The India connected car market is estimated to be USD 9.8 billion in 2019 and is projected to reach USD 32.5 billion by 2025, at a compound annual growth rate (CAGR) of 22.2% during the forecast period. Increase in government mandates supporting connected technology in vehicles and emergence of startups for developing and providing connected car features are the key drivers for the connected car market in India.
Embedded is expected to remain the largest and fastest-growing segment during the forecast period
The embedded form of connectivity is projected to be the largest market for connected cars from 2019 to 2025. The growth of embedded form of connected car solution in the long term can be attributed to various disruptive factors such as government mandates, changes in pricing model, and increase in cloud-based services. Furthermore, the leading automobile manufacturers such as Maruti Suzuki, Hyundai, Mahindra & Mahindra, Honda, Tata, Toyota, Renault, Ford, Nissan, and Volkswagen have started to implement connected technologies in embedded form in their mid-size and economy models.
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Ride sharing/hailing segment is expected to hold the largest market share during the forecast period
The emergence of shared mobility services has already started to impact the automotive industry by disrupting the established business models of transportation. The concept of ride sharing has grown with the rise in traffic congestion, increase in vehicle parc, more time spent on the road, and increase in the cost of transportation through the private vehicle. Hence, players such as Uber, Ola, and Zoomcar are trying to lead the fragmented market of ride sharing services and act as key growth drivers for connected car in India.
ECU for connected cars is expected to be the largest segment, by hardware, from 2019 to 2025
The ECU segment is expected to hold the largest share in the hardware segment of the connected car market. The ECU segment is projected to grow at a significant CAGR and is expected to remain the largest market during the forecast period. The growth of connected car ECU in India is driven by the increasing generation of data by various sensors and other hardware components. The consolidation of multiple ECUs into a single entity is going to be a major challenge for connected car ECU segment globally.
Key Market Players
The India connected car market is dominated by a few globally established players, such as Bosch (Germany), Denso (Japan), NXP (Netherlands), Garmin (US), and Harman (US).
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