Press release
Key Factor Supporting Automotive Digital Services Market Development in 2025: Surge In Connected Vehicles And Its Impact On The Automotive Digital Services Market
Automotive Digital Services Market Size
How Large Will the Automotive Digital Services Market Size By 2025?
The market size for digital services in the auto industry has seen a quick surge over the past few years. The rise is projected to grow from $3.53 billion in 2024 to $3.97 billion in 2025, observing a Compound Annual Growth Rate (CAGR) of 12.4%. The historical growth of this sector can be linked to the advent of internet connectivity and standardization, the rise of smartphones and mobile applications, as well as regulations pushing for improved safety and emission standards.
How Big Is the Automotive Digital Services Market Size Expected to Grow by 2029?
The size of the automotive digital services market is projected to significantly expand in the upcoming years. The market valuation is anticipated to reach $5.88 billion in 2029, with an annual growth rate of 10.3%. The growth within this forecasted period can be tied to the advent of the connected car ecosystem, incorporation of electric vehicles, edge computing, and integration of Artificial Intelligence. Noteworthy trends during the forecast period include improved vehicle connectivity, the emergence of personalized user experiences, growth of in-vehicle entertainment and infotainment, and the assimilation of augmented reality (AR) and heads-up displays (HUDs).
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Which Key Market Drivers Powering Automotive Digital Services Market Expansion and Growth?
The growth of the automotive digital services market is expected to be driven by the increasing demand for connected vehicles. These vehicles, defined as cars equipped with advanced communication and connectivity features enabling interaction with other vehicles, are becoming more prevalent due to consumers' desire for enhanced safety features, convenience, entertainment, and connectivity abilities. To meet this need, automotive digital services are employed to improve convenience, safety, and entertainment for drivers and passengers. These services also offer manufacturers a chance for continuous engagement. For example, as per the Australian Computer Society, a professional association based in Australia, it was reported in August 2021 that there were approximately one million connected cars in Australia, a figure expected to surge to 10 million by 2030. Consequently, the increasing demand for connected vehicles is propelling the growth of the automotive digital services market.
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Which Fast-Growing Trends Are Poised to Disrupt the Automotive Digital Services Market?
Major operators in the automotive digital services marketplace are prioritizing the development of progressive solutions, like digital chassis, geared towards improving connectivity, safety, and efficiency in vehicles. Essentially, a digital chassis is an all-inclusive digital platform inside a vehicle that merges hardware, software, and connectivity solutions to manage and boost a variety of car functions such as safety, performance, and the user's experience. As an illustration, Qualcomm Incorporated, a semiconductor enterprise based in the US, unveiled two fresh platforms - QWM2290 and QWS2290 - as constituents of its Snapdragon Digital Chassis in September 2023. The focus of these platforms is to ameliorate connectivity and safety elements in a range of vehicles such as motorcycles, e-bikes, and ATVs. The highlight of these platforms are the advanced smart clusters that feature personalized navigation, warnings for low battery levels, and maintenance prompts, complemented by comprehensive 4G/5G connectivity and vehicle-to-everything (V2X) communication. Furthermore, these platforms incorporate a services suite for over-the-air updates and remote diagnostics.
What Are the Emerging Segments in the Automotive Digital Services Market?
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
Subsegments:
1) By Mobility On Demand Service: Ride-Hailing Services, Car Sharing Services, E-Scooter And Bike Sharing Services
2) By Logistic Fleet Management Service: Fleet Tracking Solutions, Route Optimization Services, Maintenance And Compliance Management
3) By In-Vehicle Digital Service: Infotainment Systems, Connected Navigation Services, Vehicle Health Monitoring Services
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Who Are the Global Leaders in the Automotive Digital Services Market?
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
Which are the Top Profitable Regional Markets for the Automotive Digital Services Industry?
Asia-Pacific was the largest region in the automotive digital services market in 2024. The regions covered in the automotive digital services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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