Global Connected Car Market

Connected Car Market Size, Share, Growth Analysis, By Service(Navigation, Remote Diagnostics, Multimedia Streaming, Social-Media and Other Apps), By Hardware(Head Unit, Central Gateway, Intelligent Antenna, Electronic Control Unit), By Form Type(Embedded, Tethered, and Integrated), By End market(Original Equipment Manufacturer, and Aftermarket), By Transponder(On Board Unit, and Roadside Unit), By Network(DSRC, and Cellular), By Electric Vehicle Type(BEV, PHEV, and FCEV), By Region - Industry Forecast 2024-2031


Report ID: SQMIG25AG2015 | Region: Global | Published Date: June, 2024
Pages: 223 |Tables: 89 |Figures: 76

Connected Car Market Insights

Global Connected Car Market size was valued at USD 34.56 Billion in 2022 and is poised to grow from USD 41.29 Billion in 2023 to USD 143.72 Billion by 2031, growing at a CAGR of 19.50% during the forecast period (2024-2031).  

The global connected car market is growing increasingly due to some key points such as the technological advancements, change in consumer behaviour and the adoption of new regulations. The increase in the disposable incomes across different regions are also expected to drive the global connected car market. The advances in telecommunication technology are also contributing to the growth as they connect different vehicles. IT-equipment is experiencing an evolution from control units to fully-fledged platforms that can offer a host of services ranging from entertainment and navigating to telematics and after-sales diagnostics. The government initiatives also play a major role in driving the market. For instance, The US department of transportation along with the national highway traffic safety administration has announced regulatory proposal that states the installation of the communication devices is mandatory for auto manufacturers. Based on SkyQuest analysis, the US department of transportation has made a connected vehicle program with state and local transportation agencies, vehicle and device makers, and the public to test the technology that will enable cars, buses, trains, and others and our smartphones and other devices to connect or talk with each other. The connected cars provide features such as comfort, safety, security, and connectivity. The online platforms help drivers and presenters to communicate in real time which helps them in being attentive during driving. The increase in the consumer demand for the continuous need for connectivity and dependency on technology further fuels the market. The continuous involvement of the 5G technologies due to government initiatives and satellite connectivity also drive the market. The tech-oriented people will also contribute towards the growth. The user-friendly technology has been increasingly becoming popular among the end users. The technological advancement is being used by the automakers which enable customers to remotely connect to their cars. OEMs are also contributing towards the market expansion besides the car manufacturers. The OEM provides services which includes sensor, processors, fleet managers, wireless, cellular models, and aftermarket services which are being used by the automobile manufacturers.  

However, unauthorized access to multiple automobile applications can lead towards safety and security concerns which can restraint the market growth. Based on SkyQuest analysis, the Biden administration and the department of commerce announced an investigation into national security risks from connected cars that contain features incorporated from China and other countries of concern as they might get access to the data. Furthermore, the unavailability of the seamless internet connectivity in different regions can also hinder the growth of the market. Besides, connected cars can be a potential solution what different problems weather conditions, traffic jams, roadblocks command car parking spaces which helping to enhance the driving experience therefore contributing to the growth of the market.

Market Snapshot - 2024-2031

Global Market Size

USD 34.56 billion

Largest Segment

Integrated Systems

Fastest Growth

Embedded

Growth Rate

19.50% CAGR

Global Connected Car Market ($ Bn)
Country Share for North America Region (%)

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Connected Car Market Segmental Analysis

Global connected car market is segmented based on service, hardware, form type, end market, transponder, network, electric vehicle type, and region. In terms of service, the market can be segmented into navigation, remote diagnostics, multimedia streaming, social media and other apps, OTA updates, on road assistance, e-call and SOS assistance, cybersecurity, remote operation, collision warning, auto parking/ connected parking, autopilot, home integration, vehicle management, and asset tracking. Based on hardware, the market is segmented into head unit, central gateway, intelligent antenna, electronic control unit, telematic control unit, keyless entry systems, and sensors. Based on form type, the market is segmented into embedded, tethered, and integrated. Based on end market, the market is segmented into original equipment manufacturer (OEM), and aftermarket. Based on transponder, the market is segmented into on board unit, and roadside unit. Based on network, the market is segmented into DSRC, and cellular. Based on electric vehicle type, the market is segmented into BEV, PHEV, and FCEV. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.  

Analysis by Form Type 

The embedded segment is having the highest share in the global connected car market by form type. The rise in cloud-based services, cost optimization of service plans, and government regulations are driving the growth of this segment. To meet regulatory requirements automobile manufacturers, must adopt embedded solutions, according to GSMA. For instance, EOBD European version of OCD has been made mandatory for all gasoline vehicles in the European Union. Manufacturers are continuously adopting advanced features such as real time diagnostics, telematics, and other features to enhance the driver’s experience. This is contributing to the expansion of the market globally. 

On the other hand, the fastest growing segment is the integrated segment in the global connected car market. These systems provide Internet access and other smart features for the car. These technologies provide countless alternatives for data sharing and are cheaper. The vehicles can use latest mobile technologies through these systems. Due to the increase in demand by the consumers regarding integrated systems these are rapidly growing. The smartphones and mobile networks are continuously evolving or changing, driving their innovation, therefore increasing their demand among the consumers. 

Analysis by End Use 

The original equipment manufacturer is the largest segment in the global connected car market by end market. The OEM provides advanced connected car technology into new vehicles during their manufacturing. It also provides seamless connectivity, safety features, and other advanced features which help in driving the attention of the consumers, therefore increasing its demand. Manufacturers are continuously innovating according to the demands of the consumers such as by providing advanced driver assistance systems (ADAS), and infotainment systems. This technology makes the equipment stronger, with high quality and reliable contributing towards its dominance. 

On the other hand, the fastest growing segment is the aftermarket segment in the connected car market. The installation of connected car technologies in vehicles is made after the sale of the car. As people are attracting towards this technology of built-in connectivity feature, they are installing this rapidly into large number of their older vehicles. Consumers are upgrading their vehicles to provide a modern touch to their connected solutions such as GPS navigation, infotainment units, and vehicle tracking upgradation. The easily accessibility of the products in the market, drives its expansion leading towards the growth of the market.

Global Connected Car Market By Technology, 2022 (%)

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Connected Car Market Regional Insights

North America is the largest region in the global connected car market and is expected to have a share of about 36.7%. The presence of big automobile manufacturers in the region leads towards the dominance of this region. The manufacturers also help in providing the latest technology which also drives the market growth. The advanced wireless communication and the widespread availability of high-speed Internet also contributes towards the regions dominance as they help in supporting the growth of connected cars. The initiatives made by the government help in supporting research and development in the region which plays an important role in the area's dominance. The infrastructural advancements provide smooth connectivity and data transfer between vehicles and external networks which help in facilitating and connect the features of different connected car. 

On the other hand, Asia Pacific is the fastest growing region and is expected to grow at CAGR of about 14.8% during the forecasted period. The growth in the economy of some countries such as China India and Brazil are contributing to the increasing usage of such advanced technology. The rise in the use of smartphone, increase in the high-speed Internet services, and lowering the selling price of smartphones in this region are propelling the sales of these vehicles. Additionally, the rise in the consumer disposable income is also expected to drive the market. Due to this people are moving towards buying advanced and luxury cars which is driving the market expansion. Manufacturers are making advanced connectivity technology in budget and small car segments which is also targeting the middle class leading towards their adoption. The government initiatives and campaigns are encouraging smart transport which is influencing the development of connected cars in this region. 

Global Connected Car Market By Region, 2024-2031
  • Largest
  • Fastest

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Connected Car Market Dynamics

Connected Car Market Drivers

Advancements in Technology:

Technology progress, specifically in the innovative solutions related to artificial intelligence, IoT, and 5G connectivity, contribute significantly to the increase in the connected cars market growth. In 2023, With expanding 5G coverage and the introduction of L3+ ADAS, the adoption of 5G in connected cars is expected to accelerate throughout the decade. The introduction of 5G RedCap in 2026 will further facilitate its application in lower-tier cars, promoting widespread adoption more rapidly. It is projected that by 2030, nearly 90% of cars sold will feature 5G connectivity. Such innovative technologies will add more functionality to the already available features like real-time navigation and sophisticated telemetric and will make the driving safer. These enhance not only the user experience by providing them the innovative features. 

Increasing Demand for Road Safety and Security:

The rising concern regarding road safety and security is becoming a big factor for driving the growth of the connected cars sector. For instance, emergency assistance, remote vehicle tracking, and vehicle theft detection system are among the features provide road safety and are helping towards the safest traveling. Apart from the fact that regulatory requirements and initiatives increase vehicle safety levels leads towards the acceptance of connected cars technologies by the public. 

Restraints 

Data Privacy and Security Concerns 

Increasing concerns about data confidentiality and cybersecurity are complex obstacles in the growth of connected car industry. In vehicles, which intercommunicate and send the vast volumes of sensitive data, like location and user habits, there is a possibility of the data being stolen. It is of great importance to deal with these concerns, and simultaneously also to develop robust data protection procedures is one of the significant issues of trust building between customers and the long-term success of connected car market. 

Lack of Smooth Internet Connectivity 

Consumers need a continuous access to the Internet during travelling. They expect better cars work seamlessly like their smartphones or computers. The main purpose of the connected cars is to provide connectivity of the driver with the outside world. Due to interruptions in connectivity in many regions can lead as main restrain for the connected car segment as low internet access fails to provide smooth working of the internet. This is due to the reason that many service providers offer inconsistent network connectivity in different regions.

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Connected Car Market Competitive Landscape

The company's primary objectives are the deployment of a wide array of cutting-edge connectivity technologies, the creation of self-driving cars for intelligent transportation, and secure mobility management. Another important aspect contributing to the company's dominance is the company's ongoing R&D activities, which are producing advance technologies. 

Top Player’s Company Profiles 

  • General Motors (US) 
  • AUDI AG (Germany) 
  • Ford (US) 
  • Mercedes-Benz (Germany) 
  • Toyota (Japan) 
  • Volkswagen (Germany) 
  • Nissan (Japan) 
  • Volvo (Sweden) 
  • Honda (Japan) 
  • Porsche (Germany) 
  • Hyundai (South Korea) 
  • Kia (South Korea) 
  • Tata Motors (India) 
  • Fiat Chrysler Automobiles (US) 
  • AT&T Intellectual Property (US) 
  • Aptiv (Ireland) 
  • Google LLC (US) 
  • NXP Semiconductors (Netherlands)  

Recent Developments 

  • In February 2024, Harman, has announced the launch of Harman Reddy connect 5G telematics control unit using new Snapdragon digital chassis connected car technology from Qualcomm Technologies Inc. 
  • In February 2024, Cisco and TELUS are set to launch new 5G connectivity capabilities in North America to serve IT use cases in different industries with a major focus on connected cars. 
  • In May 2023, Admiral Group partnered with Ford Smart Mobility and RedTail Telematics has launched Admiral Live, a connected car offering to share driving data collected directly from the car.

Connected Car Key Market Trends

  • Shift Towards Subscription-Based Models: The shift towards subscription-based models is continuously evolving in the connected cars services market. These provide rental options for the customers which they can pay monthly or on annually basis regardless of the usual purchases' traditional ownership models. To remain up to date and provide the latest advancements and security solutions these offer premium subscription plans which include gold plan in which continuous updates and improvements are provided for ensuring that connected cars systems are latest. The instant services provided in this segment drives the market expansion leading towards the continuous evolution off the market.

Connected Car Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research. 

According to our analysis, the global connected car market is experiencing significant growth due to the increasing demand for advanced safety and infotainment features in vehicles. The market is expected to continue its growth trajectory due to the rising adoption of electric vehicles, the increasing popularity of ride-sharing services, and the emergence of autonomous vehicles. The features such as navigation, vehicle diagnosis, mobility management, and others provide internet access to connected cars increasing its smooth functioning, driving the market. The increasing integration of AI and IoT technologies in connected cars is expected to provide ample growth opportunities for market players in the coming years. The embedded segment is having the highest share and the integrated segment is growing quickly. North America is having the highest share due to the dominance of the major players in the region driving new technology whereas Asia Pacific is growing rapidly due to continuously evolving connectivity leading towards the rising demand of the connected cars, contributing to the growth of the market. One major trend is the adoption of subscription-based models among a large consume base. Additionally, the growth of smart cities and the increasing adoption of V2X communication technologies are expected to further fuel the demand for connected car technology.

Report Metric Details
Market size value in 2022 USD 34.56 Billion
Market size value in 2031 USD 143.72 Billion
Growth Rate 19.50%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Service
    • Navigation, Remote Diagnostics, Multimedia Streaming, Social-Media and Other Apps, OTA Updates, On Road Assistance, E-call And SOS Assistance, Cybersecurity, Remote Operation, Collision Warning, Auto Parking/ Connected Parking, Autopilot, Home Integration, Vehicle Management, Asset Tracking
  • Hardware
    • Head Unit, Central Gateway, Intelligent Antenna, Electronic Control Unit, Telematic Control Unit, Keyless Entry Systems, and Sensors
  • Form Type
    • Embedded, Tethered, and Integrated
  • End market
    • Original Equipment Manufacturer, and Aftermarket
  • Transponder
    • On Board Unit, and Roadside Unit
  • Network
    • DSRC, and Cellular
  • Electric Vehicle Type
    • BEV, PHEV, and FCEV
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • General Motors (US) 
  • AUDI AG (Germany) 
  • Ford (US) 
  • Mercedes-Benz (Germany) 
  • Toyota (Japan) 
  • Volkswagen (Germany) 
  • Nissan (Japan) 
  • Volvo (Sweden) 
  • Honda (Japan) 
  • Porsche (Germany) 
  • Hyundai (South Korea) 
  • Kia (South Korea) 
  • Tata Motors (India) 
  • Fiat Chrysler Automobiles (US) 
  • AT&T Intellectual Property (US) 
  • Aptiv (Ireland) 
  • Google LLC (US) 
  • NXP Semiconductors (Netherlands)  
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Connected Car Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Connected Car Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Connected Car Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Connected Car Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Connected Car Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Connected Car Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Connected Car Market size was valued at USD 34.56 Billion in 2022 and is poised to grow from USD 41.29 Billion in 2023 to USD 143.72 Billion by 2031, growing at a CAGR of 19.50% during the forecast period (2024-2031).  

The company's primary objectives are the deployment of a wide array of cutting-edge connectivity technologies, the creation of self-driving cars for intelligent transportation, and secure mobility management. Another important aspect contributing to the company's dominance is the company's ongoing R&D activities, which are producing advance technologies.  'General Motors (US) ', 'AUDI AG (Germany) ', 'Ford (US) ', 'Mercedes-Benz (Germany) ', 'Toyota (Japan) ', 'Volkswagen (Germany) ', 'Nissan (Japan) ', 'Volvo (Sweden) ', 'Honda (Japan) ', 'Porsche (Germany) ', 'Hyundai (South Korea) ', 'Kia (South Korea) ', 'Tata Motors (India) ', 'Fiat Chrysler Automobiles (US) ', 'AT&T Intellectual Property (US) ', 'Aptiv (Ireland) ', 'Google LLC (US) ', 'NXP Semiconductors (Netherlands)  '

Shift Towards Subscription-Based Models: The shift towards subscription-based models is continuously evolving in the connected cars services market. These provide rental options for the customers which they can pay monthly or on annually basis regardless of the usual purchases' traditional ownership models. To remain up to date and provide the latest advancements and security solutions these offer premium subscription plans which include gold plan in which continuous updates and improvements are provided for ensuring that connected cars systems are latest. The instant services provided in this segment drives the market expansion leading towards the continuous evolution off the market.

North America is the largest region in the global connected car market and is expected to have a share of about 36.7%. The presence of big automobile manufacturers in the region leads towards the dominance of this region. The manufacturers also help in providing the latest technology which also drives the market growth. The advanced wireless communication and the widespread availability of high-speed Internet also contributes towards the regions dominance as they help in supporting the growth of connected cars. The initiatives made by the government help in supporting research and development in the region which plays an important role in the area's dominance. The infrastructural advancements provide smooth connectivity and data transfer between vehicles and external networks which help in facilitating and connect the features of different connected car. 

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Global Connected Car Market

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