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Automotive IoT Market Report 2024: Growth, Trends, Analysis, Demand, Forecast 2033
Automotive IoT Market Report
As per the report, 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 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%.
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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.
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).
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
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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.
Contents of the report:
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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