Automotive IoT Market to Witness Exponential Growth by 2031 - TMR Study

The connected automotive has been the most seen and known instance of Internet of Things. However, as todays vehicles are becoming progressively software-driven, the real IoT growths in the auto sector are behind the scenes, as software and automakers producers both claim to the driver's seat.

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The Internet of Things (IoT) is a framework of interconnected computing devices, digital and mechanical devices and autonomy in data transfer. Further, the launch of automotive IoT market encourages the need for automated gadgets that help analyze real-time data on vehicle users and fleet operators. Additionally, it is connected with internet of smart automotive that allots three types of communications for example in-vehicle, vehicle-to-vehicle, and vehicle-to-infrastructure.

The automotive are linked for years, in methods that by now it pretends to be routine. Certainly, automotive companies have begun linking cars to data streams. And, when it comes to connecting technology and drivers, the automotive sector has a richer and longer record of accomplishment than any other industry.

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Global Automotive IoT Market: Notable Development

Some of the noticeable developments in the automotive IoT market are:

Altizon, a Pune-based Internet of Things (IoT) company, has raised funding of $7 mn from the Singapore-based automotive producer, TVS Motors. Other present stakeholders like Wipro Ventures, Lumis Partners, and The Hive also taken part in the round.

Wireless infotainment platform of Audi is a fitting instance of this IoT in automotive trend, allowing passengers and drivers to get traffic and parking data. This also allows access to email and Twitter along with navigating the Google Street View and Earth.

Semi projects of Tesla are also the best proof for automotive IoT, which includes their electric truck Class 8 that drives on a single charge up to 500 miles. Using internet of things tools, the car can even dial 911 and call if a driver is not responding.

Some of the major enterprises presently working in automotive IoT market are Audi AG, Google Inc., Robert Bosch GmbH, Ford Motor Company, and General Motors.

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Global Automotive IoT Market: Key Drivers & Restraints

The auto manufacturers and government funding on next generation vehicle-to-vehicle and vehicle-to-infrastructure communication technologies will boost the development. This projects the automotive IoT market to experience a significant growth in the forthcoming years. This is due to real-time incident and traffic alerts along with surge in R&D expenses.

Autonomous vehicles are estimated to change the automotive IoT market, maintenance alert, and increase in need for smart gadgets, increase in telematics orders by governments, and requirement for smartphone features in vehicles will drive the automotive IoT market. Nevertheless, absence in cellular connectivity coverage and best costing are estimated to hamper the growth of the automotive IoT market.

In addition, owing to the rise in per capita income of people, automated infotainment facilities in the vehicle are also becoming essential part. Individuals anticipate their digital lifestyles must be stretched into their vehicle also, with the help of automotive IoT technology. These are expected to boost the automotive IoT market.

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Global Automotive IoT Market: Geographical Outlook

North America at present serves as the leading among all economy for automotive IoT market, particularly from the emerged economy of the Canada and U.S. This resides R&D units of numerous major enterprises. The North American is leading the market due to its users in the economy have high awareness levels and purchasing power for the new technology.

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