Global Connected Vehicle Device Market Research Report 2024(Status and Outlook)
The global Connected Vehicle Device market size was valued at US$ 62.8 billion in 2024 and is projected to reach US$ 112.5 billion by 2030, at a CAGR of 10.2% during the forecast period 2024-2030.
The United States Connected Vehicle Device market size was valued at US$ 15.3 billion in 2024 and is projected to reach US$ 26.7 billion by 2030, at a CAGR of 9.7% during the forecast period 2024-2030.
Connected Vehicle Devices are hardware and software components that enable vehicles to communicate with other vehicles, infrastructure, and networks, providing features such as navigation, infotainment, telematics, and advanced driver assistance systems.
The global Connected Vehicle Device market is experiencing rapid growth, driven by advancements in IoT technology, increasing demand for in-vehicle connectivity, and the push towards autonomous driving. In 2023, the number of connected vehicles on roads worldwide reached approximately 450 million, with North America and Europe leading in adoption rates. Infotainment systems remain the largest segment, representing 35% of the market value, followed by telematics control units at 25% and advanced driver assistance systems (ADAS) at 20%. The market saw a significant boost from the rollout of 5G networks, leading to a 40% increase in demand for high-bandwidth, low-latency connected car platforms in 2023. Technological advancements have focused on improving data processing capabilities and cybersecurity, with new-generation connected devices offering 5 times more computing power and advanced encryption compared to 2020 models. The market is witnessing strong growth in V2X (Vehicle-to-Everything) communication devices, increasing at 25% annually, driven by their potential to enhance road safety and traffic efficiency. In 2023, new regulations on vehicle data privacy and cybersecurity led to a 30% increase in the adoption of secure, blockchain-based connected car platforms. The industry faces challenges from fragmented standards and interoperability issues, but ongoing efforts towards standardization are addressing these concerns. Emerging applications in predictive maintenance and usage-based insurance are showing promise, with AI-powered diagnostics systems growing at 20% CAGR. Looking ahead, the market is expected to benefit from the integration of edge computing and AI, with intelligent, real-time decision-making systems projected to grow at 35% CAGR through 2030. The development of software-defined vehicles, where connected devices enable continuous feature updates and personalization, is also a key trend shaping the future of the automotive industry.
Report Overview
This report provides a deep insight into the global Connected Vehicle market covering all its essential aspects. This ranges from a macro overview of the market to micro details of the market size, competitive landscape, development trend, niche market, key market drivers and challenges, SWOT analysis, value chain analysis, etc.
The analysis helps the reader to shape the competition within the industries and strategies for the competitive environment to enhance the potential profit. Furthermore, it provides a simple framework for evaluating and accessing the position of the business organization. The report structure also focuses on the competitive landscape of the Global Connected Vehicle Market, this report introduces in detail the market share, market performance, product situation, operation situation, etc. of the main players, which helps the readers in the industry to identify the main competitors and deeply understand the competition pattern of the market.
In a word, this report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the Connected Vehicle market in any manner.
Global Connected Vehicle Market: Market Segmentation Analysis
The research report includes specific segments by region (country), manufacturers, Type, and Application. Market segmentation creates subsets of a market based on product type, end-user or application, Geographic, and other factors. By understanding the market segments, the decision-maker can leverage this targeting in the product, sales, and marketing strategies. Market segments can power your product development cycles by informing how you create product offerings for different segments.
Key Company
BMW
BROADCOM
Chrysler
Benz
DAIMLER
HYUNDAI MOTOR
HONDA
Luxoft
Qualcomm
Toyota
Garmin
Volkswagen
Volvo
Market Segmentation (by Type)
Embedded System
Tethered System
Integrated System
Market Segmentation (by Application)
Passenger Cars
Commercial Vehicles
Geographic Segmentation
