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.
Cellular segment is expected to dominate the India connected car market
Owing to the increase in connected features offered by automobile manufacturers in economy models and government mandates regarding connected technology in passenger cars, the cellular segment is likely to witness exponential growth in the near future. Also, gradual growth in such features in buses, trucks, and LCVs has further inflated the growth of this segment during the forecast period.
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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.
Sensor is estimated to be the fastest market during the forecast period
The sensor segment is expected to dominate the India connected car market during the forecast period. With increasing initiatives by several governments to implement an intelligent transport system, OEMs and Tier I suppliers are manufacturing smart antennas to meet the requirement of connected car services. Sensors act as eyes of the vehicle and help monitor the distance from ahead, behind, or the sides of the vehicle and provide vital data for control console.
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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