As automation increasingly comes to the automotive world, the associated connected car devices market will also continue to rise, surpassing $74 billion by 2022, according to a new report.
The study, “Global Connected Car Devices Market” conducted by TechSci Research, attributes this ongoing acceleration to aspects including the growing integration of advanced driver assistance technologies and mobile applications in vehicles, demand for better transport systems, and increasing traffic congestion.
One of the main connected car devices technology that will gain traction in the years to come is the advanced driver assistance system (ADAS), which includes alerts and automation abilities in areas including electronic stability control, proximity sensors, braking, and traction control. Telematics systems that can record and monitor driving behavior are also a major component in the market analyzed by TechSci Research.
According to the report, factors such as consumers prioritizing safety as well ass simply the increase in vehicle sales and and the global economic recovery are also key to the expected growth. The Asia-Pacific is a standout in this regard and will hold the largest share of the global connected car devices market as more and more people enter the middle class and begin buying vehicles rather than motorcycles or relying on public transportation.
DENSO Corporation, Harman International Industries Inc., and Panasonic Corporation are among the industry leaders in the market and have already begun longer-term research and development work to push innovation in the space.
“Growing consumer preference for more advanced connected feature, such as advanced driver assistance system in their vehicles, coupled with rapid technological innovations and favorable regulations by various governments would boost demand for connected car devices through 2022,” said Karan Chechi, research director at TechSci Research.
(Photo credit: jwvein / Pixabay)