India Connected Car Market to grow at 22.2% CAGR from 2023 to 2030

India Connected Car Market Analysis (2023 - 2030)

The India Connected Car Market is estimated to be worth USD 9.8 Billion in 2022 and would be USD 32.5 Billion by 2030, growing at a CAGR of 22.2% during the forecast period 2023-2030.

The rising demand for advanced driver assistance systems (ADAS) in connected cars is fueling the growth of India’s connected car market. ADAS are passive and active electronic system technologies that assist in driving and parking functions. ADAS enhances car and road safety through the human-machine interface. ADAS offers a wide range of features to drivers, including traffic signal recognition, adaptive cruise control, smart pilot assist, lane keep assist, front collision warning, lane departure warning, automatic emergency brake, and many more. As a result, this factor assists in driving the demand for connected cars. In addition, the upsurge in the tech-savvy population is another factor contributing to the growth of India’s connected car market. Technologies that come with connected cars, such as infotainment systems and navigation systems, largely appeal to tech-savvy consumers. These technologies consist of a variety of features, including voice control, smartphone integration via Android Auto, entertainment assistance, etc. As a result, this factor also assists in driving the demand for connected cars in India.

The India Connected Car market is encountering challenges, primarily in terms of a shortage of infrastructure and affordability. As India is a developing country, IT infrastructure development is slower in comparison to developed countries. While India is one of the largest telecom markets in the world and there is internet accessibility almost anywhere in the country, the availability of high-speed networks, such as 4G-LTE and 5G, are limited to certain urban and semi-urban regions, which can limit the functionality of connected car technologies. Moreover, as new advancements are introduced in connected cars, this can make them expensive and raise the issue of affordability for price-sensitive customers. Thus, these challenges inhibit the growth of India’s connected car market.

Key Market Insights:

• In 2022, Android Autos held the highest market share of the global market. The growth can be attributed to android being the most popular operating system in India due to its easy-to-use interface, availability of a wide range of smartphone applications, and compatibility with multiple devices. 
• The embedded passenger type also accounts for a sizeable market share. The growth can be attributed to the features that embedded connectivity offers in a connected passenger car, including faster and more reliable connectivity, enhanced security, and longevity of the connection. The growing demand for infotainment and navigation services in India also propels this segment's growth.
• In 2022, the electronic control unit (ECU) held a major market share. The growth can be attributed to the ECU being the central control unit in a connected car, which assists in managing and controlling the connected car's electronic system technologies and components. Additionally, ECU supports many of the connected car's advanced features, including adaptive cruise control, lane departure warning, etc. The ECU's in-build fail-safe mechanism and redundancy features further propel this segment's growth.
• In 2022, V2Vehicle held the highest market share. The growth can be attributed to the advantages that cellular connectivity technology possesses in comparison to DSRC, including wide coverage area, high reliability, easy integration with existing infrastructure, and the availability of advanced services, such as real-time traffic and weather updates.
• Tata Motors, Mahindra and Mahindra, Maruti Suzuki India, Hyundai Motors, Toyota Motor Corporation, Honda Motor Corporation, Kia Motors Corporation, MG Motor UK Limited, Ford India Private Limited, and Nissan Motor India Private Limited are among the major players in India connected car market. The connected car market is estimated to become more competitive as new players enter the industry. Due to their innovation and new product development in the connected car market, Tata Motors, Mahindra and Mahindra, and Maruti Suzuki India currently dominate the market.

MARKET SEGMENTATION:

By Vehicle Types:

• Passenger Cars
• Commercial Cars

By Connectivity:

• V2Vehicle
• V2Infrastructure
• V2Pedestrain

By Application:

• Driver Assistance
• Telematics
• Infotainment
• Other Application Types

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