Press release
Automotive IOT Market Size Projected To Reach $300.82 Billion By 2034 With A Cagr Of 14%
Automotive IOT Market
What Is the Projected Growth of the Automotive IOT Market?
The size of the automotive IoT market has witnessed a swift expansion in the past few years. This market, which stood at $157.1 billion in 2024, is forecasted to escalate to a value of $178.07 billion in 2025, marking a compound annual growth rate (CAGR) of 13.4%. The surge experienced in the previous times is due to the contribution from advancements such as connected car technologies, vehicle-to-everything (V2X) communication, advanced driver assistance systems (ADAS), the embrace of telematics, and improvement in safety and security features.
The size of the automotive IoT market is anticipated to experience a fast-paced expansion in the coming years. It is projected to rise to $300.82 billion by 2029, with a compound annual growth rate (CAGR) of 14.0%. The surge during the forecast period can be linked to factors such as 5G connectivity in cars, the introduction of edge computing in automotive IoT, the application of artificial intelligence in the automotive field, the progress in autonomous vehicle technology, and the implementation of predictive maintenance solutions. Key trends predicted for this period are the presence of in-car entertainment systems, implementation of intelligent parking solutions, optimization of fleet management, application of blockchain in automotive IoT and monitoring the health of vehicles.
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What Are the Different Automotive IOT Market 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, After market
Subsegments:
1) By Hardware: IoT Sensors, Connectivity Devices, On-Board Units (OBUs), Vehicle Telematics Devices
2) By Software: Fleet Management Software, Vehicle Tracking Software, Predictive Maintenance Software, Data Analytics Platforms, Vehicle-To-Everything (V2X) Communication Software
3) By Services: Consulting Services, Integration Services, Maintenance And Support Services, Cloud Services, Data Management Services
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What Are the Primary Drivers Shaping the Automotive IOT Market?
The rise in demand for self-driving vehicles is predicted to boost the expansion of the automotive IoT market. Self-driving vehicles, also known as autonomous vehicles, use a variety of technologies to operate independently, carrying out numerous tasks. The Internet of Things (IoT) allows these autonomous vehicles to link up to a cloud system wirelessly via different devices, facilitating vehicle-to-vehicle communication. As such, the increasing interest in autonomous vehicles fuels the demand for the automotive IoT market. For example, the US-based government agency, National Highway Traffic Safety Administration (NHTSA), anticipates that about 3.5 million autonomous vehicles will be traveling on US roads by 2025, a figure expected to increase to 4.5 million by 2030. Thus, the mounting demand for autonomous vehicles is a driving factor for the growth of the automotive IoT market.
Which Companies Are Leading in the Automotive IOT Market?
Major companies operating in the automotive iot market include 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.
What Are the Major Trends Shaping the Automotive IOT Market?
The trend of incorporating predictive diagnostics solutions in the automotive IoT market is rapidly gaining traction. Automotive companies are teaming up with tech firms to integrate predictive diagnostics into their current models, consequently minimizing the necessity for frequent upkeep to prevent unexpected reactive maintenance at a minimal cost. These in-vehicle predictive maintenance systems constantly monitor, collect, document, transfer, and analyze data from in-vehicle sensors to maintain the performance metrics of the vehicle. To illustrate, Ashok Leyland, an automotive manufacturer from India, collaborated with Syncron, an after-sales service provider from Sweden, in February 2022, to include predictive vehicle maintenance solutions into their Condition Monitoring Systems (CMS).
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What Are the Top Revenue-Generating Geographies in the Automotive IOT Market?
North America was the largest region in the automotive IoT market in 2024.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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Automotive IOT Market?
2. What is the CAGR expected in the Automotive IOT Market?
3. What Are the Key Innovations Transforming the Automotive IOT Industry?
4. Which Region Is Leading the Automotive IOT Market?
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