According to a market report, published by Sheer Analytics and Insights, The global connected car devices market was valued at $11.7 billion in 2021 and it is expected to reach $95.4 billion at a CAGR of 20.0% between 2022 and 2032. The machine-to-machine connectivity system is one of several connectivity options that manufacturers and service providers have developed. Two connected cars can communicate with each other owing to this M2M capability in a car. The vehicle has a large number of sensors and computers that give the driver precise and up-to-the-second information. As a result, linked automobiles are increasingly being adopted globally, supporting the market's expansion. In addition, technology advances, increased auto production, and rising consumer demand for luxury and comfort in vehicles are all projected to contribute to the market's expansion. Furthermore, it is projected that factors like the rise in global vehicle regulations and the high maintenance costs of modern suspension systems will restrain the growth of the connected car industry. The development of improved suspension systems and the rise in demand for compact suspension systems, however, are also anticipated to offer the market a better potential for expansion. These major factors are estimated to drive the market growth during the forecast period.
Moreover, vehicles thefts are growing in various emerging countries. These issues are catching the attention of people who are interested in car purchase. Hence, they could also buy surveillance system and upgrade a proper geographic location at a proper time. On the other hand, in order to create cutting-edge products, market participants in connected car devices are concentrating on R&D activities. Additionally, they are focusing on providing excellent connected car software development services. In the years to come, these measures are anticipated to aid in the market expansion of connected car devices. Putting that aside, the market is anticipated to be stimulated by OEMs and service providers all over the world adopting collaboration tactics more frequently. These factors are also expected to drive the market in the future.
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Government authorities in both developed and developing countries are stepping up their efforts to encourage connected car programs. During the anticipated time, it is predicted that this factor will aid in the market expansion for connected automobile gadgets. Additionally, it is anticipated that the market expansion in the near future would be driven by a surge in infrastructure building activities across several emerging economies. Furthermore, in general, connected car technology aids in the surveillance of drivers and vehicles. The ability to monitor the condition of the vehicle is made possible by different sensors placed in the vehicles. This makes it possible for owners to receive hassle-free predictive maintenance for their cars. For owners and operators of business fleets, this technology is quite beneficial. They are able to maintain a long run time with little downtime or maintenance, which reduces the possibility of revenue loss from vehicle repairs. These factors are anticipated to create more growth opportunities for the connected car devices market globally over the forecast period.
However, a couple of years ago, the outbreak of COVID-19 pandemic have negatively impacted the market. Due to complete lockdowns, manufacturing companies were unable to produce innovative automobile products. This has reduces the supply chain for a while. At present days, the global connected car devices market is gradually growing with the significant growth during this post-pandemic period. Many key players globally are focusing on expanding their business growth by implementing new business strategies such as mergers and acquisitions. This would help them hold a strong position in the competitive market.
On 30th June, 2022, to capitalize on the linked automotive experience, Trak N Tell launched new IntelliPlay iterations. The engine immobilizer feature of IntelliPlay allows the car to be remotely immobilized with a single touch in order to avoid theft. It also comes with a dedicated phone number that is assigned to the device. In addition, its big screen makes a variety of Android functions and Alexa built-in possible.
On 16th February, 2022, Mojio launches its 4G connected car programed for automotive OEMs. A SaaS solutions provider has introduced a new initiative and enhanced its 4G connected car service with the express purpose of assisting automobile OEMs in preparing for the impending demise of 3G cellular networks. Millions of American drivers would be impacted by these closures, which will also interfere with vital telematics-based emergency services.
According to the study, key players dominating the global connected car devices market are Airbiquity (U.S), Autoliv (Sweden), AT&T (U.S), Continental AG (Germany), Denso (Japan), Ford Motor (U.S), Geely (China), General Motors (U.S), Intellias (India), Luxoft (Switzerland), Mercedes-Benz Group (Germany), Porsche SE (Germany), Robert Bosch (Germany), Samsung (South Korea), Sierra (Canada), Telefonica (Spain), Tesla Inc (U.S), Valeo (France), Qualcomm (U.S), Zubie (U.S), among others.
The Global Connected Car Devices Market – by Vehicle Type:
The Global Connected Car Devices Market – by Application Type:
The Global Connected Car Devices Market – by Regions:
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