Navigating the Automotive IoT Market: Global Market Report 2024

The automotive iot market size has grown rapidly in recent years. It will grow from $140.18 billion in 2023 to $160.55 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth in the historic period can be attributed to connected car technologies, vehicle-to-everything (v2x) communication, advanced driver assistance systems (adas), telematics adoption, enhanced safety and security features.

The automotive iot market size is expected to see rapid growth in the next few years. It will grow to $263.61 billion in 2028 at a compound annual growth rate (CAGR) of 13.2%. The growth in the forecast period can be attributed to 5g connectivity in vehicles, edge computing in automotive iot, artificial intelligence in automotive, autonomous vehicle development, predictive maintenance solutions. Major trends in the forecast period include in-car infotainment systems, smart parking solutions, fleet management optimization, blockchain in automotive iot, vehicle health monitoring.

Market Overview -
Automotive IoT is an integration of sensors, gadgets, software applications, and others in automotive that are designed to perform a specific or wide range of activities, such as fleet management, predictive diagnostics, and others.

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Rising Demand For Autonomous Vehicles Fuels Growth In The Automotive IOT Market
Increasing demand for autonomous vehicles is expected to propel the growth of the automotive IoT market going forward. Autonomous vehicles refer to self-driving vehicles that perform various functions and can operate on their own using various technologies. The Internet of things enables autonomous vehicles to connect wirelessly on a cloud system through multiple devices and provides vehicle-to-vehicle interaction, as a result, increasing demand for autonomous vehicles increases the demand for the automotive IoT market. For instance, in December 2022, according to National Highway Traffic Safety Administration (NHTSA), a US-based government agency, it is expected that there would be approximately 3.5 million autonomous vehicles on U.S. roads by 2025, which would reach 4.5 million by 2030. Therefore, increasing demand for autonomous vehicles drives the automotive IoT market growth.

Competitive Landscape -
Major companies operating in the automotive iot market report are Texas Instruments Incorporated, NXP Semiconductors N. V., Intel Corporation, TomTom N. V., Cisco Systems Inc., Microsoft Corporation, International Business Machines Corporation (IBM), Google LLC, AT&T Inc., Apple Inc., Robert Bosch GmbH, Harman International Industries Inc., Ghost Locomotion Inc., Hologram Inc., Infineon Technologies AG, Octo Group S. p. a., Alibaba Group Holding Limited, Huawei Technologies Co. Ltd., Indeema Software, Digital Management Inc., Orange SA, PixelCrayons, Aeris Communications Inc., KORE Wireless Group Inc., IOTTIVE PVT. LTD., Eurotech S. p. A., STMicroelectronics N. V., Cloudmade Limited, Sierra Wireless Inc., Verizon Communications Inc., Telefónica S. A., Mitsubishi Electric Corporation, Tech Mahindra Ltd.

Predictive Diagnostics Solutions Enhance Automotive IOT Market
Automotive predictive diagnostics solutions are a key trend gaining popularity in the automotive IoT market. The automotive companies are partnering with technology players for the integration of predictive diagnostics solutions into their existing models, which allows the upkeep frequency to be as low as possible to stop unplanned reactive maintenance without incurring costs related to doing an excessive amount of preventive maintenance. The predictive maintenance systems within the vehicle continuously monitor, collects, record, transfer and evaluate data from in-vehicle sensors to keep track of vehicle functional metrics. For instance, in February 2022, Ashok Leyland, an India-based automotive manufacturer, partnered with Syncron, a Sweden-based after-sales service provider, to integrate predictive vehicle maintenance solutions into Ashok Leyland Condition Monitoring Systems (CMS).

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Key Segments -

The automotive iot market covered in this report is segmented -

1) By Offering: Hardware, Software, Services
2) By Connectivity: Embedded, Tethered, Integrated
3) By Application: Infotainment, Fleet Management, Predictive Maintenance, Vehicle Security, Automatic Driver Assistance System, Other Applications
4) By End User: Original Equipment Manufacturers, Aftermarket

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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