Connected car devices allow internet access to the car or automotive. This allows efficient data transfer outside and within the vehicle. This device is primarily employed for improving safety, user experience, and fuel efficiency.
Continuously changing internet of things (IoT), growing penetration of the smartphone technologies, and the advent of advanced wireless communications are boosting adoption of the connected car devices. Additionally, increased efforts by government agencies are boosting the adoption of advanced technologies such as V2X technology is expected to fuel the growth of the connected car device market. Especially, the U.S. Department of Transport has instructed that vehicles must be equipped with V2V and V2X technology in the coming years. This has augmented growth of the market substantially. V2X technology has compatibility with ADAS and thus, there is a huge demand for ADAS. Growing adoption of advanced devices such as ADAS is estimated to fuel growth of the connected car device market.
Moreover, the body of EU has instructed the installation of the eCall in the automotive, which is encouraging the connected car technology. This technology plays a crucial role in emergencies and rescue operations during accidents. Installation of these technologies lowers the number of accidents; thus, raising awareness about the safety of vehicles on the road is driving growth of the global connected car device market.
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Built-in Technologies to Boost Market’s Growth
Based on the sales, the connected car devices are divided as built-in and retrofit. Of these, the built-in segment is expected to be the most lucrative segment owing to the high investment in the market by the key players in the connected car device market. Further, the type of built-in segment, the embedded technology poses as a barrier to the growth due to its high cost; thus, OEMs and automakers are adopting the other technologies such as smartphone solutions and tethered solutions.
Additionally, consolidation in the several other industries such as telecom, IT, automotive, and insurance are benefiting growth of the global connected car device market. The key players such as Geneva Alliance, Aisin Seiki, Magneti–Marelli, Delphi Connect, Visteon, Continental AG, and Harman International are increasingly focusing on innovation of technology, which is also benefiting connected car device market.