According to the new market research report "Automotive IoT Market by Offering (Hardware, Software, Service), Connectivity Form Factor (Embedded, Tethered, Integrated), Communication Type (In-Vehicle, Vehicle-to-Vehicle, Vehicle-to- Infrastructure) Application, & Geography - Global Forecast to 2022", market is expected to grow from USD 15.87 Billion in 2015 to USD 82.79 Billion by 2022, at a CAGR of 26.75% during the forecast period. The factors driving the automotive IoT market is real-time traffic and incident alerts, growing number of telematics mandates by various governments, and the growing demand for assisted & automated driving.
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In-vehicle communication to hold the largest share of the automotive IoT market
In-vehicle communication is used to provide accurate route information to a user while on road and also update the road-traffic controller with detailed information about the conditions on a road. Road users receive information such as up-to-date travelling times and the maximum speed limit. They also receive warnings in case of accidents or other incidents. This way, in-vehicle communication offers users an option to choose their route based on relevant and up-to-date information.
Infotainment application to drive the growth of the automotive IoT market
The introduction of cloud-based services for music and other multimedia support such as games led to increase an infotainment application in vehicles. Users look for multimedia support and smart apps for device integration, high-speed connectivity, intuitive and multi-modal user interfaces in the systems installed in vehicles. Internet radio, streaming music, and social networking apps are the services which are commonly available.
North America to hold the major market share for the automotive IoT market during the forecast period
North America, which comprises the U.S., Mexico, and Canada, dominates the global automotive IoT market. It is expected that the growth in the region would be the largest with regard to one of the major application areas of connected vehicle vehicle to X communication. Also, the demand for cars has witnessed a boost recently with the convergence of the ICT sector, the automotive sector, and the transportation sector resulting in the emergence of the connected vehicle ecosystem.
The major players in the automotive IoT market are Texas Instruments Inc. (U.S.), Intel Corporation (U.S.), NXP Semiconductors N.V. (Netherlands), TOMTOM N.V. (Netherlands), IBM Corporation (U.S.), Cisco Systems Inc. (U.S.), Microsoft Corp. (U.S.) ,Thales SA (France), AT&T Inc. (U.S.), Vodafone Group (U.K.), Robert Bosch GmbH (Germany), Google Inc. (U.S.), Apple Inc. (U.S.), General Motors (U.S.), Audi AG (Germany) , Ford Motor Company (U.S.).
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