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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

Product ID: SQMIG25AG2015