Market Size of India Connected Car Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 20.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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India Connected Car Market Analysis
The India connected car market is anticipated to register a CAGR of about 20% during the forecast period (2020 - 2025).
- Artificial intelligence, Internet of Things (IoT) were being the part of luxury and high-end cars than in the matured market such as Germany and the United States. But from the past few years, India has seen the interest of various OEMs to incorporate advanced technology in Indian cars. One of the main reasons behind the rise in the demand is that the technology is becoming cheaper and customers are willing to pay extra cost for latest technology few car manufacturers are leading the way to introduce connected car technology to India.
- The connected car requires access to the Internet for its smooth functionality. As a result, many players that have launched their connected cars in India have collaborated with telecom companies for the connected cars to become a reality in the Indian market. For instance, MG India partnered with Airtel for connected mobility solutions with an E-SIM, and the company claims that it is Internet Protocol Version 6 (IPV6) ready for the upcoming 5G.
- The connected car market is still in its nascent stage in India. It is expected to grow at a much faster rate, as the industry participants are looking at this market full of potential. As the electric vehicles are making their way in the Indian roads, connected cars will also be soon become part of the Indian market.
- The country has an ambitious target of becoming an all-electric vehicle nation by 2030. In the process of mass adoption of electric vehicles in the country, the government has announced its plan to introduce 10,000 electric buses and 50,000 electric rickshaws within the next few years.
- In 2019, the Union cabinet approved the proposal for the implementation of a scheme titled 'Faster Adoption and Manufacturing of Electric Vehicles in India Phase II (FAME India Phase II)' for the promotion of Electric Mobility in the country. The total fund requirement for this scheme is INR 10,000 crores over three years from 2019 to 2022.
