Farmington, Jan. 10, 2023 (GLOBE NEWSWIRE) -- The Global IoT In Automotive Market size was valued at USD 47.10 Billion in 2020 and is projected to reach USD 289.36 Billion by 2030, growing at a CAGR of 25.5% from 2022 to 2030. In the past few years, technology has changed a lot in the auto industry. Customers are becoming more interested in seamless connectivity and easy driving, which is helping the Internet of Things (IoT) in the automotive market grow around the world. IoT is a system of computers, machines, people, and other things that all work together to share data over a separate network. As the need for real-time information from vehicle users and operators grows, it is expected that the demand for IoT in the automotive industry will rise sharply over the next few years.
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Recent Developments:
- Texas Instruments aims to simplify cloud connectivity with the Internet of Things (IoT) with Amazon Web Services IoT. These web services allow developers to establish connections to AWS IoT services.
- In the machinery and automotive industry, there are companies Intel, Mobileye as well as BMW which offer solutions for a very broad range of drivers in their product series for growth in the future forecast period of 2022.
Segment Analysis:
On the basis of how they connect, the market is split into three groups: tethered, integrated, and embedded. In 2019, the embedded segment was the most important part of the market, and this is expected to stay true during the forecast period. Integration and connecting pieces together are also growing quickly in recent years.
The market is split into vehicle-to-vehicle communications, vehicle-to-infrastructure communications, and in-vehicle communications based on the type of communication. In 2019, vehicle-to-vehicle communication was the most popular thing on the market, and this is likely to stay the case for the rest of the forecast period. In the past few years, manufacturers have become more interested in making cars that can talk to each other.
Based on how they are used, the market is split into telematics, navigation, and information and entertainment. In 2019, the navigation segment is the market leader, and this is likely to stay the case over the next few years. Then come infotainment and telematics, in that order. The South Asian market is becoming more interested in telematics.
Regional Outlook:
In 2021, Europe had the most IoT in the automotive market, followed by North America, Asia-Pacific, South America, the Middle East, and Africa. The APAC region, on the other hand, is expected to grow very quickly over the next few years. The region is growing quickly because it has a strong economy, more high-speed networks and Internet access, new technologies in the auto industry, and government programmes for smart cities and smart traffic management systems.
North America is expected to have the second-largest share of the market, with countries like the United States and Canada that are growing economically. It is in the research and development departments of a number of large companies. North America is in the lead when it comes to the Internet of Things (IoT) in the automotive market. This is because economic users there are very aware of new technologies and have the money to buy them.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 25.5% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 289.36 Billion |
| By Type | Embedded, Tethered, Integrated, Other |
| By Applications | Infotainment System, Navigation, Telematics, Other |
| By Communication Type | Vehicle-to-Vehicle Communication, Vehicle-to-Infrastructure Communication, In-Vehicle Communication, Other |
| By Companies | Thales SA, Texas Instruments, TomTom, Cisco, Intel Corporation, NXP Semiconductors, Vodafone, AT&T |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Drivers:
All over the world, there is a lot of interest in cars that can connect to the internet. By 2040, the number of cars on the road around the world is expected to double, and at least 80% to 90% of them will be connected through IoT. Sensors in a car can constantly talk to the manufacturer and send information about the health of its parts in real time, which the manufacturer can then analyse to get useful information.
Also, as people get more money, infotainment services in their cars become more and more important to them. With the help of IoT and other technologies, people expect their digital lives to spread to their cars. This is likely to make the market move faster.
The geological breakdown of the market shown in the report is a great way for competitors to find untapped sales and business growth opportunities in different countries and regions.
Market Opportunities:
With the rise of self-driving cars, IoT companies in the automotive market are getting a lot of chances to grow. Advanced driver assistance systems (ADAS) cover self-driving cars. These systems depend heavily on the Internet of Things (IoT) and let drivers drive safely and without interruptions.
Key Segments Covered:
Top Market Players:
Thales SA, Texas Instruments, TomTom, Cisco, Intel Corporation, NXP Semiconductors, Vodafone, AT&T, and others.
By Type
- Embedded
- Tethered
- Integrated
- Others
By Communication Type
- Vehicle-to-Vehicle Communication
- Vehicle-to-Infrastructure Communication
- In-Vehicle Communication
- Other
By Application
- Infotainment System
- Navigation
- Telematics
- Other
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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