Description
Automotive IoT Market
Market Overview
In the automotive industry, IoT devices are utilized to develop novel solutions and applications that may make vehicles smarter and more intelligent, allowing for safer, more efficient, and more comfortable driving. IoT links people, vehicles, auto components, equipment, and services to facilitate data flow, enable real-time decisions, and enhance automotive experiences. Leading automobile manufacturers, suppliers, and dealers have started spending extensively in the Internet of Things in order to achieve this.
Market Highlights
Automotive IoT market is expected to project a notable CAGR of 16.57% in 2031
Automotive IoT market to surpass USD 1366.73 billion by 2031 from USD 294.92 billion in 2021 at a CAGR of 16.57% in the coming years, i.e., 2022-31. The overall automotive IoT market is growing due to rising demand for connected vehicles, government initiatives for smart cities and smart traffic management systems, increasing approvals and funding for autonomous vehicle testing, increasing demand for infotainment and real-time vehicle tracking systems, and rising adoption of road vehicle safety solutions.
Automotive IoT Market: Segments
segment to grow with the highest CAGR during 2021-31
Automotive IoT market is segmented by Offering into Components, Platforms, IoT Services, IoT Solutions. Among these, the Platforms category is the largest as well as the fastest-growing segment during the forecast period. The increased adoption of this market in both developed and developing countries for monitoring data provided by connected vehicles is largely responsible for its rise. Factors such as rising need for cloud data storage and linked devices in the IoT ecosystem are also propelling the automotive IOT platform market forward.
Original Equipment Manufacturers (OEM) segment to grow with the highest CAGR during 2021-31
Automotive IoT market is segmented by End-user into Original Equipment Manufacturers and Aftermarket. Among these, the Original Equipment Manufacturers (OEM) category is expected to grow at a significant rate during the forecast period. Government mandates in various countries to implement IoT features such as GPS, e-calls, and vehicle tracking systems in vehicles, as well as the growing need to improve the driver and passenger travel experience, and consumers’ demand for smartphone features in cars, all contribute to this segment’s large share.
Automotive IoT Market: Key Players
Nxp Semiconductors N.V.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
American Telephone & Telegraph Company (At&T Inc)
TomTom International B.V.
Texas Instruments Incorporated
Microsoft Corporation
Cisco Systems, Inc.
Intel Corporation
International Business Machines (IBM) Corporation
Google (Alphabet Inc.)
Apple Inc.
Automotive IoT market: Regions
Automotive IoT market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. Automotive IoT market in Europe held the largest market share in the year 2019. During the projected period, however, the Asia-Pacific region is likely to see rapid growth. Rapidly rising economies, expanding internet connection and high-speed networks, technical advancements in the automobile sector, and government efforts for smart cities and smart traffic management systems are all driving this region’s growth.
Segmentation
By Offering:
Component
Platforms
IoT Services
IoT Solutions
By Connectivity Form Factor:
Embedded
Tethered
Integrated
By Communication Type:
In-Vehicle Communication
Vehicle-to-Vehicle Communication
Vehicle-to-Infrastructure Communication
By Application:
Infotainment
Navigation
Telematics
By End-User
Original Equipment Manufacturers
Aftermarket
Automotive IoT Market Dynamics
Automotive IoT Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
