April 17, 2019

Connected Car Devices Market is driven by Industry compliance

According to the new market research report Connected Car Devices Market by Communication Type (V2V, V2I, V2P), Connectivity Type (DSRC, Cellular Network), Product Type (Das, Telematics), Vehicle Type (PC, LCV & HCV), Electric Vehicle Type (BEV, HEV, PHEV, FCV) and Region - Global Forecast to 2021. Growing stringency of safety regulations and increasing demand for luxury and comfort have changed the market dynamics for vehicle manufacturers globally. The global connected car devices market is projected to grow at a CAGR of 16.3% during the forecast period, to reach USD 57.15 billion by 2021.

The report segments the connected car devices market by communication, connectivity technology, product group, vehicle type, and region.

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The following are the major objectives of the study.

  • To define and segment the connected car devices (CCD) market (2016–2021), by volume (‘000 units) and value (USD million)
  • To provide a detailed analysis of various forces acting in the connected car devices market (drivers, restraints, opportunities, and challenges)
  • To analyze the regional markets for growth trends, prospects, and their contribution to the overall market
  • To segment and forecast the size of the CCD market, by region into- North America, Europe, Asia-Pacific, and the Rest of the World (RoW)
  • To segment and forecast the size of the CCD market, by communication type based on vehicle to vehicle, vehicle to infrastructure, vehicle to pedestrian and other communication types
  • To segment and forecast the size of the CCD market, by product type based on driver assistance systems (DAS), telematics, and others
  • To segment and forecast the size of the CCD market based on mode of connectivity into dedicated short-range communication (DSRC) and cellular network/Wi-Fi

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The Asia-Pacific region is projected to witness the highest CAGR from 2016 to 2021. The major factors responsible for this region’s growth include increasing demand for driver assistance systems and government laws favoring the implementations in passenger cars, especially in developed countries like Japan and South Korea. These two countries have vehicle safety regulations equally stringent as that of Europe and North America. Additionally, improving socio-economic conditions in countries such as India, Thailand, and Indonesia have resulted in the growth of demand for premium segment passenger cars, which in turn has accelerated the market for connected car devices in these countries.

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For instance, European New Car Assessment Program (Euro NCAP) has included lane departure warning and adaptive cruise control in its five star rating program, which has accelerated the market for these two systems. Asia-Oceania is estimated to be the largest market for connected car devices, owing to increasing passenger car production and growing penetration of luxury cars in countries such as China and Japan. Alternatively, owing to the lenient safety regulations and inclination towards economical and mid-range cars, the future demand for connected car technologies in countries such as China, India, Indonesia, and Thailand will be steady.

Connected Car Devices Market Key Players

Continental AG (Germany), Denso Corporation (Japan), Delphi Automotive, PLC (U.K.), Robert Bosch GmbH (Germany), and Autoliv Inc. (Sweden) among others.

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