The connected vehicle market in India is expected to witness a CAGR of 12.9% during the forecast period to reach revenue of $1,803.9 million by 2024
Bangalore, India, March 20, 2019 With its recently published study “Connected Vehicle Market in India – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2024”, Infoholic Research forecasts that the connected vehicle market in India is expected to grow significantly in the coming years owing to factors such as automotive industry embracing data-centric business models, consumer demand for digitalized & connected driving experience, and government & regulatory push for the expansion of connected vehicles.
Market Ecosystem – Connected Vehicle Market in India
The Indian automobile industry, along with the Government of India, is heavily focusing and investing in establishing intelligent transportation systems by enabling cutting-edge services via interconnecting physical and virtual things. The expansion of Internet coverage via wired and wireless network infrastructure, ubiquity of smartphones, emergence of Internet of Things (IoT) along with societal demand for connected driving experience are transforming the transportation sector in India.
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The connected vehicle market is segmented into solution type, vehicle type, and market type. By solution type, the market is segmented into in-vehicle infotainment, telematics, V2X communication, and advanced driver assistance system (ADAS). In-vehicle infotainment is identified as the fastest growing segment and is expected to contribute a significant market share by 2024. By vehicle type, the market is segmented into personal vehicles, commercial cars, commercial vehicles, and two & three wheelers. In terms of market type analysis, the market is segmented into OEM and after-market.
The connected vehicle market comprises automotive manufacturers, telecom providers, telematics vendors, hardware component makers, and other relevant service providers. In India, the current environment is not ideally suited for operating connected vehicles. The automotive industry operates traditionally with a lack of experience and skills to operate a full-fledged connected vehicle infrastructure. This would essentially require collaboration with players outside of the automotive industry. In the coming years, the market acceptance of connected cars is anticipated to have positive implications for organizations in the automotive value chain as well as other sectors.
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“Data-centric services are anticipated to promulgate connected vehicles in India, while consumer-driven awareness and enhanced experience will bolster long-term growth.” – Gowtham Kumar Sampath, Senior Manager, ICT Research, Infoholic Research
Key Insights of the Report Include:
- AIS 140 Implementation
- Analysis of the AIS 140 Implementation – Ecosystem Impact
- Connected Vehicle Partnerships, Developments in India
- Indian Automotive OEM Connected Vehicle Solutions and Service Offerings
- Ecosystem of Connected Vehicles Market in India
- Market Analysis – By Solution
- In-vehicle Infotainment
- V2X Communication
- Advanced Driver Assistance System (ADAS)
- Market Analysis – By Vehicle Type
- Personal Vehicles
- Commercial Cars
- Commercial Vehicles
- Two & Three Wheelers
- Market Analysis – By Market Type
- After Market
Ms. Sunanda Ganguli
Infoholic Research LLP