1 / 13The connected vehicle (CV) market grew over 60 percent in India, driven by the introduction of new Connected Vehicles (CVs) and Electric Vehicles (EVs) by various brands, revealed CMR’s latest auto market report for Q1 2023 on Tuesday. (Image: Shutterstock)
2 / 13The report further said that increasing consumer demand contributed to healthy demand and particularly alternative powertrains. According to John Martin, Senior Analyst, Smart Mobility Practice at CMR, “There is growing consumer awareness around connected vehicle technologies. For instance, connected vehicle tech has consistently increased its footprint in the industry.” (Image: Shutterstock)
3 / 13“With safety becoming a top consumer priority, Advanced driver-assistance systems (ADAS) feature tech has witnessed gradual adoption, with more than 70 percent YoY 2023 growth market share of vehicles featuring Level 2 autonomy,” Martin added. (Image: Shutterstock)
4 / 13Two Wheeler Segment: The in-demand, Connected 2 Wheeler (C2W) vehicles grew from around 92 percent YoY growth, with its market share increasing to nearly 60 percent in Q1 2023. (Image: Shutterstock)
5 / 13The Electric 2 Wheeler (E2W) market grew over 44 percent YoY in Q1 2023. Ola Electric’s S1 Pro, TVS’s iQube, and Ather Energy’s 450X lead the E2W segment. (Image: Shutterstock)
6 / 13Three Wheeler Segment: The Electric 3 Wheeler (E3W) market grew steadily covering around 50 percent share. The connected 3 Wheelers (C3W) vehicle market increased by over 71 percent in Q1 2023. This connected technology has been majorly featured by E3W in this segment. (Image: Shutterstock)
7 / 13Passenger Vehicle Segment: Electric Passenger Vehicle (EPV) segment grew over 114 percent YoY in Q1 2023. Tata Motor’s Nexon, Tigor, and Tiago and Tigor; MG Motor’s ZS EV, and BYD’s ATTO 3 and E6, hold the major EPV segment market share. (Image: Shutterstock)
8 / 13Connected features in Passenger Vehicle (PV) segment have been grabbing the market pretty fast with more than 56 percent growth, of which, around 58 percent of the Connected Passenger Vehicle (CPV) market share is driven by conventional powertrains. (Image: Shutterstock)
9 / 13ADAS market has been adopted in the PV segment where the safety tech grew over 50 percent YoY in Q1 2023. (Image: Shutterstock)
10 / 13In Q1 2023, many cars were launched, 23 percent of them were EVs, 83 percent have connected tech features and 58 percent come with ADAS safety tech features. (Image: Shutterstock)
11 / 13Commercial Vehicles Segment: Electric Commercial Vehicles (ECV) market grew around 50 percent YoY in Q1 2023, while connected Commercial Vehicles (CCV) market grew over 12 percent YoY. (Image: Shutterstock)
12 / 13Future Market Outlook: Based on CMR's estimates, by Q1 2025, the Electric Vehicle market share in India is expected to surpass 24 percent, while connected vehicles are projected to account for over 30 percent of the market. Additionally, ADAS technology is predicted to have a market share of around 4 percent. (Image: Shutterstock)
13 / 13“By 2025-26, connected and software-driven vehicles will be key revenue drivers for the automotive industries. Automobile companies that do not embrace this technological change would be at risk. At CyberMedia Research (CMR), our research insights highlight that the automotive industry in India is on track, and we remain optimistic about the future growth prospects,” added Martin. (Image: Shutterstock)
