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According to The Business Research Company’s Automotive IOT, The automotive iot market size has grown rapidly in recent years. It will grow from <b>$140.18 billion in 2023 to $160.55 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. </b> 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.
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The automotive iot market size is expected to see rapid growth in the next few years. It will grow to <b>$263.61 billion in 2028 at a compound annual growth rate (CAGR) of 13.2%. </b> 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.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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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, AftermarketAutomotive 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).The automotive iot market report table of contents includes:
1. Executive Summary
2. Automotive IOT Market Characteristics
3. Automotive IOT Market Trends And Strategies
4. Automotive IOT Market – Macro Economic Scenario
5. Global Automotive IOT Market Size and Growth
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26. South America Automotive IOT Market
27. Brazil Automotive IOT Market
28. Middle East Automotive IOT Market
29. Africa Automotive IOT Market
30. Automotive IOT Market Competitive Landscape And Company Profiles
Top Major Players:
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