Global connected car market is projected to reach $156.1 billion by 2023, according to P&S Intelligence.

The growth of the market is majorly driven by the stringent government norms and regulations favoring the growth of connected car technology. In addition, the rise in demand for enhanced driving experience, coupled with ramp-up in the automobile production, is expected to benefit the market during the forecast period.

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4G/LTE technology was the largest category in the technology segment in connected car market. Much of this can be owed to the increasing demand for fast and advanced technology for the connected cars. Additionally, it allows drivers to connect and share vital information, and update emergency service provider faster as compared to other commercial technologies in the market, which is the reason why the 4G technology is expected to dominate the market during the forecast period.

In the connected car market, the embedded connectivity was the leading category in the connectivity segment in 2017. This can be attributed to its compact structure and user-friendly characteristic nature.

Globally, the North American connected car market is expected to account for the largest share throughout the forecast period. 

North America due to increasing demand for technological advanced features in passenger cars.

However, Asia-Pacific (APAC) is expected to be the fastest growing market for connected cars. The changes in government policies related to safety rules and regulations in vehicles and ramp-up in the production of the passenger cars are expected to benefit the market in the region.

Some of the major players operating in the global connected car market are Continental AG, Delphi Technologies PLC, DENSO Corporation, Robert Bosch GmbH, ZF Friedrichshafen AG, Harman International Industries Inc., Valeo SA, and Autoliv Inc.