[48 Report Pages] The connected vehicle market in India is likely to witness significant growth during the forecast period. The market is driven by factors such as automotive industry embracing data-centric business models, consumer demand for digitalized and connected driving experience, and government & regulatory push for the expansion of connected vehicles. Additionally, the growing demand for real-time logistics management, the evolution of new modes of transportation, regulatory changes promoting insurance telematics, ADAS, and electric vehicles are other drivers expected to generate new business opportunities for vendors present in the connected vehicle market in India. Low consumer readiness for advanced connected solutions due to high costs and slow implementation of transportation-related smart city plans are identified as key restraints likely to deter the progression of the connected vehicle market in India during the forecast period.
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.
Market Revenue and Segmentation Analysis:
The connected vehicle market in India is expected to reach revenue of $1,803.9 million by 2024, growing at a CAGR of 12.9% during the forecast period upto 2024.
The connected vehicle market in India is segmented into solution type, vehicle type, and market type. The solution types include in-vehicle infotainment, telematics, V2X communication, and advanced driver assistance system (ADAS). Among various solutions, in-vehicle infotainment is identified as the fastest growing segment, i.e., at a CAGR of 13.6% during the forecast period 2018–2024, and is expected to contribute 35% market share by the end of 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.
- In 2018, over 35% of the newly sold passenger vehicles had at least a basic level of connectivity solutions, including location tracking and remote monitoring.
- More than 19% of passenger and commercial vehicles sold in 2018 are connected; however, it is just below 2% of the total vehicle stock.
- Mahindra & Mahindra, DHL, Eicher Motors, and Tata Motors are focusing on building smart trucks to promote sustainable transportation solutions in India.
- As an initiative toward intelligent transportation systems (ITS), the Government of India has mandated AIS140 – GPS tracking standard, for all new commercial vehicles across India from January 2019.
Benefits and Vendors
The report contains an in-depth analysis of vendors, which includes overview, financial health, business focus, SWOT analysis, strategies, and views; and competitive landscape. Few of the key players profiled in this study include Maruti Suzuki India Limited, Mahindra & Mahindra Limited, Bosch Limited, Vodafone Group Plc, ANI Technologies Private Limited, Vecmocon Technologies, Zyme Technologies, Carsense, and CarX.
The study offers a comprehensive analysis of the “Connected Vehicle Market in India”. Bringing out the complete key insights of the industry, the report aims to provide an insight into the latest trends, current market scenario, and technologies related to the market. In addition, it helps the venture capitalists to understand revenue opportunities across different segments to take better decisions.
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