Global Connected Car Devices Market - 2022-2029

Global Connected Car Devices Market - 2022-2029

Market Overview

The global connected car devices market size was worth US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX % during the forecast period (2022-2029).

A connected car device is an Internet of Things (IoT) device that can connect to neighboring devices via wireless networks. Connected automobiles are critical to the advancement of IoT. Connected cars connect to a network to facilitate bi-directional communications between vehicles (cars, buses and trains) and other vehicles, mobile devices and infrastructure to trigger crucial messages and events.

Cars, buses, trucks and other vehicles will be able to ""speak"" to one another via in-vehicle or aftermarket equipment that will communicate vital safety and mobility information. Wireless communication can also be utilized by connected cars to ""speak"" to traffic lights, work zones, toll booths, school zones and other infrastructure. The technology is secure against tampering and the vehicle information communicated is anonymous, so vehicles cannot be monitored.

Market Dynamics

The global surge in vehicle theft cases is expected to drive the connected car devices market. However, the threat of security breaching is expected to restrain the market.

The global surge in vehicle theft cases is expected to drive the connected car devices market

Customers are paying more attention to a surveillance system that can monitor their vehicle and deliver timely updates about its location as the number of vehicle thefts rises. According to the Federal Bureau of Investigation (FBI), 773,139 vehicles were stolen in 2017 and 767,290 in 2016. By detecting threats originating from cloud infrastructure, which represents an obvious target for attackers and combining these detection capabilities with alarms in the vehicle, connected vehicles can perceive the whole picture of potential intrusions.

As a result, companies are building systems to provide new security services to complement security measures for connected automobiles from automakers. For instance, in June 2021, CalAmp, an intelligence firm, launched LoJack Espaa, a wholly-owned subsidiary in Spain. CalAmp's industry-leading cloud-based related car services and LoJack Stolen Vehicle Recovery (SVR) solutions are brought to market by LoJack Espaa to enable automobile and motorcycle dealers, as well as rental organizations, to defend against theft losses.

Further, LoJack Espaa's unique MESH technology allows each equipped car to detect other stolen cars nearby to achieve best-in-class recovery rates and provide peace of mind for customers and companies; it intends to combat theft cases and enhance recovery rates for recovery rates stolen vehicles.

The threat of security breaching is expected to restrain the market

Even though in-vehicle wireless connections and diagnostic information extraction pave the way for new valued services, bad actors may use them to jeopardize the safety of car occupants. Because linked cars currently have features like keyless entry, preconditioning and window opening, hacking them could result in less personal data being stolen and fewer automobiles being stolen. Even more catastrophic scenarios may see a hacker remotely take control of a car's steering and braking functions, putting people's lives in jeopardy.

However, some studies and field tests have presented solutions based on encryption, authentication, efficient key management and hardware security models. To address the challenge of cyber-security for connected cars, the Alliance of Automobile Manufacturers founded Auto-ISAC (Information Sharing and Analysis Centre) in July 2015.

COVID-19 Impact Analysis

Automotive OEMs and mobility industry businesses were the hardest hit during the COVID-19 crisis. COVID-19, by driving changes in the macroeconomic climate, legislative tendencies, technology and consumer behaviors, could have a long-term impact on mobility. However, because trends fluctuate by region, responses and results for mobility players will vary.

Segment Analysis

Based on communication, the global connected car devices market is segmented into vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), vehicle-to-pedestrian (V2P) and others.

Data transfer between different cars without using a centralized remote hub is known as vehicle to vehicle communication (V2V). It helps avoid accidents, optimize routes, share multimedia content and social interaction. Meanwhile, connected automobiles aid cities and states in reducing traffic congestion and improving safety.

Further, cars communicate with one another on the road, automatically communicating data such as speed, position and direction and sending alarms to one another if a collision appears to be near. As a result, the future of vehicle-to-vehicle communication, or V2V communication, is already in the works, with the U.S. Department of Transportation announcing that it will begin taking steps to enable V2V communication.

Geographical Analysis

The global connected car devices market is segmented into North America, Europe, South America, Asia-Pacific and Middle East & Africa based on geography.

In North America, the integration of mobile devices with vehicles has given a massive boost to vehicle networking, navigation, communication and entertainment services. Instruments and infotainment systems in the region have been enhanced with modern capabilities in response to the increased need for improved in-built car software.

U.S. government engages with various industry players to enhance connected vehicle infrastructure. The Federal Communications Commission, for example, announced the 5G FAST Plan in 2018, with one of the critical components being high-speed communications that could support vehicle-to-vehicle (V2V) and vehicle-to-everything (V2X) data transfer.

Furthermore, U.S. is seen as a forerunner in terms of car connectivity. The U.S. Department of Transportation has launched a new project to speed up the implementation of vehicle-to-vehicle (V2V) communications technology, which is set to become obligatory by 2023.

Competitive Landscape

The global connected car devices market is moderately consolidated and competitive with the increasing demand for electrical vehicles (EVs) and IoT services, resulting in high investment by multinational and local companies. Major players contributing to the market's growth are Continental AG, Robert Bosch GmbH, Denso Corporation, Autotalks, Valeo SA, Delphi Automotive, PLC, Autoliv Inc., Harman International, Daimler AG and TomTom, Inc., among others. In addition, the companies adopt strategies such as expansions, product launches, acquisitions and collaborations, contributing to the market growth globally.

Continental AG

Overview: Continental AG is a Germany-based multinational company specialized in manufacturing automotive parts. It is headquartered in Lower Saxony, Germany. Further, the company operates into six divisions: Powertrain, Chassis and Safety, Interior, Tires, ContiTech and ADAS (Advanced Driver Assistance Systems).

Product Portfolio: Continental AG offers an extensive range of under-connected car devices, including telematics solutions, CoSmA, Ultra-wideband technology and others.

Key Development: In January 2019, Continental AG announced a flexible 5G hybrid platform that allows mobile network communication and rapid and dedicated direct exchange of data for connected vehicles.

Why Purchase the Report?
Visualize the composition of the connected car devices market segmentation by communication, technology, connectivity, vehicle type and distribution channel and region, highlighting the key commercial assets and players.
Identify commercial opportunities in the connected car devices market by analyzing trends and co-development deals.
Excel data sheet with thousands of data points of connected car devices market-level 4/5 segmentation.
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Product mapping in excel for the key product of all major market players

The global connected car devices market report would provide access to an approx. 77 market data tables, 71 figures and 218 pages.

Target Audience
Automotive Businesses
OEMs and Aftermarket Businesses
IT and Services Companies
Traders, Distributors and Suppliers of Automotive Vehicles
Investment Banks
Research Firms