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Tech giants Apple and Google, alongside automotive behemoths BMW, Ford and Volkswagen, are among the top 20 connected car companies according to a new market report by Visiongain.

The top 20 companies, according to Visiongain, are Airbiquity, Apple, AT&T, BMW, Broadcom, Daimler, Fiat Chrysler, Ford Motor, General Motors, Google, Honda Motor, Luxoft, OnStar, Qualcomm, Sierra Wireless, Tech Mahindra, Toyota Motor, Verizon Telematics, Visteon and Volkswagen.

The global connected car market will be valued at $29.8 billion in 2015, according to the report. As reflected by the top 20 list, the market includes a number of automakers offering OEM embedded connectivity solutions and several aftermarket connectivity solution providers. Many of them have partnered or formed alliances with each other, shaping and developing the connected car market and creating a sustainable business model for both automaker and connectivity solutions providers.

The report also highlights the critical role of mobile network operators in the market, acting as data providers and forming a crucial element of connected car systems. Telecom and internet companies are also making their entry in the market, as in-car connectivity becomes an increasingly important feature.

Global regulatory mandates are also playing a major role in driving growth in the connected car market. Recent mandates include Contran in Brazil, GLONASS in Russia and eCall in the European Union, and they are opening up the market to newer services and potentially new revenue streams for market players.

Visiongain predicts that the market will be dominated by those who deliver innovative products and standardise in-car connectivity technologies. Other factors of success include strategic partnerships with other industry players to expand market share and the development of cost-effect business models.