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The global connected car market is expected to grow at a CAGR of 28% between 2014, when it was valued at $24 billion (£16.8bn), and 2022, according to Grand View Research.

The researchers argue increasing disposable income, and the availability of technology across the globe is set to boost the valuation further in the run up to 2022, while major advances in telecommunication technology are also set to bolster the industry.

The North American market plays a major role in the global industry on account of the presence of key auto OEMs in the region. As Apple and Google have now entered the autonomous and connected car spaces, this has pushed auto manufactures to innovate.

The Asia Pacific market accounts for 23% of the global market and the region is expected to see a CAGR over 29% during 2015 to 2022. Falling average selling price and the implementation of high speed internet services in the region is expected to boost smart vehicles sales in the region. Additionally, smartphone penetration will also cause a positive impact in the region.

Auto manufacturers are making available features like Wi-Fi hot spots, Internet and social media access, advanced mobile office platforms and smartphone interfaces. Additionally, vehicle management systems ensure several functions that allow for easy use and maintenance while cutting down running costs.

You can find more about the report here.