Automotive Industry is Expected to Drive the Connected Car Devices Market Between 2016-2021

Published: Thu Aug 30 2018

The Connected Car Devices Market is projected to grow at a CAGR of 16.3% from 2016 to 2021, to reach USD 57.15 billion by 2021.

The major factors responsible for the growth of this market include the introduction of advanced technologies such as adaptive cruise control and lane departure warning systems in premium and mid-segment cars and raising awareness about the vehicle, driver, and pedestrian safety.

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"Asia-Pacific: High growth potential market"

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.

"Dedicated Short Range Communication (DSRC): Technology for present and future"

Dedicated Short Range Communication (DSRC) enabled devices are used to communicate vehicle data for a short range up to 1000 feet. DSRC devices use Radar and Lidar technologies for short range rapid communication in various applications such as vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I). Its applications include driver assistance technologies such as lane departure warning and advanced cruise control systems. The market for these technologies is on the rise and the trend is expected to continue in the near future. The DSRC technology is a high growth potential market in the overall connected car devices market.

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The report covers all the major players in the global connected car devices market such as 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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