NOIDA, India, Sept. 27, 2022 /PRNewswire/ — According to a new report published by UnivDatos Markets Insights, the Automotive IoT Market is expected to grow at a CAGR of around 25% from 2022-2028, reaching around USD 300 billion by 2028. The analysis has been segmented into Offering (Hardware, Software, and Services); Communication Types (In-Vehicle, Vehicle to Vehicle, And Vehicle to Infrastructure); Connectivity (Embedded, Tethered, And Integrated); Region/Country.
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The automotive IoT market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the automotive IoT market. The automotive IoT market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the automotive IoT market at the global and regional levels.
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The IoT technology helps to connect different objects in an environment with the help of both wired and non-wired connections. Moreover, an automotive IoT helps to control the operations of the vehicle to avoid any kind of accident and reduce the load from the driver. In addition, this allows complex devices like electronics, actuators, and sensors to share information with each other and other cars connected to the internet. Factors like the growing demand for connected vehicles, government initiatives for smart traffic system management, and rising adoption of road vehicle safety is driving the growth of the market. For instance, the Government of India has mandated connecting features for public transport vehicles under AIS-140 which has been regulated and enforced since April 2018.
Factors such as an increase in the cases of accidents, rising income of the populace to adopt advanced technology, an increase in demand for smart and hi-tech technology vehicles, and product launches in the market are some of the prominent factors that are positively influencing the market growth globally.
Some of the major players operating in the market include Texas Instruments Incorporated, Intel Corporation, NXP Semiconductors N.V., TomTom N.V., Robert Bosch GmbH, Google LLC, Apple Inc, The General Motors Company, Audi AG, Ford Motor.
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The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. Moreover, transport limitations additionally made it difficult for enterprises in the automotive industry to get the inputs they required. Due to regulations designed to contain COVID-19, manufacturing businesses were shut down, which had an impact on the supply of automotive inputs and the activities of hired technology service providers
The global automotive IoT market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
- Based on the offering, the market is segmented into hardware, software, and services. The software category is to witness a higher CAGR during the forecast period. In addition, increasing the usage of software improves the experience for drivers and passengers and real-time information is provided by the software that helps the passenger or the driver to make decisions. Moreover, the growing use of advanced technologies is also a key factor that will drive the growth of the market in the forecast period.
- On the basis of communication type, the market is categorized into in-vehicle, vehicle to vehicle, and vehicle to infrastructure. Among all these, vehicle-to-vehicle hold a significant share in the market in 2020. The vehicle-to-vehicle can provide the drivers with information on other vehicles including the speed, direction, and location, and alert the driver to be aware of any mishappening. In addition, companies operating in the market are focusing on new product development. For instance, in January 2020, Qualcomm Technologies Inc. introduced a new Qualcomm C-V2X reference platform for vehicular and roadside units (RSUs).
- Based on the connectivity, the market is categorized into embedded, tethered, and integrated. Among all these, integrated hold a significant share of the market in 2020 owing to their ability to connect different fleets with operators and vehicle users. It is an electronic device that monitors various aspects of the vehicle and sends information to the driver.
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Automotive IoT Market Geographical Segmentation Includes:
- North America (United States, Canada, and Rest of North America)
- Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
- Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
- Rest of the World
APAC is anticipated to grow at a substantial CAGR during the forecast period. mainly driven by the rapidly developing economies, broadening internet connectivity and high-speed networks, technological developments in the automotive sector, and government initiatives for smart cities & smart traffic management systems. Moreover, the growing income of the populace is also a key factor driving the growth of the market. Some of the market players are working to advance technology to boost the growth of the market. For instance, Intel, BMW, and Mobileye three leaders from the machine learning industries, automotive, technology, and computer vision collaborated to bring solutions for highly extensive automated driving into series production by 2021.
The major players targeting the market include
- Texas Instruments Incorporated
- Intel Corporation
- NXP Semiconductors N.V.
- TomTom N.V.
- Robert Bosch GmbH
- Google LLC
- Apple Inc
- The General Motors Company
- Audi AG
- Ford Motor
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Automotive IoT market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the automotive IoT market?
- Which factors are influencing the automotive IoT market over the forecast period?
- What are the global challenges, threats, and risks in the automotive IoT market?
- Which factors are propelling and restraining the automotive IoT market?
- What are the demanding global regions of the automotive IoT market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
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Automotive IoT Market Report Coverage
Accelerate at a CAGR of over 25%
Market size 2020
USD 300 billion
North America, Europe, APAC, Rest of World
Major contributing region
APAC to Witness Highest Growth in the Global Automotive IoT Market
Key countries covered
United States, Canada, Germany, United Kingdom, Spain, Italy, France, China, Japan, and India
Texas Instruments Incorporated, Intel Corporation, NXP Semiconductors N.V., TomTom N.V., Robert Bosch GmbH, Google LLC, Apple Inc, The General Motors Company, Audi AG, Ford Motor
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Demand and Supply Side Analysis; Competitive Landscape; Company Profiling
By Offering; By Communication Type; By Connectivity; By Region/Country
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analyses, and customized reports that help shape winning business strategies for our clients.
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