Austin, Sept. 16, 2024 (GLOBE NEWSWIRE) -- The Automotive IoT Market Share is estimated to reach USD 670.77 billion by 2032 with a CAGR of 20% during the years of 2024-2032. In past years, the market recorded increasing adoption due to the need of automobile and transportation segments for real-time data generation, automation, and bettering vehicle safety features. Whether it's a major automaker or a fleet operator, IoT technology is fast becoming a must-have for enhancing operational efficiency and delivering customized driving experiences.
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Major Companies:
Najor companies listed in the final report are, Microsoft Corp. (U.S.), Texas Instruments Inc. (U.S.), Intel Corporation (U.S.), NXP Semiconductors N.V. (Netherlands), Robert Bosch GmbH (Germany), TOMTOM N.V. (Netherlands), Vodafone Group (U.K.), IBM, Corporation (U.S), Ford Motor Company (U.S.)., Apple Inc. (U.S.), Audi AG (Germany), Cisco Systems Inc. (U.S.), Thales SA (France), AT&T Inc. (U.S.), General Motors (U.S.), Google Inc. (U.S.), and others.
It is estimated that more than 75% of new vehicles produced will come with IoT features by 2032.
Some of the drivers for this trend include high demand in regions emphasizing autonomy, predictive maintenance, and real-time traffic management. High demand in IoT solutions by automotive manufacturers is also attributed to risk reduction while ensuring compliance with regulations and improved overall driving performance.
Governments across different regions enforce stringent regulations in regards to emissions and safety, which in turn creates an increased demand for IoT systems in aspects of enabling compliance and enhanced vehicle-to-infrastructure communication.
In the case of car manufacturing companies, 85% of the latter will include IoT solutions in the connected vehicle platforms by 2026.
The digital transformation in the automotive sector is gaining speed with developing autonomous driving and over-the-air updates. A new study suggests that 55% of auto manufacturers have invested in IoT technologies more to enhance connectivity and provide more efficient driving experiences to customers. The commercial transportation and logistics industries are also following the trend, using IoT-based fleet management solutions to optimize operations and minimize downtime.
Segment Analysis: Key Analysis of By Communication & By Offering Segments
In-Vehicle Communication systems are increasingly integrated. Around 65% of the new automobiles will be equipped with advanced systems meant to create connected driving and riding experiences for its users. V2V communication, which has become a key enabler for the improvement of road safety, contributes to almost 40% of the present implementations motivated by regulations and steps toward greater safety. This dialogue of communication will allow cars to exchange data about speed and position and reduce the risks of accidents by almost 30%. In the V2I direction, the communication between a vehicle and external infrastructures, such as traffic signals and road signs, is continually on the rise as up to 35% of new cars have already been introduced to the market with the incorporation of these features. The V2I will also improve traffic flow and reduce pollution by another 20% in smart cities, which are already equipped with this infrastructure.
45% of the hardware components in the form of sensors, connectivity modules, and control units have been identified as critical for IoT deployment. Deployment and Integration Services accounted for about 30%, as this is where most of the integration by the automaker and service providers will ensure compatibility and real-time functionality with existing automotive systems. Support and Maintenance Services encompass 25% of the market and are just a reflection of the increasing demands for continuous updates, troubleshoots, and systems optimization in line with long-term efficiency and reliability.
Key Market Segmentation
By Offering:
- Software
- Semiconductor Components
- Connectivity ICs
- Services
- Platform
- Solutions
- Hardware
- Deployment and Integration Services
- Support and Maintenance Services
By Communication:
- In-Vehicle Communication
- Vehicle-to-Vehicle Communication
- Vehicle-to-Infrastructure Communication
By Connectivity:
- Embedded
- Tethered
- Integrated
By Application:
- Infotainment
- Navigation
- Telematics
A key insight by SNS Insider indicates that North America will dominate in 2032.
The U.S. leads the North American Automotive IoT market with almost 65% of the regional market share, driven by technological innovation and a high presence of top automotive players in the region. The demand in Canada is also growing significantly, having an IoT-enabled vehicle installation growth of 15% year on year. Major drivers for demand in this region include the rise of electric and connected vehicles, regulatory mandates on vehicle safety, and the adoption of smart infrastructure.
Automotive companies are collaborating and partnering with IoT solution providers to integrate IoT technologies into vehicle platforms, which will create new capabilities, such as predictive maintenance, in real-time traffic update and enhanced safety features.
Competitive Landscape:
The competition is on top in the Automotive IoT market, pursued partnerships both of automotive manufacturers and IoT solution providers. More than 50% of top automotive technology developers are partnering up with the developers of IoT to develop connectivity solutions for vehicles for more advanced services.
The developments currently under way accounted for about 35% of the integrations associated with AI and machine learning. This has the major applications like improved autonomous driving, predictive maintenance, and development of better in-vehicle user experiences.
Key Takeaways
- More than 70% of vehicles offer IoT solutions with telematics, ADAS, and V2X communications functionalities.
- Market growth in North America and Europe finds impetus from regulatory requirements pertaining to both vehicle safety and emission standards.
- AI and Machine learning integration allows application of anomaly detection and improved autonomous driving in IoT systems by 30%.
- The cloud-based IoT solutions are ever increasing, and currently, it has occupied half the market share mainly because of the requirements of real-time data, along with high scalability.
- This would be the automotive IoTA crossroad for leading the industry shift in an increasingly connected, autonomous, and data-driven transportation system.
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BENEFITS:
1. No. Of Pages: 435 Pages Report
2. Regions/Countries:
- North America (3 Countries)
- Europe (~15 Countries)
- Asia Pacific (~10 Countries)
- Latin America (~5 Countries)
- Middle East & Africa (~5 Countries) (Include Israel)
3. ME Sheet: Market Estimation in Excel Format
4. Competator Analysis:
- Major 16 companies covered in final report.
- Additional 5 companies will be covered as per client demand complimentary.
5. Statistical Insights and Trends Reporting:
- Feature Analysis, by Offering
- Performance Benchmarks, by Offering
- Usage Statistics, by Region, 2023
- Integration Capabilities, by Offering
- Regulatory Compliance, by Region
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