The report "Automotive IoT Market by Offering (Hardware, Software, Services), by Connectivity Form Factor (Embedded, Tethered, Integrated), by Communication Type, by Application (Navigation, Telematics, Infotainment) and Region - Global Forecast to 2028" The automotive IoT market is projected to grow from USD 131.2 billion in 2023 to reach USD 322.0 billion by 2028; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 19.7% from 2023 to 2028.
Browse 198 market data Tables and 61 Figures spread through 322 Pages and in-depth TOC on "Automotive IoT Market by Offering (Hardware, Software, Services), by Connectivity Form Factor (Embedded, Tethered, Integrated), by Communication Type, by Application (Navigation, Telematics, Infotainment) and Region - Global Forecast to 2028"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/automotive-iot-market-27200094.html
The growth of the automotive IoT market is driven by the increasing number of regulations mandating advanced features in vehicles for enhanced user comfort, safety, and convenience coupled with growing use of telematics and user-based insurance programs are the major factors driving growth of the automotive IoT market.
By offering, the software segment is projected to hold the largest share of the automotive IoT market during the forecast period.
The software segment held the largest share of the overall automotive IoT market, in terms of value, in 2022. The software market includes platforms and solutions which are crucial to the functioning of IoT in an automobile. Software solutions are designed to meet interoperability challenges that arise on account of varied heterogeneous devices and to manage large volumes of data as well as its security and privacy. Factors such as the rising adoption of connected cars and the evolution of high-speed networking technologies have paved the way for the adoption of IoT software solutions.
By connectivity form factor, integrated system segment is projected to exhibit highest CAGR for the automotive IoT market during the forecast period.
The market for the integrated form factor is expected to grow at the highest CAGR of during the forecast period. There is reduction in up-front hardware connectivity costs in vehicles as user has to pay for network data cost. and as communication costs are directly tied to user, it allows the person to use according to the requirement. These are the major factors leading to higher growth of the integrated connectivity market.
North America is expected to hold the largest share in the market by 2028.
The North American region is expected to hold the largest share of the automotive IoT market during the forecast period. The US is a major contributor to the growth of the automotive IoT market in North America. North America has been a pioneer in adopting most technological innovations and technological advancements, so the adoption of IoT in North America in the automotive sector has been profound. The region is home to the big 3 of the automotive industry—Ford Motor Company (US), General Motors (US), and Fiat Chrysler Automobiles (US). These companies have been providing connectivity services, which is the major factor driving the market. There has been a significant rise in the investments made by the governments and different companies in this region that are accelerating the adoption of IoT solutions in vehicles.
The North America region is witnessing enormous demand for self-driving cars owing to the high purchasing power as well as access to superior technology. The emergence of self-driving car technology in the North American market is an important trend in increasing the demand for advanced connected car features. The market is already witnessing high growth of advanced driver assistance systems (ADAS) solutions. This has propelled the automotive IoT market forward in North America. Furthermore, the use of IoT for car health diagnostics is expected to be a significant contributing factor in the future. The measures adopted for environmental safety, like pollution reduction, will further supplement the need for regular information on the health of a car. This is expected to further increase the demand for automotive IoT offerings in the near future.
Key players in the automotive IoT market include NXP Semiconductors (Netherlands), Harman (US), Robert Bosch (Germany), Thales (France), TomTom International (Netherlands), IBM (US), Geotab Inc. (Canada), Texas Instruments (US), Intel Corp. (US), Eurotech (Italy), STMicroelectronics (Switzerland), Renesas (Japan), Infineon Technologies (Germany). Apart from this, Airbiquity (US), Qualcomm (US), Visteon (US), Vodafone Group (UK), Microsoft Corporation (US), Alphabet Inc. (US), AT&T (US), Cloudmade (UK), Sierra Wireless (Canada) are among a few emerging companies in the automotive IoT market.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
USA : 1-888-600-6441