Transparency Market Research has published a new report titled, “Connected Car Device Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the global connected car device market is anticipated to surpass US$ 20 Bn by 2026, expanding at a CAGR of more than 11% during the forecast period.
Demand for vehicle connectivity driven by consumers, government, insurance companies, and auto manufactures is expected to rise at a steady pace during the forecast period. Connectivity services such as navigation, infotainment, entertainment, usage-based insurance, and security are witnessing high demand promoting the use of connected car devices.
In terms of sales, the demand for retrofit solutions, i.e., the OBD dongle, is expected to rise till 2023. Retrofit connecting devices can be utilized by all vehicles registered after 1996, as they contain an OBD port. Retrofit devices have independent hardware and software and hence, are highly cost-effective as compared to built-in devices. Automakers are investing significantly to build proprietary built-in solutions for car connectivity. Strong emphasis by governments of countries in Europe and the Government of Brazil to mandate embedded telematics in cars is estimated to boost the built-in segment of the connected car device market. Sales of retrofit connecting devices are expected to suffer post 2021, as a majority of new vehicles are likely to contain built-in connected devices. Increasing importance of smartphones and apps is expected to drive the smartphone sub-segment of the built-in segment of the connected car device market during the forecast period.
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Based on region, the global automotive connected car device market has been segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Europe held a prominent share of the market, in terms of volume, in 2017. However, Asia Pacific is expected to lead the global market by 2026, owing to the rise in demand for connectivity in China and India. China also is a major supplier of retrofit connected car devices, globally, due to low cost of the hardware in the country.
The report provides the estimated market size of connected car device in 2017 and forecast for the next nine years. The global market size has been provided in terms of value (US$ Mn) and volume (million units). Market figures have been estimated, based on sales, communication technology, vehicle type, and regional segments of the connected car device market. Market size and forecast for each major segment have been provided in terms of global and regional/country markets.
In order to compile the research report, we conducted in-depth interviews and discussions with a number of key industry participants and opinion leaders. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. We reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research also includes a search of recent trade, technical writing, internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.
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Secondary research sources that are typically referred to include, but are not limited to company websites, annual reports, financial reports, broker reports, investor presentations, and SEC filings, internal and external proprietary databases, and relevant patent and regulatory databases, national government documents, statistical databases, and market reports, news articles, press releases, and webcasts specific to companies operating in the market, National government documents, statistical databases, and market reports, American Automobile Association, European Automobile Manufacturers Association, Automotive Research Association of India, Organisation Internationale des Constructeurs d’Automobile (OICA), Factiva, etc.
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