Connected Car Market by Technology (3G, 4G-LTE, and 5G), Connectivity Solution (Integrated, Embedded, and Tethered), Service (Driver Assistance, Safety, Entertainment, Well-being, Vehicle Management, and Mobility Management), and End Use (Original Equipment Manufacturer (OEMs) and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2020-2027

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Connected car refers to a vehicle equipped with features to connect to internet or wireless local area network, which can be used for sharing of data with other devices and vehicles. Moreover, special technologies for internet access are integrated in the car to provide additional benefits such as navigation, vehicle diagnosis, mobility management, and others. The connected car market is in its nascent stage, and is contributing significant revenue for the overall automotive industry. Moreover, the connected car technology has witnessed increase in popularity among end users. In addition to the advantages, surge in its awareness among consumers is expected to lead to rapid growth of the market during the forecast period.

Rise in trend of connectivity solutions, ease of vehicle diagnosis, and increase in need of safety & security are the key factors that fuel the growth of the global connected cars market. However, high likelihood of data hacking and unavailability of uninterrupted & seamless connectivity hinder the market growth.

Among the analyzed geographical regions, currently, North America is the highest revenue contributor in 2019 followed by Europe, Asia-Pacific, and LAMEA. However, during the forecast period, Europe is expected to lead the market in terms of growth rate followed by Asia-Pacific, LAMEA and North America.