The connected car market will progress at a mammoth growth rate of over 24%. The growing requirement for an improved driving experience, acceptance of the IoT in the automotive sector, and apprehensions being raised over the safety of the vehicles and security are the key factors responsible for the increasing need for connected cars.

The largest demand was held by the driver assistance service category in the industry in the recent past. This had much to do with the large-scale incorporation of advanced driver assistance system features in vehicles because of the apprehensions of people over the safety of the vehicles and the enactment of advantageous policies and regulations of the government with respect to ADAS, which is increasing the demand for connected cars. In numerous nations, the authorities have made the fitting of ADAS features in all new vehicles compulsory.

The largest revenue generator in the recent past was the integrated connectivity category in the connected car market. Furthermore, this will demonstrate the highest growth rate in the coming years. This is because of the ballooning necessity for the incorporation of high-resolution HMI in connected cars and the surging need for vehicle management systems and better in-vehicle communication.

The OEM category was the industry dominator in the past. This will also hold a larger share compared to the aftermarket category in the near future. This will be possible because of the higher requirement for these solutions amongst OEMs because of the implementation of strict government regulations with regard to vehicle and passenger safety all over the world. Thus, vehicle manufacturing companies are needed to provide numerous built-in technologies in their automobiles.

North America was the largest consumer of connected cars owing to the huge requirement for the same and cutting-edge technologies in passenger automobiles. Connected cars have roadside assistance, automobile diagnostics, smartphone connectivity, real-time traffic update features, and traffic and collision warning. Essentially, the increasing necessity for a safe driving experience and snowballing application of promising policies by state and central governments concerning improved driving technologies are pushing the demand for connected cars.

Read More Connected Car Market Growth Insights Report