The recently published report titled, “Automotive Internet of Things Market: Opportunity Analysis and Future Assessment 2022-2030” in the database of the Reports and Insights be of assistance to a paradigm solution for clearer and greater understanding of the market. It is beneficial in determining the size of the market for particular products. These leading players functioning in this market are in rigorous competition in terms of innovation, technology, product pricing and product development. Moreover, the market study helps in establishing sales prophecies for its products and therefore, creating symmetrical adjustment between demand and supply of its products.
The global automotive internet of things market in 2022 is estimated for more than US$ 235.2 Bn and expected to reach a value of US$ 781.9 Bn by 2030 with a significant CAGR of 16.2%.
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Automotive Internet of Things Introduction
Automatic IoT is the integration of the internet of things in the vehicle that allows in-vehicle, vehicle to infrastructure, and vehicle to the vehicle communication process. The applications of IoT in the automobile sector is benefiting the consumers in numerous ways, accounting for the enhancement of vehicle safety factor, offers better control over vehicles status and driving along with improvement in security and accessibility.
Automotive Internet of Things Market Dynamics
Increase demand for assisted and automated driving coupled with demand for Smartphone features in the latest models of cars are the prime driving factors that propel the growth of the automotive internet of things market. Moreover, the increasing applications of telematics by several regional governments and increasing research and development activities for autonomous cars is further boosting the growth of this market. However, the lack of cellular connectivity coverage and security, as well as privacy concerns of the user’s data, are the prime factors restricting the growth of this technology.
The global automotive internet of things market is expected to increase at a significant CAGR over the forecast period owing to the Increasing applications in infotainment systems, telematics systems along navigation systems coupled with elevating demand for automated driving. In addition, the predictive maintenance and increasing concept of self-driving vehicles are further enhancing the need and requirement of research and development activities in the automotive industry.
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Automotive Internet of Things Market Segmentation
The global automotive internet of things market is segmented on the basis of the offering, connectivity form, communication type, application, and region.
By Offering
Hardware
Software
Services
By Connectivity Form
Embedded
Tethered
Integrated
By Communication Type
In-Vehicle Communication
Vehicle-To-Vehicle Communication
Vehicle-To-Infrastructure Communication
By Application
Infotainment
Navigation
Telematics
Automotive Internet of Things Market Key Players
Global automotive internet of things market is mainly dominated by Apple, Inc., AT&T Inc., Cisco Systems, Inc., Google Inc., Intel Corporation, International Business Machines Corporation, Microsoft Corporation, NXP Semiconductors N.V., Texas Instruments Inc., Thales SA, and Tomtom N.V.
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