Who are the key vendors in the Global Automotive IoT Market?

Automotive IoT companies should focus on integrating advanced and smart technologies to maximize their sales potential going forward. Collaborations, partnerships, mergers, and acquisitions are predicted to be crucial strategies for automotive IoT companies looking to maximize their global market presence and share in the future. 'Thales', 'Texas Instruments Inc.', 'Audi', 'AT&T', 'Cloudmade', 'Qualcomm', 'Apple', 'TomTom International BV', 'Cisco System Inc.', 'Ford Motor', 'Visteon', 'Vodafone', 'NXP Semiconductors', 'Alphabet Inc.', 'Microsoft Corporation', 'Intel Corporation', 'Sierra Wireless', 'Robert Bosch GmbH'

What is the key driver of Global Automotive IoT Market?

Automotive manufacturers are focusing on adding new connected vehicle technologies to their vehicles and this trend is projected to bolster automotive IoT market growth over the coming years.

What is the key market trend for Global Automotive IoT Market?

Rising Popularity of Electric Vehicles & Autonomous Vehicles: Automotive IoT vendors can focus providing their solutions to electric vehicles and autonomous vehicles, which are increasing in sales around the world. Companies can develop specialized automotive IoT solutions for electric vehicles and autonomous vehicles by collaborating with their manufacturers.

Which region accounted for the largest share in Global Automotive IoT Market?

North America is estimated to account for a substantial share of the global automotive IoT market owing to the presence of a supportive IT infrastructure promoting the use of automotive IoT solutions going forward. Rapid adoption of IoT devices in this region and presence of key automotive manufacturers also contributes to North America’s dominance. Canada and the United States are forecasted to be the leading countries for automotive IoT providers in this region.

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

Q: What is the global market size of Automotive IoT Market?

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).

Report ID: SQMIG45I2195 | Region: Global | Published Date: June, 2024
Pages: 220 | Tables: 142 | Figures: 77

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.

Automotive IoT Market Report Snapshots

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FAQs

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).

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. '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'

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.

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.

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.

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Automotive IoT Market Dynamics

Automotive IoT Market Report Snapshots

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Who are the key vendors in the Automotive IoT Market?

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Which region accounted for the largest share in Automotive IoT Market?

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