Pune, May 19, 2023 (GLOBE NEWSWIRE) -- "The Automotive IoT Market had a valuation of USD 104.96 billion in 2022 and is projected to attain USD 713.96 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 27.08% during the forecast period of 2023-2030", as reported by SNS Insider.
Market Report Scope
Automotive IoT refers to the connection of vehicles to the internet, enabling them to communicate with other devices and systems. This technology is transforming the way we drive, making vehicles smarter, safer, and more efficient. One of the most significant benefits of Automotive IoT is improved safety. IoT sensors in cars can detect potential hazards and alert drivers in real-time. For example, if a vehicle is getting too close to another car, IoT technology can trigger an alert to the driver, warning them to slow down or change lanes. This technology can also detect when a driver is drowsy or distracted, helping to prevent accidents caused by human error.
Market Analysis
The automotive industry is undergoing a major transformation with the emergence of the Internet of Things (IoT). The integration of IoT with vehicles is revolutionizing the way we commute, making it more convenient, efficient, and safer. This technology is expected to drive the growth of the automotive IoT market in the forecast period. Companies and governments are investing heavily in the development and implementation of IoT-enabled solutions in the automotive industry. The growing trend of smart city initiatives is further driving this growth. Governments worldwide are pushing for the adoption of smart transportation systems, which includes IoT-based applications that facilitate traffic management, reduce congestion, and enhance passenger safety and comfort.
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Impact of Recession
A recession can have both positive and negative effects on the automotive IoT market. While demand for expensive connected cars may decline, there may be opportunities for aftermarket IoT devices and cost-cutting innovation. Overall, the automotive industry will need to remain agile and adaptable to navigate the challenges of a recession and continue to drive innovation in IoT technology.
Automotive IoT Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 104.96 Billion |
| Market Size by 2030 | US$ 713.96 Billion |
| CAGR | CAGR of 27.08% From 2023 to 2030 |
| Key Segments | by Offering (Software, Services, Hardware), by Communication (In-Vehicle Communication, Vehicle-to-Vehicle Communication, Vehicle-to-Infrastructure Communication), by Connectivity (Embedded, Tethered, Integrated), by Application (Infotainment, Navigation, Telematics) |
| Regional Analysis | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Texas Instruments Inc. (U.S.), Intel Corporation (U.S.), NXP Semiconductors N.V. (Netherlands), Microsoft Corp. (U.S.), TOMTOM N.V. (Netherlands), IBM, Corporation (U.S), Apple Inc. (U.S.), Cisco Systems Inc. (U.S.), Thales SA (France), AT&T Inc. (U.S.), Vodafone Group (U.K.), Robert Bosch GmbH (Germany), General Motors (U.S.), Google Inc. (U.S.), Audi AG (Germany), Ford Motor Company (U.S.). |
| Market Drivers |
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| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
Key Regional Development
North America is expected to dominate the automotive IoT market during the forecast period due to several factors. Firstly, the region is home to a large number of manufacturers that are currently investing in the development of IoT-based automotive technologies. This has led to the emergence of a highly competitive market, where companies are racing to develop the latest and most advanced solutions. Moreover, the government in the North American region has been actively supporting the growth of the market by providing funding and incentives to manufacturers. This has facilitated the development of cutting-edge technologies, which have further boosted the growth of the market.
Key Takeaway from Automotive IoT Market Study
- The integration of IoT technology in the automotive industry has led to significant advancements in the infotainment segment. With the ability to gather and analyze data on driver behavior, as well as integrate with other IoT devices, IoT-enabled infotainment systems offer a more personalized, convenient, and connected driving experience.
- The in-vehicle communication segment is set to dominate the market in the coming years, with the increasing demand for connected cars, advanced features, and autonomous vehicles driving the market growth.
Recent Developments Related to Automotive IoT Market
- Aeris, a leading IoT technology provider, has announced its acquisition of Ericsson's IoT Accelerator and Connected Vehicle Cloud businesses. This move strengthens Aeris's position as a top player in the IoT space, particularly in the areas of connected vehicles and cellular connectivity management.
- The Mahindra Group, a leading Indian multinational conglomerate, has recently launched an IoT-based device for farm equipment. This device is designed to improve the efficiency and productivity of farmers by providing real-time data and insights that can help them make informed decisions about their farming operations.
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Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Automotive IoT Market Segmentation, by Offering
9. Global Automotive IoT Market Segmentation, by Communication
10. Global Automotive IoT Market Segmentation, by Connectivity
11. Global Automotive IoT Market Segmentation, by Application
12. Regional Analysis
13. Company Profiles
14. Competitive Landscape
15. Conclusion
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