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Automotive Digital Transformation Market | Will Reflect Significant Growth in Future with Size, Share, Growth, and Key Companies Analysis- exas Instruments, Cisco, NXP Semiconductors, Continental AG
Automotive Digital Transformation Market Outlook – 2028The automotive digital transformation can be defined as integration of digital technologies like big data, social media, and cloud computing in a vehicle. The introduction of Artificial Intelligence (AI) and Internet of Things (IoT) in vehicle has revolutionized the automotive industry. The improved manufacturing process of vehicle combined with automated customer relationship and digital marketing has transformed the work culture in automotive industry. Besides, the real time data of vehicle has opened new gates for innovation in the automotive landscape. Additionally, the possibility of vehicles driving themselves is becoming a reality due to collaboration of advanced digital transformation in automobile. Moreover, the convenience and ease of traveling is now achievable due to automotive digital transformation.
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COVID-19 scenario analysis:
• The automotive industry was already impacted by an unprecedented disruption due to the coronavirus.
• Automakers are looking to position themselves for recovery will need to adapt to faster industry cycles and shorter planning horizons.
• Even as the coronavirus pandemic rages across the world, leading to lockdowns and closure of businesses, demand of automotive digital transformation market will see a growth in near future.
• Moreover, the number of thefts is expected to rise with increasing recession due to the pandemic. This will positively impact the security system linked with automotive digital transformation.
• Besides, the sales of vehicle would enhance by using digital media for purchasing a vehicle.
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Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
Rise in government expenditure on building vehicle to vehicle (V2V) infrastructure is driving the market of automotive digital transformation. Additionally, increase in sales autonomous and semi-autonomous vehicles are boosting the automotive digital transformation market. Besides, rising internet speeds and integration of vehicle features with smartphones are propelling the automotive digital transformation market. Moreover, growth in technological advancement is fueling the demand for automotive digital transformation. However, underdeveloped cloud infrastructure and rising threat from hackers is restraining automotive digital transformation market. Furthermore, integration of advanced safety features and Advanced Driver Assist System (ADAS) due to automotive digital transformation is proliferating the market growth.
Virtual showrooms triggering the growth
Vehicle buying was a lengthy process without the introduction of digital transformation in the field of automotive. Moreover, the comparison of features among wide variety of vehicle manufacturers, negations, and others was a hectic and time-taking process for consumers. Today, consumers are researching a vehicle online before even stepping foot in a dealership. The information of features and comparison of vehicles along with prices and 360 degrees view of vehicle is now possible with the help of digital transformation. Additionally, consumers could look for user experience of a vehicle from the shared reviews. Moreover, the virtual showrooms growth has benefited the dealerships by reducing the inventory cost. In 2020, Nissan launched virtual showroom in India. Besides, the Audi virtual showroom launched in London is attracting significant customers.
Mobility-as-a-service to nurture the market growth
With technological advancement due to Artificial Intelligence (AI) and Internet of Things (IoT)in vehicles, the connected living has now become a reality. The integration of smartphone with automotive sector have enabled new possibilities in the research and development landscape. Moreover, the continued emergence and dominance of private and public ride sharing services is expected to dominate the growth of automotive sector in next few years. Besides, the launch of autonomous vehicle is developing the ride sharing experience to a greater extent. In 2018, Waymo LLC launched commercial self-driving car service for users in Phoenix metropolitan area.
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Key benefits of the report:
• This study presents the analytical depiction of the Automotive Digital Transformation industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed Automotive Digital Transformation Market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the automotive digital transformation market research report:
• Which are the leading market players active in the automotive digital transformation market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What are the projections for the future that would help in taking further strategic steps?
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