Germany Automotive Digital Services Market Assess the Trends, Opportunities and Competition in the Market
The rising demand for mobility-on-demand services is one of the biggest factors propelling the adoption of automotive digital services in Germany. In the major metropolitan cities of the country, people are increasingly preferring ride hailing and sharing services over traditional public transport, with almost 750,000 people using various car sharing services and over 8 million interested in the concept of car sharing. Moreover, the numerous advantages associated with mobility-on-demand services, such as no repair and maintenance costs, parking expenses, and insurance costs, are making people avoid buying personal vehicles in the country.
Due to the above-mentioned factors, the revenue generated from the sale of automotive digital services in Germany is predicted to increase from $2,168.6 million in 2017 to $6,056.4 million by 2023. The German automotive digital services market is additionally expected to advance at a CAGR of 19.3% during the forecast period (2018–2023). There are multiple automotive digital services available in Germany — logistic fleet management, mobility-on-demand, and in-vehicle digital services. Amongst these, logistic fleet management solutions are expected to observe the fastest rise in adoption during the forecast period.
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The escalating need for in-vehicle connectivity features is another important factor contributing to the growing demand for automotive digital services in Germany. The sales of automobiles equipped with various in-vehicle connectivity features has increased massively in the country, over the last few years, and this trend is expected to continue in the near future, owing to the rapid development of vehicles fitted with advanced vehicle and passenger safety features and ADAS systems. As a result, the German automotive digital services market is expected to register huge growth in the years to come.
Thus, it can be concluded that due to the rising need for advanced safety and driver assistance features in vehicles and increasing popularity of mobility-on-demand services, the requirement for automotive digital services will surge in Germany in future.