New Delhi. India’s overall connected vehicle (CV) technology grew by over 60 per cent (on-ear) in the first quarter of this year, with the electric vehicle (EV) market witnessing an impressive 48 per cent growth. This information was given in a report on Tuesday.
Connected two-wheeler (C2W) vehicles have grown nearly 92 per cent year-on-year, with the market share rising to nearly 60 per cent, according to data from market research firm CMR.
The electric two-wheeler (e2W) market grew by 44 percent. The Electric 3-Wheeler (E3W) market grew rapidly and covered almost 50 per cent share in the segment.
“Consumer awareness of connected vehicle technologies is on the rise. Connected vehicle technology, for example, has steadily increased its footprint in the industry,” said John Martin, Senior Analyst, Smart Mobility Practice at CMR.
Adoption of advanced driver-assistance systems (ADAS) to increase by nearly 50 percent in the first quarter of 2023.
“With safety becoming a top consumer priority, adoption of ADAS feature technology has been gradual, with vehicles with Level 2 autonomy expected to account for 70 percent year-over-year 2023 growth market share,” Martin said.
The Electric Passenger Vehicle (EPV) segment in India grew by over 114 per cent year-on-year in the first quarter.
Connected features are rapidly capturing the market with a growth of 56 per cent in the passenger vehicle (PV) segment, of which around 58 per cent of the connected passenger vehicle (CPV) market share is driven by conventional powertrains.
By the first quarter of 2025, the EV market share in India is expected to exceed 24 percent, while connected vehicles are estimated to account for over 30 percent of the market.
“Connected and software-driven vehicles will be a major revenue driver for the automotive industry by 2025-26,” Martin said.(IANS)
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