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Automotive IoT Market, according to the SNS Insider report, reached a size of USD 130 billion in 2023. This market is expected to reach a staggering USD 558.97 billion by 2031, reflecting a robust compound annual growth rate (CAGR) of 20% from 2024 to 2031.
Governments are mandating telematics for safety reasons, while consumers crave the convenience and entertainment features of assisted driving, smartphone integration, and upgraded in-vehicle experiences. This demand extends beyond just the driver, with a focus on innovative passenger amenities. Additionally, government support for V2X communication paves the way for future advancements in connected car technology, creating a more efficient and safer driving experience.
Market Analysis
The demand for IoT in the automotive market is fueled by the increasing need for real-time data access. This data empowers drivers with valuable insights on traffic conditions, potential hazards, and nearby amenities. Additionally, governments across the globe are actively mandating telematics integration in vehicles, further propelling market growth.
Furthermore, the automotive industry is witnessing a significant surge in demand for assisted and autonomous driving technologies. These advancements rely heavily on real-time data collected through IoT sensors, radars, and cameras, fostering market expansion. Consumers are increasingly seeking to extend their digital lifestyles into their cars, demanding seamless connectivity and in-vehicle entertainment options. The integration of smartphone-like features caters to this growing desire, creating lucrative opportunities for market participants.
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Leading Key Players of Automotive IoT Market
- Texas Instruments Inc.
- Intel Corporation
- NXP Semiconductors N.V.
- Microsoft Corp.
- TOMTOM N.V.
- IBM Corporation
- Apple Inc.
- Cisco Systems Inc.
- Thales SA
- AT&T Inc.
- Vodafone Group
- Robert Bosch GmbH
- General Motors
- Google Inc.
- Audi AG
- Ford Motor Company
A key trend shaping the market is the rising demand for vehicles with superior in-car experiences. Original Equipment Manufacturers (OEMs) are heavily invested in developing innovative features and amenities to enhance passenger comfort and convenience. This focus on in-vehicle experiences is expected to drive the growth of the passenger vehicle segment within the Automotive IoT Market. Additionally, government initiatives supporting the development of V2X communication infrastructure will play a crucial role in fostering future advancements in connected car technology.
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Segmenting the Market
The Automotive IoT Market offers a breakdown by function, communication, and use. Software, including chips and connection tech, is expected to lead in growth due to its role in data collection and communication. Services are also on the rise as carmakers invest in connected car systems. In communication, in-vehicle tech dominates now, but vehicle-to-everything (V2X) is projected to grow fastest, though cybersecurity concerns may slow it down. Applications follow a similar pattern, with infotainment leading but navigation and telematics seeing the highest growth due to rising demand for real-time traffic updates, location services, and advanced driver assistance.
Segmentaton of Automotive IoT Market
By Offering:
- Software
Semiconductor Components
Connectivity ICs
- Services
Platform
Solutions
- Hardware
Deployment and Integration Services
Support and Maintenance Services
By Communication:
- In-Vehicle Communication
- Vehicle-to-Vehicle Communication
- Vehicle-to-Infrastructure Communication
By Connectivity:
- Embedded
- Tethered
- Integrated
By Application:
- Infotainment
- Navigation
- Telematics
By Region
- North America
- Europe
- Asia-Pacific
- The Middle East & Africa
- Latin America
The Russia-Ukraine War
The ongoing conflict between Russia and Ukraine has disrupted global supply chains, impacting the availability of critical components like semiconductors. This shortage has the potential to dampen the production of connected cars, thereby hindering the growth of the Automotive IoT Market. Additionally, rising fuel prices and economic uncertainties can lead to a decline in consumer spending on automobiles, further impacting market expansion.
Economic Slowdown
A potential economic slowdown could negatively affect consumer purchasing power, leading to a decline in demand for new vehicles, particularly those equipped with advanced IoT features. This could pose a challenge to the growth of the Automotive IoT Market. However, long-term investments in infrastructure development and the increasing adoption of electric vehicles are expected to mitigate the impact of an economic slowdown.
Key Regional Developments
The Automotive IoT Market spans across North America, Asia Pacific, Europe, and the rest of the world. While North America holds a strong position due to its advanced infrastructure and established automotive industry, the Asia Pacific region is poised for explosive growth. This dominance is fueled by several factors: booming economies in China and India, government investments in transportation and automotive sectors, a rapidly growing population with increasing disposable income, and a surging demand for connected and electric vehicles.
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Key Takeaways for the Automotive IoT Market Study
- The Automotive IoT Market is poised for significant growth driven by the increasing demand for connected car features, government regulations mandating telematics integration, and advancements in assisted and autonomous driving technologies.
- The software segment, encompassing semiconductors and connectivity ICs, is expected to witness the highest CAGR due to its critical role in enabling real-time data collection and communication in connected cars.
- The Asia Pacific region is anticipated to emerge as the fastest-growing market due to its burgeoning economies, rising disposable income, and government support for automotive advancements.
Recent Developments
- In a move towards sustainable transportation, Vietnamese electric car maker VinFastjoined forces with NXP Semiconductors in January 2023. This collaboration signifies the industry’s growing emphasis on developing smart, clean, and interconnected electric vehicles.
- Highlighting the increasing importance of software and services in connected cars, HARMAN, a leader in automotive technology, launched its HARMAN Ready on Demand platform in January 2023
Table of Content
- Introduction
- Research Methodology
- Market Dynamics
- Impact Analysis
- Value Chain Analysis
- Porter’s 5 forces model
- PEST Analysis
- Automotive IoT Market Segmentation, By Offering
- Automotive IoT Market Segmentation, By Communication
- Automotive IoT Market Segmentation, By Connectivity
- Automotive IoT Market Segmentation, By Application
- Regional Analysis
- Company Profile
- Competitive Landscape
- USE Cases and Best Practices
- Conclusion
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