Automotive IoT Market, Size, Share, Growth, and Industry Analysis, By Type (Hardware, Software, Services and Other Types), By Application (Navigation, Telematics, Infotainment and Other Applications), Regional Insights, and Forecast From 2024 To 2031

Updated On: 08 April 2024

Automotive Iot Market Report Overview

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The global automotive IoT market size is USD 36050 million in 2022 and is projected to touch USD 127812.59 million by 2031, exhibiting a CAGR of 15.1% during the forecasting period.

The phrase "Automotive IoT" refers to the incorporation of elements like sensors, gadgets, clouds, and apps into vehicles and their use as a sophisticated system for fleet management, predictive maintenance, and other functions. With the help of embedded IoT technology, automobiles already possess "near-artificial intelligence." Self-driving cars, which are currently the topic of everyone's conversation, are one of several industrial advancements that manufacturers can apply thanks to the Internet of Things. It is a sizable platform for expanding IT capabilities.

The Internet of Things has its most visible and well-known use in the linked automobile. However, as today's cars become more and more software-driven, the actual IoT development in the automotive industry is happening behind the scenes, as both software developers and automakers vie for control. The Internet of Things (IoT) is a framework of mechanical and digital objects that are autonomously transmitting data. Additionally, the introduction of the automotive IoT market promotes the demand for automated devices that assist in the analysis of real-time data on drivers and fleet operators. It also has a connection to the internet of smart vehicles, which allows for three different kinds of communications: in-vehicle, vehicle-to-vehicle, and vehicle-to-infrastructure.

COVID-19 Impact: Lockdown Multiplied the Users and Escalated the Market Growth

The global COVID-19 pandemic has been unprecedented, staggering, as the market are experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributed to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Companies have had to reconsider their automobile sector advancements in light of the COVID-19 epidemic. The makers have now acknowledged that some customers desire a risk-free experience. Since the epidemic, the use of autonomous vehicles has increased as nations like China utilise the technology for improved efficiency. Countries place restrictions on a variety of service-related jobs that demand human labour. The strain on people to function in an environment with a fatal virus has decreased with the advent of IoT in the automobile industry and developments like autonomous vehicles. China delivered vaccines, meals, and even admitted COVID-affected patients to hospitals using its autonomous vehicles quite well.Henceforth the COVID-19 turned out to be a major breakthrough in the  automotive IoT market growth.

LATEST TRENDS

"The Fleet Management Solution to Upsurge the Market Growth"

The most recent IoT use case in the automotive sector, the fleet management solution provides fleet operators with a wide range of advantages over the course of their lives. The key advantage of IoT applications in the automobile industry is compliance with environmental and safety requirements, starting with optimising upkeep and logistics to monitoring driver performance. In addition to vehicle tracking, monitoring fuel consumption, sharing statistics on driver performance and health, sending idle alerts, integrating a solution to service condition monitoring, and performing preventative maintenance are all expanding applications of IoT in fleet management. IoT sensors integrated into automobiles give signals and set off caution alerts for low battery, coolant temperature, or engine maintenance with dependable communication to the cellular networks through multiple networks like 2G, 3G, and 4G/LTE. IoT solutions for the automotive sector enable fleet management to automate a variety of procedures, including trip planning. Additionally, this aids the fleet management sector in enhancing client satisfaction through punctual delivery and superior service.

Automotive Iot Market Segmentation

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• By Type Analysis

Based on type, the market is subdivided into hardware, software, services and other types.

• By Application Analysis

Based on the applications, the market is subdivided into navigation, telematics, infotainment and other applications.

DRIVING FACTORS

"The Rising Per Capita Income and Consumer Spending to Boost the Market Share"

Additionally, automated infotainment systems in vehicles are increasingly important because of the increasing per capita income of individuals. With the aid of automotive IoT technologies, people anticipate that their digital lifestyles must extend into their vehicles as well.  These are expected to boost the automotive IoT market growth.

"The Connected Automobiles Becoming Software Driven Will Boost the Market Share"

The Internet of Things has its most visible and well-known use in the linked automobile. However, as today's cars become more and more software-driven, the actual IoT development in the automotive industry is happening behind the scenes, as both software developers and automakers vie for control. The Internet of Things (IoT) is a framework of mechanical and digital objects that are autonomously transmitting data. Additionally, the introduction of the automotive IoT  promotes the demand for automated devices that assist in the analysis of real-time data on drivers and fleet operators. It also has a connection to the internet of smart vehicles, which allows for three different kinds of communications: in-vehicle, vehicle-to-vehicle, and vehicle-to-infrastructure.

The car has been connected in ways for years that now appear to be regular. Undoubtedly, automakers have started connecting vehicles to data streams. And the automobile industry has a richer and longer track record of success than any other industry when it comes to bridging technology and drivers.

RESTRAINING FACTORS

"The Breech of Network and Loss of Connectivity to Hamper the Market Growth"

The automotive IoT market will be driven by autonomous vehicles, maintenance alerts, an increase in demand for smart devices, an increase in telematics orders from governments, and the necessity for smartphone functionality in vehicles. However, it is predicted that a lack of cellular network coverage and competitive pricing will restrain the growth of the automotive IoT market share.

Automotive Iot Market Regional Insights

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"North America to Lead the Market With the Presence of Technological Advancements"

North America outperformed the rest of the world in the market for automotive IoTs, the region at present serves as the leading among all economy for automotive IoT market, especially from the newly developed economies of Canada and the US. Here are the R&D divisions of various significant businesses. One of the key factors contributing to North America's dominance of the worldwide automotive IoTs market is the prevalence of well-known autonomous network and broadcasting service providers. Moreover, the North American economy's users have a high level of awareness of and spending power for the newer technologies, which is why they are leading the market.

KEY INDUSTRY PLAYERS

"Notable Players to Contribute in the Market Globally"

The report analyzes different market players in the industry. The information is published after proper research, analysis of trends, key developments, the introduction of new initiatives, and technological developments and innovations. Other aspects of the report include a study on the companies, regions, automation, technological developments, and the impact of newly emerging industries along with their risks. The facts in the report may be subject to change, given the situation of market players from time to time.

List of Market Players Profiled

• Google (U.S.A)
• Apple (U.S.A)
• OnStar (U.S.A)
• Cisco Systems (U.S.A)
• Microsoft (U.S.A)
• Intel Corporation (U.S.A)
• IBM Corporation (U.S.A)
• Robert Bosch (Germany)
• AutoNavi (China)
• NAVINFO (China)
• QiMing Information Technology (China)
• Anhui Wantong Technology (China).

REPORT COVERAGE

The report examines elements affecting the demand and supply sides and estimates dynamic market forces for the forecast period. The report offers drivers, restraints, and future trends. After evaluating governmental, financial, and technical market factors, the report provides exhaustive PEST and SWOT analysis for regions. The research is subject to alteration if the key players and probable analysis of market dynamics change. The information is an approximate estimate of the factors mentioned, taken into consideration after thorough research.