Automotive IoT Market to Grow at a CAGR of 27.55% and reach a Value of USD 104.16Bn by 2023
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The adoption of IoT is reforming the automotive sector extensively. IoT-enabled features such as driver assistance and real-time traffic alerts will revolutionize driving experiences. The global IoT in automotive market is expected to expand at a CAGR of 27.55% during the forecast period, and reach a value of USD 104.16 Bn by 2023.
Based on application segment insights:
Car infotainment will witness a sea of changes and be at the center of user experiences in the coming years. The need for features such as on-demand music, news, videos, multimedia, and social media apps in this segment will drive a high CAGR (28.5%) during the forecast period. Close on its heels will be the telematics segment, anticipated to expand at a CAGR of 27.6%.
Apple, Airbiquity, Cisco, TomTom, Google, IBM, General Motors, NXP Semiconductors, Ford, Microsoft, AT&T, Audi, Tesla, Volvo, Chrysler
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Based on connectivity form segment insights:
Embedded connectivity will be the segment with the largest market share (55%), owing to its ability to offer seamless user experience, and security solutions. However, integrated connectivity – with a market share of 23% - will expand at the highest CAGR (28.7%) during the 2018-2023 period. The products in this segment are considered to be cheaper alternatives to those of the embedded form, and can be used conveniently through mobile applications.
Based on communication type segment insights:
In-vehicle communication has a much wider acceptance - it had a market share of 91% in 2018. Though still in the developmental stages, vehicle-to-vehicle and vehicle-to-infrastructure communication systems are gaining a lot of traction because of the growing emphasis on road and car safety.
Based on regional insights:
North America has been leading the innovation in automotive IoT and occupied approximately 43% of the global market in 2017. The presence of players like Google and Cisco, rapid digitization, and government mandates on IoT implementation have fueled the growth of the market in this region. However, the Asia-Pacific region is anticipated to expand at the highest CAGR during the forecast period.
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Chapter 1. Executive Summary
1.1. Market scope and segmentation
1.2. Key questions answered in this study
1.3. Executive summary
Chapter 2: Introduction
2.1. Market definitions
2.2. Market trends
2.3. Market drivers
2.4. Market challenges
2.5. Revenue based on connectivity form – (2018) (USD Bn)
2.6. Revenue based on communication type – (2018) (USD Bn)
2.7. Revenue based on application – (2018) (USD Bn)
2.8. Value chain of IoT in automotive market
Chapter 3: Global IoT in Automotive Market Overview – Overview
3.1. Market overview
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