Market Size –
The automotive digital services market size has grown rapidly in recent years. It will grow from $3.14 billion in 2023 to $3.53 billion in 2024 at a compound annual growth rate (CAGR) of 12.5%. The growth in the historic period can be attributed to internet connectivity and connectivity standards, emergence of smartphones and mobile apps, regulatory push for safety and emissions standards.
The automotive digital services market size is expected to see rapid growth in the next few years. It will grow to $5.34 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to connected car ecosystem, electric vehicle integration, edge computing and AI integration, personalized mobility services. Major trends in the forecast period include enhanced vehicle connectivity, rise of personalized user experiences, expansion of in-car entertainment and infotainment, integration of augmented reality (AR) and heads-up displays (HUDs).
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Scope Of Automotive Digital Services Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Automotive Digital Services Market Overview
Market Drivers –
The rising demand for connected vehicles is expected to propel the growth of the automotive digital services market going forward. Connected vehicles refer to automobiles equipped with advanced communication technologies and connectivity features, allowing them to interact with other vehicles. The rising demand is attributed to consumer expectations for enhanced safety, convenience, entertainment, and connectivity features. Automotive digital services are used for connected vehicles to enhance convenience, safety, and entertainment for drivers and passengers while providing manufacturers with opportunities for ongoing engagement. For instance, according to the Australian Computer Society, an Australia-based professional association, there are around a million connected cars in Australia, which is projected to rise to 10 million by 2030. Therefore, the rising demand for connected vehicles is driving the growth of the automotive digital services market.
Market Trends –
Major companies operating in the automotive digital services market focus on developing advanced solutions, such as Kia Digi-connect, an auto digital service to improve customer convenience, offer contactless sales, enhance customer engagement, gain a competitive advantage, and reduce costs. This includes a wide range of services and applications delivered via the internet or electronic networks designed to enhance the customer experience and improve the efficiency of automotive operations. For instance, in June 2021, Kia, a South Korea-based automobile manufacturer, introduced an integrated solution application called Kia Digi-connect to enhance the digital buying experience for its customers. This application aims to provide customers with a seamless and convenient way to purchase vehicles online. It offers features such as virtual showroom services and digital consultation options, allowing customers to explore and buy vehicles from the comfort of their homes.
The automotive digital services market covered in this report is segmented –
1) By Product Type: Mobility On Demand Service, Logistic Fleet Management Service, In-Vehicle Digital Service
2) By Vehicle Type: Commercial Vehicle, Passenger Vehicle
3) By Application: Vehicle Owner, Automobile Manufacturer, Automobile Service Provider, Transportation Management Company, Other Applications
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Regional Insights –
Asia-Pacific was the largest region in the automotive digital services market in 2023. The regions covered in the automotive digital services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the automotive digital services market are Volkswagen AG, Toyota Motor Corporation, Ford Motor Company, Mercedes-Benz Group, General Motors Company, Bayerische Motoren Werke AG, Hyundai Motor Company, Tesla Inc., Nissan Motor Co. Ltd., Aurora Innovation Inc., Volvo AB, Qualcomm Incorporated, Continental AG, Tata Motors Limited, Uber Technologies Inc., NVIDIA Corporation, Aptiv PLC, Harman International Industries Incorporated, Lyft Inc., XPeng Inc., Rivian Automotive Inc., Waymo LLC, Cruise LLC, BlackBerry Limited, TomTom NV
Table of Contents
1. Executive Summary
2. Automotive Digital Services Market Characteristics
3. Automotive Digital Services Market Trends And Strategies
4. Automotive Digital Services Market – Macro Economic Scenario
5. Global Automotive Digital Services Market Size and Growth
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31. Automotive Digital Services Market Other Major And Innovative Companies
32. Global Automotive Digital Services Market Competitive Benchmarking
33. Global Automotive Digital Services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Automotive Digital Services Market
35. Automotive Digital Services Market Future Outlook and Potential Analysis
36.Appendix
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