Global Automotive IoT Market to Expand at 27.55% till 2023

New York March 20, 2019 - According to a new report released by Research on Global Markets, the global automotive IoT market is expected to expand at a compound annual growth rate (CAGR) of 27.55% and reach a market size of USD 104.16 Bn by 2023.

According to the report, the Global Automotive IoT Market is expected to have a steady growth as the demand for assisted and automotive driving is rising. Increasing awareness regarding the ease of automated driving and government initiatives towards safe driving are factors leading to the growth of this market. Features compatible with smart phones devices are highly popular among consumers which also boosts the automotive internet of things (IoT) market. The automotive IoT technology connects the vehicle to other systems through the use of wireless connectivity. The three types of communication systems enabled by the IoT includes vehicle-to-vehicle, vehicle-to-infrastructure and in-vehicle.

Vehicles which have the IoT technology installed will display live and accurate traffic alerts in advance. This technology is best applicable in places that have already employed ‘smart’ traffic regulation systems. The automotive IoT vehicles makes travelling more efficient, safe and economic.

The main market segments can be identified based on type of communication. The in-vehicle communication segment is at present garnering a lot of consumer attention as it provides accurate location and detailed route information to the driver while travelling. This offers the driver a clear perception of the route taken and alerts the driver of any possible impediments ahead. IoT system users receive relevant road information like updated travelling times and the maximum speed limit of the area. Such consumer benefits and advantages are expected to propel the global automotive IoT market.

The technology also supports multimedia platforms and other cloud-based services such as music, video-gaming and video-streaming. Hence, car infotainment is expected to witness a substantial change as IoT entertainment applications enhances the appeal of this technology. Through multimedia, users can search for support and smart apps that enhance device integration and increase high-speed connectivity. Commonly demanded applications like internet radio, movies, and social networking apps can be easily availed.

North America occupied relatively 43% of the global automotive IoT market in 2017. Some of the key players like Google and Cisco, have vested their powers of digitization to fuel the development of the market in this region. Government regulations mandating the implementation of IoT technology have further stimulated market expansion. However, the report anticipates a growth in automotive IoT market in the Asia-Pacific region which is set to expand at the highest CAGR during the forecast period.

Key players present in the global automotive IOT market are Apple, Airbiquity, Cisco, TomTom, Google, IBM, General Motors, NXP Semiconductors, Ford, Microsoft, AT&T, Audi, Tesla, Volvo and Chrysler.

Major restraining factors of the market include low cellular connectivity that renders the technology to be ineffectual and extreme costs of the product that discourage the consumers from investing in it.

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Key highlights of this report:

1. Scope of the global automotive IoT market
2. Market overview including historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), geography-wise market revenue (USD Bn)
3. Market attractiveness analysis
4. Various market drivers and challenges
5. Porter's five forces analysis
6. Market segmentation based on connectivity (tethered, integrated, embedded) - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations, communication and application
7. Market segmentation based on communication type (vehicle-to-vehicle, in-vehicle, vehicle-to-infrastructure) - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations
8. Market segmentation based on application (navigation, telematics, infotainment) - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations
9. Regional market analysis
10. Detailed observation of key developments and innovations.

For more information, download Global Automotive IoT market Reports: https://www.researchonglobalmarkets.com/global-automotive-iot-market-2018-2023.html

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This release was published on openPR.