Global Connected Car Devices Market - Segmented by End-user, Communication Type, Connectivity Type, Product Type, Vehicle Type, Geography - Growth, Trends, and Forecast (2018 - 2023)
The global connected car devices market is expected to reach USD 2,070.06 million by 2023 at a CAGR of 29.44%. In 2016, the market accounted to USD 340.05 million. Connected car devices essentially assist in monitoring vehicles and drivers. The devices also keep private automobile owners, as well as fleet managers are updated about their vehicle’s performance on the fuel economy index, emissions, on-board 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 increasing incidence of vehicle theft and a robust spike in the number of road accidents, particularly due to unsafe driving habits, like over-speeding, hard cornering, and unmanageably dense traffic, among many 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 providing infotainment facilities.
Increasing Incidence of Vehicle Theft and Road Accidents
Increasing incidence of vehicle theft is directing customers’ attention to a surveillance system that can monitor their vehicle and send timely updates about its geographic location. According to the Interpol, 7.4 million motor vehicles were stolen in December 2015 compared to 6.8 million in 2014. Additionally, surge in road accidents due to unsafe driving habits is also leading customers to adopt connectivity in their cars, so they can remain updated about on-board diagnostics, the performance of electronic control systems, etc.
In 2016, road crash statistics report 174 road fatalities per million inhabitants, globally. According to the Center for Disease Control and Prevention, road traffic injuries may become the seventh leading cause of death, globally. There are many applications that enable owners to interact with the vehicle even from a certain distance. For example, a plug-in device, known as DriveMate, sends live location data via SMS and email alerts, to prevent instances of auto-theft. This also includes real-time notifications whenever the ignition is turned on or off, or if the device is unplugged. A typical car communication system involves vital enhancements, including sensors that manage the efficiency of Car-To-Home (C2H), traffic patterns of Car-To-Car (C2C) and communications between Cars-To-Passengers (C2P).
Key Developments in the Market
August 2017 - Travelers acquired UK-based Simply Business from Aquiline Capital Partners for approximately USD 490 million, which is a leading UK. distributor of small business insurance policies, offering products online on behalf of a broad panel of carriers
March 2017 - Edmunds, the leading car shopping and information platform, and State Farm, the nation’s top auto insurer, announced a new affinity relationship recognizing the importance of innovation and consumer trust in the increasingly digital car shopping process
Major Key Players: DENSO, DELPHI, ROBERT BOSCH GMBH, amongst others.
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