Automotive IOT Global Market Report 2024

Automotive IoT (Internet of Things) involves the integration of sensors, devices, software applications, and other technologies in the automotive sector to perform specific or a wide range of activities, such as fleet management and predictive diagnostics.

The primary offerings in the automotive IoT market include hardware, software, and services. The hardware segment encompasses the sales of automotive IoT hardware, which includes items like remote dashboards, control devices, servers, routing or bridge devices, and sensors. Connectivity options in the automotive IoT market are categorized into embedded, tethered, and integrated. The applications of automotive IoT span across infotainment, fleet management, predictive maintenance, vehicle security, automotive driver assistance systems, and traffic management. Lastly, the automotive IoT market is segmented by end users into original equipment manufacturers (OEMs) and the aftermarket.

The automotive IoT market research report is one of a series of new reports that provides automotive IoT market statistics, including automotive IoT industry global market size, regional shares, competitors with an automotive IoT market share, detailed automotive IoT market segments, market trends and opportunities, and any further data you may need to thrive in the automotive IoT industry. This automotive IoT market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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 observed during the historical period can be attributed to factors such as the advancement of connected car technologies, the implementation of vehicle-to-everything (V2X) communication, the widespread adoption of advanced driver assistance systems (ADAS), the increasing uptake of telematics, and the integration of enhanced safety and security features in the automotive industry.

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 anticipated growth in the forecast period can be attributed to various factors, including the integration of 5G connectivity in vehicles, the implementation of edge computing in automotive IoT, the utilization of artificial intelligence in automotive applications, ongoing developments in autonomous vehicles, and the adoption of predictive maintenance solutions. Major trends expected during this period encompass the advancement of in-car infotainment systems, the implementation of smart parking solutions, optimization of fleet management processes, the integration of blockchain technology in automotive IoT, and the development of vehicle health monitoring systems.

The automotive IoT market is poised for significant growth, driven by increasing demand for autonomous vehicles and the surging adoption of electric vehicles (EVs). The proliferation of autonomous vehicles, self-driving vehicles operating through various technologies, is bolstering the automotive IoT market. The Internet of Things (IoT) facilitates seamless wireless connectivity among autonomous vehicles via a cloud system, enabling vehicle-to-vehicle interaction. As the demand for autonomous vehicles escalates, so does the requirement for automotive IoT solutions. For instance, projections from the National Highway Traffic Safety Administration (NHTSA) anticipate approximately 3.5 million autonomous vehicles on U. S. roads by 2025, with an estimated surge to 4.5 million by 2030. This substantial increase in autonomous vehicle deployment serves as a primary driver fueling growth within the automotive IoT market.

The rising adoption of electric vehicles stands as another significant catalyst propelling the automotive IoT market's expansion. Electric vehicles, powered by rechargeable batteries or alternative energy storage devices, leverage automotive IoT for real-time monitoring and control of various vehicle systems. This includes functions such as battery management, performance optimization, remote diagnostics, and over-the-air software updates. Notably, data from the International Energy Agency highlights the substantial increase in electric vehicle sales, soaring from 3 million in 2020 to 6.6 million in 2021, representing nearly 9% of total sales. The mounting number of electric vehicles on the road, reaching 16.5 million, reinforces the pivotal role of electric vehicle adoption in driving growth within the automotive IoT market.

A significant trend reshaping the automotive IoT landscape revolves around automotive predictive diagnostics solutions. Collaborations between automotive companies and technology players aim to integrate predictive diagnostics solutions into existing vehicle models. This integration minimizes upkeep frequency, reducing unplanned reactive maintenance costs without incurring excessive expenses associated with preventive maintenance. Predictive maintenance systems embedded within vehicles continuously monitor, collect, record, transfer, and assess data from in-vehicle sensors, enabling ongoing tracking of vehicle functional metrics. As an illustration, 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's Condition Monitoring Systems (CMS). This partnership signifies a proactive approach in implementing predictive diagnostics solutions, enhancing vehicle maintenance efficiency and reliability within the automotive IoT domain.

Major players in the automotive IoT industry are strategically engaging in partnerships to provide essential communication services across various sectors including individuals, businesses, and governments. These strategic alliances entail leveraging mutual strengths and resources for collective benefits and success. For instance, in August 2023, Hyundai Mobis Co., a prominent South Korea-based car parts company, forged a partnership with Autotalks Ltd., an Israeli chipset maker company. The objective of this collaboration is to pioneer innovative 5G network-based vehicle-to-everything (V2X) integrated control technology, geared towards enhancing the safety aspects of autonomous vehicles. The implementation of 5G V2X technology is pivotal for self-driving vehicles, enabling these unmanned vehicles to effectively perceive their surroundings and govern their motion, thereby enhancing safety measures in autonomous driving environments.

A significant move transpired in February 2021 when Harman International, a leading automotive infotainment company, acquired Safari, marking a strategic acquisition within the automotive IoT landscape. Through this undisclosed acquisition, Harman aimed to broaden its portfolio in automotive telematics and advanced driving assistance systems (ADAS), while also enhancing capabilities in 5G Edge, multi-access edge computing (MEC), and smart infrastructure solutions. Safari, known for its expertise in V2X sensor solutions, encompassing vehicle-to-phone connectivity for pedestrians and bicyclists, vehicle-to-infrastructure, vehicle-to-vehicle, and infrastructure-to-phone communication, aligns seamlessly with Harman's strategic goals to bolster its foothold in the automotive IoT sector and expand its offerings in advanced connectivity and safety solutions for automobiles.

Major companies operating in the 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.

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 countries covered in the automotive iot market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The automotive IoT market includes revenues earned by entities by providing hardware, software, and services that can be used to create new applications to make vehicles smarter and more intelligent to offer more safe, more efficient,-vehicle (V2V), vehicle-to-infrastructure (V2I), and vehicle-to-everything (V2X) communication including connected car solutions, Advanced Driver-Assistance Systems (ADAS), in-vehicle infotainment systems, navigation & telematics solutions, and predictive maintenance solutions. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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