Connected Vehicle Market Grows More Than 60 Percent in First Quarter: CMR
Published By: Paras Yadav
Last Updated: May 10, 2023, 07:00 IST
Connected Vehicle Technology (Photo: IANS)
The connected 2-wheeler (C2W) vehicles grew around 92 percent YoY, with its market share increasing to nearly 60 percent
India’s overall connected vehicle (CV) technology grew more than 60 percent (on-year) in the first quarter of this year, with the electric vehicle (EV) market showing stupendous growth by 48 percent YoY, a report showed on Tuesday.
The connected 2-wheeler (C2W) vehicles grew around 92 percent YoY, with its market share increasing to nearly 60 percent, according to data from market research firm CMR.
The electric 2-wheeler (E2W) market grew by 44 percent YoY. The electric 3-wheeler (E3W) market grew steadily covering around 50 percent share within the segment.
Also Read: Ensure Strict Compliance of Law Against Crash Guards: Delhi High Court to Govt
“There is growing consumer awareness around connected vehicle technologies. For instance, connected vehicle tech has consistently increased its footprint in the industry,” said John Martin, senior analyst, smart mobility practice, CMR.
The advanced driver-assistance system (ADAS) adoption grew around 50 percent YoY in Q1 2023.
“With safety becoming a top consumer priority, ADAS feature tech has witnessed gradual adoption, with 70 per cent YoY 2023 growth market share of vehicles featuring Level 2 autonomy,” Martin added.
The electric passenger vehicle (EPV) segment grew over 114 percent YoY in Q1 in India.
Connected features in the passenger vehicle (PV) segment have been grabbing the market fast with 56 per cent growth, of which, around 58 percent of the connected passenger vehicle (CPV) market share is driven by conventional powertrains.
By Q1 2025, the EV market share in India is expected to surpass 24 percent, while connected vehicles are projected to account for over 30 per cent of the market.
“By 2025-26, connected and software-driven vehicles will be key revenue drivers for the automotive industries,” said Martin.
Read all the Latest Auto News here
(This story has not been edited by News18 staff and is published from a syndicated news agency feed)
Published By: Paras Yadav
Last Updated: May 10, 2023, 07:00 IST
Connected Vehicle Technology (Photo: IANS)
The connected 2-wheeler (C2W) vehicles grew around 92 percent YoY, with its market share increasing to nearly 60 percent
India’s overall connected vehicle (CV) technology grew more than 60 percent (on-year) in the first quarter of this year, with the electric vehicle (EV) market showing stupendous growth by 48 percent YoY, a report showed on Tuesday.
The connected 2-wheeler (C2W) vehicles grew around 92 percent YoY, with its market share increasing to nearly 60 percent, according to data from market research firm CMR.
The electric 2-wheeler (E2W) market grew by 44 percent YoY. The electric 3-wheeler (E3W) market grew steadily covering around 50 percent share within the segment.
Also Read: Ensure Strict Compliance of Law Against Crash Guards: Delhi High Court to Govt
“There is growing consumer awareness around connected vehicle technologies. For instance, connected vehicle tech has consistently increased its footprint in the industry,” said John Martin, senior analyst, smart mobility practice, CMR.
The advanced driver-assistance system (ADAS) adoption grew around 50 percent YoY in Q1 2023.
“With safety becoming a top consumer priority, ADAS feature tech has witnessed gradual adoption, with 70 per cent YoY 2023 growth market share of vehicles featuring Level 2 autonomy,” Martin added.
The electric passenger vehicle (EPV) segment grew over 114 percent YoY in Q1 in India.
Connected features in the passenger vehicle (PV) segment have been grabbing the market fast with 56 per cent growth, of which, around 58 percent of the connected passenger vehicle (CPV) market share is driven by conventional powertrains.
By Q1 2025, the EV market share in India is expected to surpass 24 percent, while connected vehicles are projected to account for over 30 per cent of the market.
“By 2025-26, connected and software-driven vehicles will be key revenue drivers for the automotive industries,” said Martin.
Read all the Latest Auto News here
(This story has not been edited by News18 staff and is published from a syndicated news agency feed)
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