IoT in Automobile Market Size is Projected to Reach USD 286.8 Billion at a CAGR of 25.5% by 2020 – 2030 – Report by Market Research Future (MRFR)
Research Reports
Dec 13, 2022
Market Research Future Insights
According to market research future insights analysis, the global Automobile IoT Market is expected to register a CAGR of 25.5% from 2020 to 2030 and hold a value of over USD 2286.8 billion by 2030.
The factors influencing the growth of the overall automotive IoT market include rising demand for connected vehicles, increasing approvals and funding for autonomous vehicle testing, government initiatives for smart cities and smart traffic management systems, rising demand for infotainment and real-time vehicle tracking systems, and rising adoption of road vehicle safety solutions.
The automotive IoT market was the only one to suffer during the epidemic. The demand for electric automobiles, however, was very high. During the epidemic, the sales of electronic vehicles increased. During the epidemic, there was about a 43% increase.
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IoT in Automobile Market Report Scope:
| Parameter | Details |
| Revenue Forecast in 2030: | USD 286.8 Billion |
| Growth Rate: | CAGR of 25.5% from 2020 to 2030 |
| Forecast Period: | 2020 -2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Regional Analysis
North America dominated the market for automobile iot in 2021. It has maintained a sizable market share during the projection. This area is home to a large number of manufacturing giants. They has been one of the elements influencing the market expansion in this area. The governments and other businesses in this region have increased their investments, which are beneficial in giving automobiles smart parking.
Asia Pacific was the fastest growing region for automobile iot. The key drivers of this region’s rapid growth are the quickly expanding economies, expanding high-speed networks and internet access, technological advancements in the automobile industry, and government programs for smart cities and smart traffic management systems market.
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Segmentation.
The global automobile IoT market has been segmented into connectivity form, application, offering, and communication.
Based on communication, the market has been segmented into vehicle-to-vehicle, in-vehicle communication, and vehicle-to-infrastructure. The vehicle-to-vehicle segment had a prominent share in 2021. Vehicle-to-vehicle communication is becoming increasingly popular since it is useful for connecting with neighboring automobiles. Information about the traffic on the roads can be shared in a useful way.
On the other hand, the vehicle-to-infrastructure segment was the fastest-growing segment during the forecast period due to the increasing worries about passenger safety. The V2I technology enables the vehicle to collect data from the surrounding environment via cameras, radio waves, light sensors, and other parts/devices. Drivers may operate their vehicles on the road more safely and effectively thanks to the data gathered from the environment.
global automobile iot market has been segmented based on connectivity form into embedded, tethered, and integrated. Integrated had a prominent share in 2021 in the automobile IoT market. A significant portion of this connectivity is primarily attributable to the rise in infotainment applications and services, which are accessible through smart devices like smartphones. Embedded was the fastest-growing segment. Because of its capacity to link various fleets with drivers and vehicle users.
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Based on application, the market has been segmented into navigation, infotainment, and telematics. The navigation segment had a prominent share in 2021 in the market for automobile iot. The market expansion of the navigation segment has been driven by using navigation systems that offer thorough information about the traffic, alternate routes, road conditions, etc. All automobiles have a high demand for infotainment.
Based on the offering, the market has been segmented into hardware, software, and services. The software segment had a prominent share in 2021 in the market for automobile iot. As a result of increased government investment and rising consumer purchasing power, there has been a high demand for smart automobiles. The sales of autonomous vehicles are anticipated to increase during the projection period. Increasing the usage of software improves the experience for drivers and passengers.
Key Players
Some of the key market players are Texas Instruments (US), NXP Semiconductors (Netherlands), TOMTOM (Netherlands), Robert Bosch (Germany), Intel (US), Google (US), General Motors (US), Apple (US), Ford Motor (US), IBM (US), Cisco (US), Audi (Germany), Microsoft (US), Thales SA (France), AT&T (US), and Vodafone (UK).
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IoT Managed Services Market – https://www.marketresearchfuture.com/reports/iot-managed-services-market-2333
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