Vehicle Connectivity Market Size, Share, Key Players, Growth Trend, and Forecast, 2020–2028

Vehicle connectivity Market is a combination of components that establish communication with other devices within and outside a vehicle. It enables the automotive to stay connected with the internet, thus providing real-time communication to the driver. Growing connectivity solutions, awareness, and adaptability for a safer, convenient, and comfortable lifestyle is driving the growth of the market for vehicle connectivity.

Extensive data is obtained and cumulated on a substantial basis during the inception phase of the research process. During this stage, we refer various sources including investor presentations, press releases, white papers, articles & journals, gold-standard & silver-standard websites, and paid databases to understand the market intricacies. To reduce the residual errors, we ensure that our study covers the overall value chain. Other key parameters such as strategies adopted by key stakeholders and their impact on the market are also taken into consideration for a better market understanding.

Key players in the market involve Continental, Bosch, Visteon, OnStar Corporation LLC., ETAS Group, Agero Inc., WebTech Wireless Inc., Qualcomm Inc., Tesla, Ford Motor Company, DigiCore Holdings Ltd., Wireless Matrix Corporation, Trimble Transport & Logistics, and Minda Corporation Ltd. among others.

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Increasing demand for telematics in automotive is a significant factor fuelling the market demand. Telematics provides the potential for Vehicle-to-Vehicle (V2V) connectivity, among other connectivity solutions, such as V2I, and V2P, with increasing application in the areas of navigation, remote tracking, entertainment, and safety alert, among others.  Telematics plays an instrumental role in the efficient performance of the commercial vehicle fleet management systems and logistic systems. Escalating demand for connected vehicles for commercial purposes is estimated to drive the demand for commercial vehicle telematics market. Rising demand for refrigerated vehicles by the transportations and logistics industry is attributed to the growth of the cold-chain market, which in turn is likely to boost the market demand.

The safety and security services of vehicle connectivity comprise the automatic crash notification, emergency, and medical assistance, which is anticipated to stimulate market growth in the forecast period. As a component of the Automatic Crash Notification service, the telematics control unit (TCU) monitors several crash sensors of the automotive and in the occurrence of a crash it directs the details of the vehicular location and crash intensity as well as sends a voice call to the telematics call center so that emergency services dispatched to the accident spot.

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According to a study in 2020, Indian car buyers held the top spot when it comes to the increasing demand for vehicle connectivity, and it has been found that around 80.0% of Indian customers consider vehicle connectivity to be beneficial in the years to come.

The information and communication technology sector is expected to observe a robust revenue growth over the forecast period. Factors such as technological advancements in AI and robotics, increasing innovations, growing need for high data security, large data management are fueling market development. Availability of variety of devices such as computers, smartphones, softwares and growing usage of internet is boosting overall growth of the information and communication technology. In addition, growing adoption of IOT and cloud based systems, increasing demand for technologically advanced devices, and change in consumer preference are some significant factors fueling market growth.

Competitive landscape of global Vehicle Connectivity market is quite fragmented with regional and global key players. They are often involved in various strategies including mergers and acquisitions, collaborations, new product launches or corporate deals to sustain their market position and expand their product portfolio.

For the purpose of this study, Reports and Data have segmented the global vehicle connectivity market on the basis of service type, component type, product type, vehicle type, sales, and region:

Service Type Outlook (Revenue, USD Million; 2016-2027)

  • Fleet Tracking & Monitoring
  • Safety & Security
  • Driver Management
  • Insurance Telematics
  • Entertainment
  • Diagnostics
  • Others

Component Type Outlook (Revenue, USD Million; 2016-2027)

  • Hardware
  • Software

Product Type Outlook (Revenue, USD Million; 2016-2027)

  • Retrofitted
  • Embedded

Vehicle Type Outlook (Revenue, USD Million; 2016-2027)

  • Passenger Vehicle
  • Commercial Vehicle

Sales Outlook (Revenue, USD Million; 2016-2027)

  • OEM
  • Aftermarket

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Regional Outlook (Revenue, USD Million; 2016-2027)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • MEA

Key questions addressed in the global Vehicle Connectivity market report:

  • What revenue CAGR is the global Vehicle Connectivity market projected to register throughout the forecast period?
  • Which leading companies are operating in the global Vehicle Connectivity market?
  • Which region is expected to account for largest revenue growth over the forecast period?
  • What are the key drivers that are expected to fuel the global market?
  • What are the key outcomes of Porter’s Five Force analysis of the global Vehicle Connectivity market?
  • What are the key restraints expected to hamper global market growth?

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