IoT In Automotive Market Size, Share & Trends Estimation Report By Type(Embedded, Tethered, Integrated),By Communication Type(Vehicle-to-Vehicle Communication, Vehicle-to-Infrastructure Communication),By Application(Infotainment System, Navigation, Telematics), By Region, And Segment Forecasts, 2023 - 2030
The Global IoT In Automotive Market size was valued at USD 47.10 Billion in 2020 and is projected to reach USD 289.36 Billion by 2030, growing at a CAGR of 25.5% from 2022 to 2030.
IoT In Automotive Market Overview:
The automotive industry has witnessed major technological changes in recent years. Customer preferences are shifting towards seamless connectivity and convenient driving experiences, which are contributing to the growth of the global Internet of Things (IoT) in the automotive market. IoT is an integrated system of computing devices, machines, people, and other devices that enable data-sharing processes over a distinct network. As the demand for real-time information capture of vehicle users and operators increases, the demand for IoT in the automotive industry is consumed to witness a sharp increase during the forecast period.
The IoT in the automobile market is classified into in-vehicle communication, V2V (Vehicle-to-Vehicle) communication, and V2I (Vehicle-to-Infrastructure) communication according to the communication techniques. With increasing concern for passenger safety, the demand for V2I communication is expected to rise significantly in the future. V2I technology allows vehicles to capture information from the external environment with the help of cameras, radio waves, light sensors, and other components/devices. Drivers can drive safer and more efficiently on the road with information gathered from the environment.
This report allows readers to develop business/growth strategies, evaluate the market competitive landscape, analyze their position in the current market, and make business assessments regarding IoT in Automotive.
Automotive IoT market size, estimates, and forecasts are provided in terms of sales volume (K units) and revenue (million USD) taking 2022 as the base year, along with historical and forecast data for the period 2017-2030. This report segments the Global IoT in Automotive Market in detail. Regional market size related to products by type, application, and player is also provided. The impact of COVID-19 and the Russian-Ukraine war were taken into account while estimating the market size.
Key Market Updates:
- Texas Instruments aims to simplify cloud connectivity with the Internet of Things (IoT) with Amazon Web Services IoT. These web services allow developers to establish connections to AWS IoT services.
- This is a move that will immediately accelerate the development of IoT designs for use by companies on competing platforms.
- In the machinery and automotive industry, there are companies Intel, Mobileye as well as BMW which offer solutions for a very broad range of drivers in their product series for growth in the future forecast period of 2022.
Major Market Segments Covered in IoT In Automotive Industry Research:
Market Key Players:
Thales SA, Texas Instruments, TomTom, Cisco, Intel Corporation, NXP Semiconductors, Vodafone, AT&T, and Others.
Based on the connectivity form aspect, the market is bifurcated into tethered, integrated, and embedded. The embedded segment dominated the market in 2019 and is expected to continue its trend in the forecast period. Integration and tethering fragments are also growing at a speedy rate in recent years.
By Communication Type:
- Vehicle-to-Vehicle Communication
- Vehicle-to-Infrastructure Communication
- In-Vehicle Communication
- Infotainment System
On the basis of application, the market is bifurcated into telematics, navigation and infotainment. The navigation segment leads the market in 2019 and is expected to continue this trend over the forecast period. Next up are infotainment and telematics respectively. Telematics has recently gained popularity in the South Asian market.
The IoT in the automotive market was led by Europe in 2021, followed by North America, Asia Pacific, South America, the Middle East, and Africa. However, the APAC region is expected to observe remarkable growth over the forecast period. A quickly growing economy, expansion of high-speed networks and Internet access, technological developments in the automotive industry, and government programs for smart cities and smart traffic management systems are key drivers of the region's rapid growth.
North America is expected to hold the second-largest share of the market, with emerging economies like Canada and the United States. It is located in the R&D departments of various major businesses. North America is leading the IoT in the automotive market because economic users have a high level of awareness and purchasing power for new technologies.
Key IoT In Automotive Market Driver
The high demand for connected cars is being witnessed all over the world. The global number of cars on the road is expected to double by 2040, of which at least 80-90% will be connected via IoT. A car's sensors can continuously communicate with the manufacturer to transmit data about component health in real time, which the manufacturer can analyze to achieve significant data.
Likewise, as people's disposable income increases, in-vehicle infotainment services are becoming very important to them. People expect their digital lifestyles to extend to cars with the help of IoT and more. This is expected to accelerate the market.
Competitors can use the geological breakdown of the market presented in the report as an ideal tool to find untapped sales and business expansion opportunities in various regions and countries.
Key IoT In Automotive Market Opportunities
The adoption of autonomous vehicles is creating several growth opportunities for players operating in IoT in the automotive market. Autonomous vehicles are covered by advanced driver assistance systems (ADAS), which rely heavily on IoT and allow drivers to drive safely and uninterruptedly.
Key IoT In Automotive Market Restraints
IoT in the automotive industry has common concerns about security and data privacy, which are key constraining aspects in the growth process for the global growth of the market.
IoT In Automotive Market report scope:
|Units||Value (USD Billion)
|Growth Rate||CAGR of 25.5% from 2023 to 2030|
|By Communication Type:||
|By Companies||Thales SA, Texas Instruments, TomTom, Cisco, Intel Corporation, NXP Semiconductors, Vodafone, AT&T, and Others|
|Reasons to Purchase this Report||
Key Takeaways from this IoT In Automotive Report
- Estimate IoT In Automotive market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, applications and by different industry verticals.
- Understand the supply chain in depth on the value growth at each step, in order to optimize value and bring effectiveness in your processes.
- Know the different dynamics affecting the market - challenges, key driving factors and opportunities.
- Get a quick viewpoint on the IoT In Automotive market entropy - M&A's, deals, partnerships, product launches of all key companies for the historical 5 years.
- Estimate the supply-demand gaps, import-export data and regulatory landscape for more than top 20 countries worldwide for the market.
- Get complete insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
- Study the sales and distribution channels over key geographies to improve top-line revenues.