible by connected car technology. Increase in usage of telecommunication services in the automotive industry and fierce rivalry among connected vehicle manufacturers are expected to drive market development from 2022 and 2031. Additionally, governmental rules and industry compliance that allow automobile connectivity are projected to bolster industry demand.

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Key Findings of Market Report

  • Smartphones of driver or passenger can be accessed by connected automobiles. Smartphones could be used to turn on and off connected automobiles. These are also able to transmit diagnostic vehicle data, alert the owner of impending maintenance needs, as well as share position of the car in case it is stolen. These internal onboard capabilities are anticipated to drive the global connected car devices market.
  • Based on technology, the advance driver assistance systems (ADAS) segment dominated the global industry in 2021, owing to greater awareness about vehicle safety and rise in disposable income. Additionally, increase in traffic congestion, rapid urbanization, and higher consumer spending power are likely to propel industry growth.
  • In terms of connectivity, the dedicated short range communication (DSRC) segment held significant market share in 2021. DSRC enables intelligent transportation system (ITS)-equipped vehicles to interact with various other on-road vehicles or with urban infrastructure. DSRC technology is far more efficient and runs at a radio frequency of 5.9 GHz bandwidth. Hence, it is widely employed for short- to medium-distance communications.

Global Connected Car Devices Market: Growth Drivers

  • According to market trends, rise in customer demand for ADAS capabilities is likely to encourage connected car makers to incorporate IoT devices and solutions for rapid V2X communications in the automotive industry. This is likely to facilitate the incorporation of a number of connected automobile services, such as semi-autonomous & autonomous vehicle control, automatic route planning, and automatic vehicle braking to avoid collisions, adaptive cruise control, and vehicle redirection owing to traffic congestion. These technological advancements in vehicles are expected to increase demand for next-generation vehicles. This, in turn, is likely to bolster the global connected car devices market.

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Global Connected Car Devices Market: Regional Landscape

  • North America held leading share of the global connected car devices market in 2021. Manufacturers and government organizations in the region are putting a lot of effort into the development of autonomous and connected automobiles, which is projected to increase market size. Connected infrastructure is being developed as part of existing smart city initiatives in North America. This is expected to improve vehicle communications, and drive connected car device sales.

Global Connected Car Devices Market: Key Players

  • Harman International Industries, Inc.
  • Robert Bosch GmbH
  • Delphi Technologies PLC
  • ZF Friedrichshafen AG
  • DENSO Corporation
  • Continental AG

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Global Connected Car Devices Market: Segmentation


  • Advance Driver Assistance Systems (ADAS)
  • Telematics
  • Others


  • Vehicle to Vehicle (V2V)
  • Vehicle to Infrastructure (V2I)
  • Vehicle to Everything (V2X)


  • Dedicated Short Range Communication (DSRC)
  • Cellular Network
  • Others

Car Type

  • Hatchback
  • Sedan
  • Utility Vehicles


  • IC Engine Vehicles
  • Electric Vehicles

Sales Channel

  • OEM
  • Aftermarket


  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

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Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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