Delhi, NCR, Dec. 22, 2021 (GLOBE NEWSWIRE) -- Global IoT in automotive market is growing at a high CAGR owing to the growing investment in smart city project. The market is also driven by the development of smart parking lots, the growing demand for electric vehicles, and the commercialization of IoT for automotive applications….
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global IoT in automotive market was worth USD 58.7 billion in 2021. The market is estimated to grow at a CAGR of 25.5%, earning revenue of around USD 286.8 billion by the end of 2028. The growth of the global IoT in automotive market can be attributed to the growing investment in smart city projects, development of smart parking, and demand for more user-friendly vehicles. Furthermore, the growing number of road accidents, and commercialization of IoT for automotive applications is also favoring market growth.
Growing Investment in Smart City Projects and Government Initiatives Are Propelling the Growth of IoT in Automotive
The increasing demand for smart parking systems around the world has led to the growing adoption of IoT in the automotive sector. Therefore, several government agencies are promoting smart city programs and implementing smart parking to ensure smooth traffic in the city. The integration of AI (Artificial Intelligence) and machine learning in parking and vehicles is further supporting the growing implementation of smart parking systems in smart cities around the world. Moreover, AI provides facilities like dynamic messaging, parking sensors, real-time occupancy data of parking spots, and available parking spots to ensure smooth parking of the vehicle. Such advantages are expected to strengthen the IoT in Automotive market during the forecast period.
Libelium Comunicaciones Distribuidas, a Spanish company that provides Smart Parking, estimates that smart parking can reduce traffic volume by 8%, emissions by 40%, and time spent by 43%, while increasing parking revenues by 35%. The Australian government's smart city projects are also expected to implement smart parking systems throughout the country. An example of such a project is the "Integrated Smart Parking System" in Australia, which aims to increase the number of public spaces available to people in rural and regional areas. Thus, the growing number of smart parking systems has fuelled the integration of IoT in the automotive industry and is driving the growth of the market.
Growing demand for electric and hybrid vehicles is driving the growth of the global IoT in automotive market
The demand for electric and hybrid vehicles is growing by the day. As the number of automobiles on the road continues to rise year after year, governments and businesses are attempting to limit carbon emissions and encouraging people to switch to electric vehicles. The sales of electric vehicles have been increasing at a rapid rate in the recent years and the pandemic has further fueled the demand. According to the Global EV Outlook Report of 2021, EV sales went up by 43% during the pandemic in 2020 compared to 2019 and reached 10 million.
When used in an electric vehicle, the IoT can locate charging points nearby, and provide drivers with battery information, such as how long the battery will last, besides keeping track of other components of the car. The technology can also be used to optimize parking. Additionally, IoT can help with real-time EV charging forecasts. IoT also allows the smooth working of several sensors in electric vehicles. The aforementioned characteristics of IoT, combined with the growing sales of electric vehicles are expected to drive the growth of the global IoT in the automotive market.
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Global IoT in Automotive Market - By Offering
Based on offerings, the global IoT in automotive market is segmented into software, hardware, and services. The software segment is expected to hold the largest market share during the forecast period, i.e., 2022-2028 as companies look to improve driving experiences for users. The IoT is being increasingly utilized by companies to assist with smart parking, protecting against traffic accidents, and automating driving. Furthermore, companies are utilizing IoT to check the condition and efficiency of batteries, engines, fuel, and other vehicle parts, which is expected to drive the growth of the software segment during the forecast period.
Global IoT in Automotive Market: Regional Insights
The global IoT in automotive market is segmented into five regions: North America, Europe, the Asia-Pacific, Latin America, and the Middle East & Africa. Among these regions, North America dominated the market and held the largest share in 2021 owing to the presence of leading market players, growing investment from the government and companies involved in the development of smart parking and smart cities, increasing demand for electric & fuel cell vehicles, and increasing number of road accidents in the region. Additionally, the growing sales of smart vehicles with smart parking and collision avoidance systems in the region have also contributed to the dominant share of the region in the global IoT in automotive market.
Impact of COVID-19 on the Global IoT in Automotive Market
The COVID-19 has had a negative impact on the global IoT in automotive market. The demand for automotive vehicles suffered significantly as automobile manufacturing went down. OICA - the International Organization of Motor Vehicle Manufacturers reported a 16% decrease in global vehicle manufacturing in 2020, with fewer than 78 million vehicles produced worldwide. OICA’s president, Mr. FU Bingfeng called 2020 “the worst crisis ever to impact the automotive industry, a key sector of the world economy.”
As per the Global EV Outlook Report 2021, 2020 has been a fruitful year for EV sales even in the face of the COVID-19 pandemic, with a staggering 43% increase in sales reaching 10 million. China happens to be the biggest country in the EVs sector in terms of sales, with an estimated 4.5 million electric cars running through the country in 2020. As against this, Europe registered the highest annual increase by recording 3.2 million in sales for just a year. Despite growing sales of electric vehicles, the slump in the demand for conventional vehicles affected the global IoT in automotive market in 2020. Additionally, the recovery of the market has been hampered by semiconductor shortage, energy crisis, supply chain issues, and container shortage. Moreover, now the emergence of the Omicron variant of coronavirus hangs like Sword of Damocles over the market. Nevertheless, the IoT in Automotive market is expected to recover swiftly in the coming years.
Global IoT in Automotive Market -Competitive Landscape
The leading players in the IoT in automotive market are Texas Instruments, Intel, NXP Semiconductors, TOMTOM, IBM, Cisco, Microsoft, Thales SA, AT&T, Vodafone, Robert Bosch, Google, Apple, General Motors, Audi, Altiux Innovations, Amano McGann, Inc., Amco S.A.., BMW AG, Libelium Comunicaciones Distribuidas S.L., Ford Motor, and other prominent players.
The market players compete with each-others in terms of new products launches, integration of new technology, mergers & acquisitions, and collaboration with other players and organizations. Additionally, the companies operating in the global IoT in automotive market are looking to commercialize the IoT technology as soon as possible to capture more market share.
For more info please read press release of IoT in automotive market : https://www.blueweaveconsulting.com/press-release/global-iot-in-automotive-market-set-for-explosive-growth-forecast-to-grow-at-a-cagr-of-25-2-by-2027
Recent Developments
In December 2021, Karamba Security announced a USD 10 million extensions to USD 12 million raised during its Series B investment funding round from 2017. The extension was led by automotive startup VinFast, a part of Vietnam’s Vingroup conglomerate. Karamba Security is an Israel-based security startup that focuses on the IoT and automotive industry.
In December 2021, Volvo Car UK announced a new vehicle tracking accessory based on Vodafone Automotive VTS S5 technology. Vodafone Automotive is a top-tier partner for the main European and Asian car, truck, and motorcycle manufacturers for developing bespoke anti-theft, parking assistance, and telematics systems. The stolen vehicle recovery service of Vodafone is part of the Vodafone internet of things (IoT) portfolio and operates in 57 countries around the world, including 45 European countries.
Scope of the Report:
| Attributes | Details |
| Years Considered | Historical data – 2017-2020 Base Year – 2020 Forecast – 2021 – 2027 |
| Facts Covered | Revenue in USD Billion |
| Market Coverage | U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia |
| Product Service/Segmentation | By Offering, By Connectivity Form Factor, By Communication Type, By Application, By Region |
| Key Players | Texas Instruments Inc., Intel Corporation, General Motors, Ford Motor Company, Apple Inc., Cisco Systems Inc., IBM Corporation, Google Inc., Microsoft Corporation, Robert Bosch GmbH, Audi AG, NXP Semiconductors, TOMTOM, Thales SA, Vodafone, AT&T, and other prominent players. |
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global IoT in automotive market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global IoT in automotive market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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