Connected Car Devices Global Market Report 2024

The connected car devices market size has grown rapidly in recent years. It will grow from $66.43 billion in 2023 to $77.94 billion in 2024 at a compound annual growth rate (CAGR) of 17.3%. During the historical period, the growth in connected car devices was propelled by various factors. These included the evolution of communication technologies, which continually improved the capabilities of such devices. Additionally, there was a noticeable uptick in consumer demand for connectivity features in vehicles, driven by expectations for seamless integration with other devices and services. Regulatory mandates also played a significant role, as governments worldwide implemented requirements for certain safety and communication standards in vehicles. Furthermore, the expansion of the Internet of Things (IoT) ecosystem and the emergence of autonomous vehicles further fueled the adoption of connected car devices, laying the groundwork for their integration into modern automotive systems.

The connected car devices market size is expected to see rapid growth in the next few years. It will grow to $148.63 billion in 2028 at a compound annual growth rate (CAGR) of 17.5%. The forecast period can be attributed to increasing adoption of electric vehicles (EVs), emergence of edge computing, enhanced cybersecurity measures, integration of artificial intelligence (AI), continued innovation in mobility services. Major trends in the forecast period include integration of 5G connectivity, expansion of vehicle-to-everything (V2X) communication, growth of over-the-air (OTA) updates, rise of personalized in-vehicle experiences, focus on cybersecurity.

The increasing adoption of electric vehicles is poised to drive the growth of the connected car devices market. Electric vehicles, powered by electric motors and rechargeable batteries, are gaining traction due to factors such as emissions regulations and environmental awareness. Connected car devices in EVs enable remote monitoring of battery status and offer real-time navigation updates tailored for electric vehicles, enhancing efficiency and user satisfaction. According to the International Energy Agency's July 2023 report, the proportion of electric cars in overall sales has tripled in three years, from about 4% in 2020 to a higher figure in 2022. Therefore, increasing adoption of electric vehicles drives the connected car devices market.

Key players in the connected car devices market are focusing on developing connected vehicle platforms to stay competitive. Snapdragon Digital Chassis, for example, integrates various technologies such as Snapdragon cockpit platform and cellular vehicle-to-everything (C-V2X) to elevate the in-vehicle experience. Qualcomm Technologies Inc. launched Snapdragon Digital Chassis in February 2022, offering features such as Connectivity-as-a-Service and a Wi-Fi 6E automotive chipset for enhanced connectivity and advanced driver assist systems (ADAS).

In February 2022, Spinny, a car retailing company based in India, acquired Scouto to strengthen its position in the connected car technology space. The acquisition enhances Spinny's capabilities in offering AI-powered solutions for an improved customer experience in the pre-owned car retailing market. Scouto, an Indian automotive technology firm, specializes in developing advanced telematics and autonomous driving solutions for vehicles.

Major companies operating in the connected car devices market are Volkswagen AG, Toyota Motor Corporation, General Motors Company, Robert Bosch GmbH, Tesla Inc., Intel Corporation, Panasonic Corporation, Denso Corporation, Nvidia Corporation, Qualcomm Incorporated, Continental AG, Porsche AG, Magna International Inc., Valeo SA, Infineon Technologies AG, Autoliv Inc., Harman International Industries Incorporated, Garmin Ltd., Visteon Corporation, TomTom N.V., Sierra Wireless Inc., Delphi Technologies, Autotalks Ltd.

Asia-Pacific was the largest region in the connected car devices market in 2023. It is expected to be the fastest-growing region in the forecast period. The regions covered in the connected car devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the connected car devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Connected car devices encompass hardware components or systems integrated into vehicles to facilitate connectivity and interaction with external networks or devices. These installations enhance driving experiences by offering convenience, safety, and entertainment features. Additionally, they unlock new service possibilities such as automatic crash notification, stolen vehicle tracking, and remote control capabilities, further enhancing their value proposition in the automotive market.

The primary modes of communication facilitated by connected car devices comprise vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), vehicle-to-pedestrian (V2P), and others. Vehicle-to-vehicle (V2V) technology empowers vehicles to exchange data wirelessly, transmitting crucial information such as speed, position, and direction to enhance safety and prevent collisions. Leveraging technologies such as driver assistance systems and telematics, these communications occur via dedicated short-range communication (DSRC) and long-range or cellular networks. Their applications span passenger cars, light commercial vehicles, and heavy commercial vehicles, catering to original equipment manufacturers and aftermarket users.

The connected car devices market research report is one of a series of new reports that provides connected car devices market statistics, including connected car devices industry global market size, regional shares, competitors with a connected car devices market share, detailed connected car devices market segments, market trends and opportunities, and any further data you may need to thrive in the connected car devices industry. This connected car devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The connected car devices market consists of revenues earned by entities by providing services such as infotainment solutions, safety and security, vehicle-to-everything (V2X), remote control, data analytics and fleet management. The market value includes the value of related goods sold by the service provider or included within the service offering. The connected car devices market also includes sales of telematics devices, on-board diagnostics devices, embedded communication modules, dashcams and security systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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