Global Automotive Digital Services Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope

Automotive digital services refer to the integration of digital technologies into vehicles to enhance safety, comfort, operational efficiency, and entertainment features. These services leverage digital technologies, connectivity, and data analytics to offer convenience, safety, entertainment, and efficiency both inside and outside vehicles, and multimedia entertainment, navigation, and communication features within the vehicle.

Sizing and Forecast
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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Segmentation & Regional Insights
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

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.

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Major Driver Impacting Market Growth
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.

Key Industry Players
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

The automotive digital services market report table of contents includes:
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

.

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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