What’s driving the connected cars market? Automobile makers are leaning towards more integrated technologies as the demand for smart cars driving the market. Long days are gone when connectivity was just an initial approach for automobile makers. The automotive industry is today undergoing a massive transformation, where automakers are no longer hardware makers but are evolving into tech companies.
The drive towards a new software and hardware approach integrating more sensors and electronics seems to craft the automotive industry. This change for connected cars is visionary and the possible transformation lies under the hands of tech companies. Today, Automakers searching for connected cars future are associating with Tech giants to explore new opportunities to drive innovations across the sector.
Technology To Take Responsibility For Connected Cars
The initial quarters of 2020 were seen dormant because of the pandemic and also last year went nimble because of India’s vision of BS-VI gearing on the roads. The cost has been a major factor but the demand for automobile companies were seen desirable. Today every new car especially the mid-segment and high-end cars launched in India has the ability to be interactive, intuitive and connected. This change and transformation lay new opportunities for the tech companies especially the semiconductor companies. Semiconductor manufacturers are working to improve devices for better in-vehicle networking like Ethernet, to boost processing power, and to perfect vehicle power management. Integrating more of these devices into larger-scale systems-on-chip (SoCs) will significantly improve not only performance but also reduce costs and the Connected Cars in India market is well feeling it.
Trends Tapped for Connected Cars in 2020
5G and the rush for IoT were exorbitant. Though there were other tech trends which have happened to shape the evolution of connected cars in 2020. Below listing few for better understanding.
Operating system – The crave for new OS is all futurizing the car’s dashboards.
Telematics – GPS receiver and a basic cellphone to report a vehicle’s location and to signal an accident. Other features are things like remote door unlocking and emergency service.
5G – The next-gen power of Internet inside your car is promising as global Auto-Makers helms with telecom providers to explore the opportunities with 5G.
Data Monetization – Shared mobility, powertrain electrification, car autonomy, vehicle connectivity are driving data monetization for future.
Human-Machine Interfaces (HMI) – The in-vehicle experience is the key. Hence automakers are integrating a range of human-machine interface technologies (HMIs) including voice controls, interior-facing cameras, touch-sensitive surfaces and smarter, personalized platforms.
These above trends are not just barred to Cars or Automobiles but the trends are equally shaping boats, trucks, and aircraft as well. Also, few other technology trends include augmented/virtual/mixed reality, in-car commerce, biometrics, V2X, IoT platforms, blockchain, cybersecurity, etc.
How is Indian Market for Connected Cars?
India is undergoing a ‘Digital Revolution’. The penetration of technology is defining the length and breadth of the country. As technology becomes cheaper and amuses the people, connected cars in India will open avenues of success. Another significant reason has been the power of purchasing in the market. People are ready to spend more to opt for a connected car than to anything else. Given the trends, Indian car manufacturers are tapping these trends to woo Connected Cars in India and are willing to cater the same in the market. Indian automotive industry is getting the privilege of indigenous innovation hubs and the easy availability of technology. With global tech companies today established in India, it has made a ‘gist journey approach’ for carmakers in India. Meanwhile, according to ResearchAndMarkets.com the India Connected Car market is anticipated to register a CAGR of about 20% during the forecast period (2020-2025). Though the complete potential of connected cars has not been explored in India, the future seems promising. The latest example sets the success of companies like MG Motor India and KIA Motors.