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Automotive IoT Market Worth $541.73 Billion by 2025 - Exclusive Report by Meticulous Research®

06-13-2022 02:18 PM CET | IT, New Media & Software

Press release from: Meticulous Research®

According to a new market research report titled, 'Automotive IoT Market by Platform (Data Management), Component (Sensor, GPS, Bluetooth, Wi-Fi), Data Converter (ADC), Connectivity (Embedded), End User (OEM), and Application (ADAS, Fleet Management, Infotainment) - Global Forecast to 2025'', the global automotive IoT market is expected to grow at a CAGR of 16.4% from 2019 to 2025 to reach $541.73 billion by 2025.

IoT devices are used in the automotive sector to create innovative solutions and applications which can make vehicles smarter and intelligent, facilitating safe, efficient, and comfortable driving. IoT connects people, vehicles, auto parts, machines, and services to make the efficient flow of data, allow real-time decisions, and improve automotive experiences. In order to achieve this, leading automotive manufacturers, suppliers, and dealers have started investing heavily in the Internet of Things. Growing demand for connected vehicles, government initiatives for smart cities & smart traffic management systems, approvals & funding for autonomous vehicle testing, demand of infotainment and real-time vehicle tracking system, and adoption of road vehicle safety solutions are the key factors driving the growth of the global automotive IoT market. However, high cost for IoT connectivity and lack of cellular connectivity coverage obstructs the growth of this market to a certain extent.

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The global automotive IoT market study presents historical market data in terms of value (2017 and 2018), estimated current data (2019), and forecasts for 2025. The market is segmented on the basis of offering (component, platforms, IoT services, and IoT solutions), connectivity (tethered, integrated, embedded), application (infotainment, fleet management, predictive maintenance, vehicle security, automatic driver assistance system (ADAS), traffic management, and others), and end-user (original equipment manufacturers, aftermarket). The study also evaluates industry competitors and analyses the market at a country level.

Based on the offering, the platform segment is the largest as well as the fastest-growing segment during the forecast period. The growth of this segment is mainly attributed to its high adoption in both developed and developing countries for monitoring the data generated from connected vehicles. Also, factors such as increasing demand for data storage over the cloud and connected devices in the IoT ecosystem further helps to drive the growth of the automotive IOT platform market.

Based on application, infotainment application is estimated to account for the largest share of the overall automotive IoT market in 2019. However, predictive maintenance application is expected to witness rapid growth during the forecast period. The rapid growth of this segment is primarily attributed to increasing demand for predictive maintenance technology from fleet companies to avoid downtime as well as growing adoption of this technology in luxury vehicles as it optimizes engine performance and monitors and predicts ambient conditions, fuel consumption, and other factors for ideal performance.

Based on end-user, the Original Equipment Manufacturers (OEMs) segment is projected to grow at the fastest CAGR during the forecast period. The fast growth of this segment is mainly attributed to the government mandates in various countries to implement IoT features such as GPS, e-calls, and vehicle tracking systems in vehicles; growing need to improve the driver & passenger travel experience; and consumers' demand for smartphone features in cars.
Browse key industry insights spread across 277 pages with 287 market data tables & 53 figures & charts from the market research report:

Geographically, Europe is estimated to command the largest share of the overall automotive IoT market in 2019. The large share of Europe is primarily attributed to the presence of major automotive companies and their focus on IOT, European Government's initiative to increase the IoT adoption in automotive; funding for autonomous vehicle testing facilities; and presence of strict telematics regulations. However, Asia Pacific region is expected to witness rapid growth during the forecast period. The rapid growth of this region is mainly attributed to the growing government initiatives for smart cities & smart traffic management systems. For instance, the government of India is working on the intelligent traffic system project in Delhi. The new project, which will cost around ₹1,000 crores (approx. $145.1 million), will aim to refit the current traffic system in Delhi. Moreover, factors such as rapidly developing economies, broadening internet connectivity and high-speed networks, and technological developments in the automotive sector are also supporting the growth of the automotive IOT market in Asia Pacific region.

The report also includes extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past 4 years (2016-2019). The automotive IoT market has witnessed number of product launches in recent years. For instance, in March 2019, TomTom launched the industry's first High Definition (HD) map horizon for automated driving. This HD map horizon helps vehicles to build highly accurate virtual picture of the road ahead, enhancing driver safety and comfort. Similarly, in September 2018, NXP Semiconductors N.V. introduced its newest NTAG DNA tag chip that deliver privacy enabled, multi-layered security for NFC and IoT authentication applications.

The global automotive IoT market is consolidated and dominated by a few major players, namely Texas Instruments Inc. (U.S.), NXP Semiconductors N.V. (The Netherlands), Intel Corporation (U.S.), Tom Tom N.V. (The Netherlands), Cisco Systems, Inc. (U.S.), Microsoft Corporation (U.S.), IBM Corporation (U.S.), Google Inc. (U.S.), AT&T Inc. (U.S.), Apple, Inc. (U.S.), and Robert Bosch GmbH (Germany), among others.

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Mr. Khushal Bombe
Meticulous Market Research Inc.
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California, 96001, U.S.
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