Global Automotive IoT Market Size To Grow USD 975.66 Billion by 2032 | CAGR of 23.8%
Category: Automotive & TransportationGlobal Automotive IoT Market Size worth $975.66 Billion by 2032
According to a research report published by Spherical Insights & Consulting, The Global Automotive IoT Market size is To Grow from USD 115.37 Billion in 2022 to USD 975.66 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 23.8% during the forecast period.
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Browse key industry insights spread across 200 pages with 100 Market Size data tables and figures & charts from the report on "Global Automotive IoT Market Size, Share, and COVID-19 Impact Analysis, By Offering (Hardware, Software, and Services), By Connectivity (Embedded Systems, Tethered Systems, and Integrated Systems), By Communication Type (In-vehicle Communication, Vehicle-to-vehicle Communication, and Vehicle-to-infrastructure Communication), By Application (Navigation, Telematics, and Infotainment), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." https://www.sphericalinsights.com/reports/automotive-iot-market
Automotive IoT involves connecting vehicles to the internet, enabling communication between vehicles, infrastructure, and external devices. It enhances vehicle safety, efficiency, and driving experience by collecting real-time data through IoT-enabled sensors. This data can be used for predictive maintenance, intelligent navigation, and autonomous driving. Automotive IoT also integrates smartphones and other devices with vehicles, providing features like remote monitoring, vehicle tracking, and personalized infotainment services. The advancements in Automotive IoT are revolutionizing transportation, paving the way for connected, autonomous, and smart vehicles that offer improved safety, convenience, and sustainability.
The connectivity ICs segment is expected to grow at a CAGR of around 25.8% during the forecast period
Based on offering type, the global automotive IoT market is segmented into hardware, software, and services. Connectivity ICs are anticipated to witness higher growth compared to semiconductor components in the automotive IoT hardware market during the forecast period. This is attributed to the increasing demand for robust and reliable connectivity solutions in connected vehicles. Connectivity ICs provide the necessary interfaces and protocols to enable seamless communication between various components within the vehicle and with external devices. With the rapid advancements in wireless technologies like 5G and the need for high-speed data transmission, the demand for connectivity ICs is expected to surge. These ICs play a crucial role in supporting features such as vehicle-to-vehicle (V2V) communication, vehicle-to-infrastructure (V2I) communication, and vehicle-to-cloud connectivity. As automotive IoT applications continue to expand, connectivity ICs are poised to witness significant growth, facilitating efficient and secure data exchange in connected vehicles.
The navigation segment held the largest market share of around 43.7% in 2022
Based on application, the global automotive IoT market is segmented into navigation, telematics, and infotainment. The navigation segment held the largest market share in the automotive IoT market. Navigation systems play a crucial role in providing real-time information and guidance to drivers, enhancing their driving experience and safety. These systems utilize IoT technology to collect and analyze data from various sources, including GPS, traffic sensors, and mapping services. They offer features such as turn-by-turn directions, traffic updates, and route optimization. The growing demand for advanced navigation features, such as voice recognition, augmented reality, and predictive analytics, has fueled the adoption of IoT-enabled navigation systems. Additionally, the integration of navigation systems with other IoT applications like vehicle diagnostics and infotainment further strengthens their market dominance.
Asia-Pacific is predicted to grow at a higher CAGR of around 25.8% over the projected period
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Based on region, Asia-Pacific is poised to experience fastest growth in the forecast period in the automotive IoT market. Several factors contribute to this expected growth. The region is home to major automotive manufacturing hubs, such as China, Japan, and South Korea, which are witnessing a rise in the adoption of IoT technology in vehicles. Additionally, the increasing disposable income and urbanization in countries like China and India are driving the demand for connected cars and smart transportation solutions. Moreover, the rapid development of 5G infrastructure in the region enables faster and more reliable connectivity, facilitating the implementation of automotive IoT solutions. Furthermore, government initiatives promoting smart cities and sustainable transportation further boost the growth of the automotive IoT market in Asia-Pacific.
Some of the major players in the global automotive IoT market include NXP Semiconductors, Harman, Robert Bosch, Thales, TomTom International, IBM, Geotab Inc., Texas Instruments, Intel Corp., Eurotech, STMicroelectronics, Renesas, Infineon Technologies, Airbiquity, Qualcomm, Visteon, Vodafone Group, Microsoft Corporation, Alphabet Inc., AT&T, Cloudmade, and Sierra Wireless.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the global automotive IoT market based on the below-mentioned segments:
Automotive IoT Market, By Offering
- Hardware
- Software
- Services
Automotive IoT Market, By Connectivity
- Embedded Systems
- Tethered Systems
- Integrated Systems
Automotive IoT Market, By Communication Type
- In-vehicle Communication
- Vehicle-to-vehicle Communication
- Vehicle-to-infrastructure Communication
Automotive IoT Market, By Application
- Navigation
- Telematics
- Infotainment
Automotive IoT Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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