The Business Research Company’s report on the Automotive IOT Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the primary drivers fueling the growth of the automotive iot market in recent years?
Increasing demand for autonomous vehicles is expected to propel the growth of the automotive IoT market going forward. Autonomous vehicles refer to self-driving vehicles that perform various functions and can operate on their own using various technologies. The Internet of things enables autonomous vehicles to connect wirelessly on a cloud system through multiple devices and provides vehicle-to-vehicle interaction, as a result, increasing demand for autonomous vehicles increases the demand for the automotive IoT market. For instance, in December 2022, according to National Highway Traffic Safety Administration (NHTSA), a US-based government agency, it is expected that there would be approximately 3.5 million autonomous vehicles on U. S. roads by 2025, which would reach 4.5 million by 2030. Therefore, increasing demand for autonomous vehicles drives the automotive IoT market growth.
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What is the projected market size of the automotive iot industry, and how is it expected to grow?
The automotive iot market size has grown rapidly in recent years. It will grow from $157.1 billion in 2024 to $178.07 billion in 2025 at a compound annual growth rate (CAGR) of 13.4%. The growth in the historic period can be attributed to connected car technologies, vehicle-to-everything (v2x) communication, advanced driver assistance systems (ADAS), telematics adoption, enhanced safety and security features.
The automotive iot market size is expected to see rapid growth in the next few years. It will grow to $300.82 billion in 2029 at a compound annual growth rate (CAGR) of 14.0%. The growth in the forecast period can be attributed to 5g connectivity in vehicles, edge computing in automotive IoT, artificial intelligence in automotive, autonomous vehicle development, predictive maintenance solutions. Major trends in the forecast period include in-car infotainment systems, smart parking solutions, fleet management optimization, blockchain in automotive IoT, vehicle health monitoring.
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Who are the key players driving competition 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 key trends are expected to drive the automotive interior market during the forecast period?
Automotive predictive diagnostics solutions are a key trend gaining popularity in the automotive IoT market. The automotive companies are partnering with technology players for the integration of predictive diagnostics solutions into their existing models, which allows the upkeep frequency to be as low as possible to stop unplanned reactive maintenance without incurring costs related to doing an excessive amount of preventive maintenance. The predictive maintenance systems within the vehicle continuously monitor, collects, record, transfer and evaluate data from in-vehicle sensors to keep track of vehicle functional metrics. For instance, 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 Condition Monitoring Systems (CMS).
Which key geographies are driving the growth of 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
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What are the key segments driving growth in the automotive iot market?
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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How is the automotive iot market defined, and what are its core characteristics?
Automotive IoT is an integration of sensors, gadgets, software applications, and others in automotive that are designed to perform a specific or wide range of activities, such as fleet management, predictive diagnostics, and others.
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