Automotive IoT Market Projected to Expand at 21.3% CAGR, Reaching $712 Billion by 2033

The worldwide automotive IoT market is anticipated to grow at a compound annual growth rate (CAGR) of 21.3% during the forecast period (2023-2033) and reach a market value of US $712 billion by the end of 2033, according to Fact.MR, a supplier of competitive intelligence and market research.

The Internet of Things in cars, or automotive IoT, is the process of adding internet-connected gadgets to improve the efficiency and usefulness of automobiles. With the use of cutting-edge driver assistance technologies, this technology improves safety by providing real-time vehicle performance monitoring. Predictive maintenance is made possible by automotive IoT, which finds and fixes possible problems before they result in malfunctions. By enabling communication between cars and traffic infrastructure, it enhances both fuel economy and traffic flow.

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It also provides fleet management with capabilities like route optimization and position tracking, in addition to linked services like navigation.

Due to the increased demand for connected and autonomous vehicles, which improve efficiency and safety, the automotive IoT market is expanding. The growth of smart cities and infrastructure, as well as the growing demand for real-time data for predictive maintenance and sophisticated driver assistance systems, are further factors that are speeding up the incorporation of IoT technology.

Key Companies Covered:
• Texas Instruments
• Intel
• NXP Semiconductors
• TomTom
• Robert Bosch
• Google
• Apple
• General Motors
• Audi
• Ford Motor
• IBM
• Cisco
• Microsoft
• Thales SA
• AT&T
• Vodafone

The automobile industry's rising inclination toward Internet-connected cars, or the Internet of Things (IoT), has led to grave worries over cybersecurity. Furthermore, cars are increasingly exposed to harmful assaults and illegal access. The automotive Internet of things (IoT) ecosystem has a variety of systems and components, including as software, communication modules, and sensors, which make coordination and integration difficult.

Key Takeaways:

• US Automotive IoT market is expected to account for a CAGR of 20% during the forecast period. Moreover, the US market is predicted to witness a market size of US $ 229.4 Bn with an absolute growth of US $ 192.3 Bn till 2033.

• The UK market is predicted to witness a market size of US $ 35.8 Bn by 2033 and is predicted to witness a CAGR of 20.4 % from 2023-2033 (during the forecast period). Key companies in the automotive sector are collaborating with artificial intelligence companies to form advanced driving experiences.

The market expansion has been impacted by the rising demand for connected automobiles. With an annual output of more than 70 million units, the automobile industry is one of the largest. The automobile sector is evolving from a purely product-based industry to a service-based one with the aid of IoT. With the help of IoT technologies, the automotive sector is developing automobiles significantly by offering cutting-edge features like telematics, ADAS, navigation, and in-car infotainment systems.

Approximately 30 million new connected cars were sold globally in 2020, accounting for 41% of all new car sales. Ninety-one percent of all passenger automobiles sold in the United States were linked vehicles. The primary cause of the declining incidence of car accident deaths is the growing number of linked automobiles. It has decreased by 20% when linked automobiles were invented. As a result, there is a growing desire for connected automobiles, which will in turn spur growth in the automotive Internet of things.

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Market Competition

Key automakers in this intensely competitive market are integrating IoT technologies into their vehicles to enhance features such as infotainment, navigation, and safety systems. Leading players include Major vendors in the automotive IoT Companies including NXP Semiconductors, Harman, Robert Bosch, Thales, TomTom International, IBM, Geotab Inc., Texas Instruments, and Intel Corp.

• In December 2022, TomTom, a specialist in geolocation technology, collaborated with Amazon Web Services (AWS), Meta, and Microsoft to establish the Overture Maps Foundation. This foundation aims to create interoperable open map data and will be governed by the Linux Foundation.

Segmentation of the Global Automotive IoT Market:

• By Offering :
o Hardware
o Software
o Services
• By Connectivity Form :
o Embedded
o Tethered
o Integrated
• By Application :
o Navigation
o Infotainment
o Telematics
• By End-User :
o OEM
o Aftermarket
• By Region :
o North America
o Latin America
o Europe
o Asia Pacific
o Middle East and Africa

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This release was published on openPR.