USD 102.3 billion
Automotive IoT Market Size, Share, Growth Analysis, By Communication(Vehicle-to-vehicle, In-vehicle communication, and Vehicle-to-infrastructure), By Offering(Hardware, Software, and Services), By Connectivity Form(Embedded, Tethered, and Integrated), By Application(Navigation, Infotainment, and Telematics), By End User(OEMs, Aftermarket), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45I2195 |
Region:
Global |
Published Date: June, 2024
Pages:
220
|Tables:
142
|Figures:
77
Automotive IoT Market Insights
Global Automotive IoT Market size was valued at USD 102.3 Billion in 2022 and is poised to grow from USD 125.32 Billion in 2023 to USD 635.48 Billion by 2031, growing at a CAGR of 22.5% in the forecast period (2024-2031).
High emphasis on the development of intelligent transport systems and growing use of digital technologies in the automotive space are contributing to the high demand for automotive IoT solutions. Advancements in Internet of Things (IoT) technologies are also estimated to have a significant impact on the overall automotive IoT market development going forward. Rapidly expanding connected car fleets and high investments in the development of novel connected technologies for automotive applications are also projected to create new opportunities for automotive IoT providers going forward. The surge in popularity of autonomous vehicles will also play a crucial role in boosting sales of automotive IoT solutions in the long run. On the contrary, lack of standardization, high costs of implementation, and regulatory concerns are predicted to slow down the overall automotive IoT market development across the study period and beyond.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
In-Vehicle Communication
Fastest Growth
Vehicle-to-Vehicle Communication
Growth Rate
22.5% CAGR
Global Automotive IoT Market ($ Bn)
Country Share for North America Region (%)
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Automotive IoT Market Segmental Analysis
The global automotive IoT market is segmented based on communication, application, offering, connectivity form, end user, and region. Based on communication, the market is further sub-segmented into vehicle-to-vehicle, in-vehicle communication, and vehicle-to-infrastructure. In terms of application, the market is segmented into navigation, infotainment, and telematics. Based on offering, the market is further sub-segmented into hardware, software, and services. Based on connectivity form, the market is further sub-segmented into embedded, tethered, and integrated. Based on end user, the market is further sub-segmented into OEMs and aftermarket. Based on Region, North America, Europe, Latin America, Asia Pacific, Middle East and Africa.
Analysis by Offering
The hardware segment is projected to spearhead automotive IoT demand over the coming years. The growing need for automotive specific IoT hardware and increasing demand for custom integration of features and technologies in the automotive sector will also help this segment maintain a high market share. Hardware plays a critical role in enabling any kind of digital or IoT capabilities in a vehicle and this is why new as well as established companies can target this segment to maximize their business scope.
On the other hand, the demand for automotive IoT software is slated to rise at a robust pace across the study period. Rising demand for smart and connected vehicles is projected to be the key factor helping this segment boost market growth. Rising emphasis on improving driver and passenger experiences will also foster high demand for novel automotive IoT solutions in the future.
Analysis by Application
Traffic congestion around the world has increased drastically and tackling this issue is a major concern for all vehicle owners. Navigation systems play a crucial role in helping people manage or avoid traffic congestion, which is why this segment holds sway over others. Automotive IoT technologies focused on enhancing navigation systems by processing data from GPS satellites and other sources will be high in demand going forward. Navigation systems also help drivers manage their time effectively by offering alternative routes and notifications regarding issues on roads.
Meanwhile, automotive IoT use for infotainment applications is projected to increase at an impressive pace in the future. Evolving consumer preferences and high demand for better infotainment systems with advanced features will drive market growth via this segment. Growing disposable income of people has also resulted in high demand for luxury vehicles thereby creating new opportunities for automotive IoT use in infotainment applications.
Global Automotive IoT Market By Offering
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Automotive IoT Market Regional Insights
North America is estimated to lead automotive IoT adoption on a global level. Higher purchasing power and quick adoption are two key factors that help this region become a leader in the automotive IoT market. The presence of key automotive and IoT devices companies and increasing collaboration between them is also helping the region’s dominance. High investments in the R&D of autonomous vehicles and rapidly expanding connected vehicle fleet are also providing good growth potential for automotive IoT companies in North America.
Asia Pacific emerges as the fastest-growing regional market for automotive IoT companies through 2031 and beyond. The region is known as a major hub for automotive manufacturing and is home to some of the most renowned automotive giants in the world, which helps it promote automotive IoT demand. China, Japan, South Korea, and India are expected to be the top markets for automotive IoT companies in the future. Rapidly surging sales of electric vehicles and growing demand for smart vehicles will also boost automotive IoT demand in the Asia Pacific region over the coming years.
Global Automotive IoT Market By Region
- Largest
- Fastest
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Automotive IoT Market Dynamics
Drivers
Rising Demand for Connected Cars
- Popularity and demand for connected cars has increased rapidly around the world for their modern safety and infotainment features. Automotive IoT systems and solutions are a crucial part of connected vehicles, and this is projected to bolster market growth going forward.
Investments in Development of Autonomous Vehicles
- Autonomous or self-driving vehicles are gaining massive traction around the world, and this is why most automotive companies are heavily investing in their R&D. Automotive IoT solutions and systems can enhance and support autonomous capabilities of a vehicle, which in turn will benefit market development over the coming years.
Restraints
Lack of Standardization
- Automotive IoT solutions and devices are not yet standardized in any manner, which creates interoperability issues and slows down the overall automotive IoT adoption rate.
High Costs of Implementation
- Implementing automotive IoT solutions and systems can cost a significant amount to manufacturers leading to an overall expensive vehicle at the end. High costs of vehicles equipped with automotive IoT will hamper market growth potential in the long run.
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Automotive IoT Market Competitive Landscape
The global automotive IoT market is projected to emerge as highly opportune owing to rising investments in digitization and electrification of the automotive industry. The launch of new automotive IoT solutions is projected to be the prime focus of all automotive IoT market players. Integration of advanced technologies to improve the overall driving experience using automotive IoT products will also provide new opportunities for automotive IoT companies going forward. Collaborations with automotive companies will be highly vital for automotive IoT providers in the long run.
Top Player’s Company Profiles
- Thales
- Intel Corporation
- NXP Semiconductors
- Texas Instruments Inc.
- Microsoft Corporation
- General Motors
- Visteon
- Robert Bosch GmbH
- Aeris
- Tata Communications
- Vodafone
- Cloudmade
- Qualcomm
- Sierra Wireless
- TomTom International BV
- Cisco System Inc.
- Harman
- Apple
- IBM
- Tesla
Recent Developments
- Back in November 2023, Reliance Retail, a part of the Indian conglomerate called Reliance Industries launched a new IoT device for automotive use. JioMotive is an OBD-based real-time car tracker and was available for purchase to consumers through JioMart.
- In February 2024, Geespace, a Chinese company that is a subsidiary of Zhejiang Geely Holding Group announced that it had added 11 LEO satellites to its new constellation to support connected cars. This opens new business scope for automotive IoT companies in China.
Automotive IoT Key Market Trends
- Use of 5G Technology: Automotive IoT companies should focus on the development of novel solutions that utilize the revolutionary 5G technology. Creation of new automotive IoT hardware and software to leverage the capabilities unlocked by 5G technology will be the prime focus of almost all market players in the long run.
Automotive IoT Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, growing demand for connected vehicles, rising sales of electric vehicles, and high emphasis on improving security of vehicles are key factors promoting automotive IoT demand. However, high costs of implementation, lack of standardization, and data privacy and security concerns are forecasted to slow down the overall market growth in the future. The Asia Pacific region is slated to be the most opportune market for automotive IoT companies owing to the presence of robust automotive manufacturing activity and high sales of electric vehicles. Leveraging 5G connectivity technologies to maximize the productivity of automotive IoT will be the prime focus of almost all companies.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 102.3 Billion |
| Market size value in 2031 | USD 635.48 Billion |
| Growth Rate | 22.5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Automotive IoT Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Automotive IoT Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Automotive IoT Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Automotive IoT Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Automotive IoT Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Automotive IoT Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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