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Automotive IoT Market Size, Share, Statistics and Industry 2024-2033
Automotive IoT Market Size
Automotive IOT Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $263.61 billion In 2028 At A CAGR Of 13.2% :
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.
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Automotive IOT Market Major 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 Driver - 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.
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Prominent Trend - 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).
Automotive IOT Market Players
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.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the automotive IoT market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive iot market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Automotive IOT Market Report Structure
3. Automotive IOT Market Trends And Strategies
4. Automotive IOT Market - Macro Economic Scenario
5. Automotive IOT Market Size And Growth
…..
27. Automotive IOT Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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