WESTFORD, Mass., June 28, 2024 /PRNewswire/ -- According to
SkyQuest, the 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).
Internet of Things (IoT) devices and solutions used in the
automotive industry are known as automotive IoT solutions. Surging
popularity of connected cars and the growing use of advanced
technologies in vehicles are projected to promote the demand for
automotive IoT. The global automotive IoT market is segmented into
offering, connectivity communication, application, and region.
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overview:
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Automotive IoT Market Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
$ 125.32 billion
|
Estimated Value by
2031
|
$ 635.48 billion
|
Growth
Rate
|
Poised to grow at a
CAGR of 22.5%
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and
Trends
|
Segments
Covered
|
Offering, Connectivity,
Communication and Application
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, Latin America
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Rising Use of Connected
Vehicle Technology
|
Key Market
Drivers
|
Demand for Intelligent
Transport System
|
Segments covered in Automotive IoT Market are as
follows:
- Offering
- Hardware (Semiconductor Components {Microcontrollers, Field
Programmable Gate Arrays [FPGAs], Digital Signal Processor, Memory
Chips}), Connectivity Technology ICS (cellular, Wi-Fi, Bluetooth,
Others), Software (Platforms {Device Management Platform,
Application Management Platform, Network Management Platform},
Solutions {Real Time Streaming Analysis, Security Solutions, Data
Management, Remote Monitoring Systems, Network Bandwidth
Management}), and Services (Deployment and Integration Services,
Support And Maintenance Services)
- Connectivity
- Embedded, Tethered, Integrated
- Communication
- In Vehicle Communication, Vehicle to Vehicle Communication,
Vehicle to Infrastructure Communication
- Application
- Navigation (TomTom navigation SDK powered by PTV groups, Real
Time Data Capture, Road and Vehicle Monitoring), Telematics (Fleet
and Asset Management, Intelligent Traffic System, Collision
Avoidance, Parking Management System, Passenger Information System,
Emergency Vehicle Notification, Predictive Maintenance, Remote
Monitoring and Diagnostics), Infotainment (Entertainment,
Communication)
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report:
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Navigation Helping Automotive IoT Market Reach New
Destinations
Growing demand for accurate and advanced navigation systems and
solutions in vehicles around the world is projected to bolster
automotive IoT market growth. Integration of IoT technology with
navigation systems to provide better navigation capabilities is
helping automotive IoT market players maintain their high revenue
generation scope. Increasing traffic congestion around the world
and the need for better navigation connectivity in remote areas are
all pushing automotive IoT companies to invest in this segment.
The rising disposable income of the general population around
the world has resulted in evolving consumer preferences. These new
preferences are uplifting the demand for advanced and better
infotainment systems in vehicles thereby promoting automotive IoT
demand outlook. Better connectivity and enhanced user experience
are some key qualities that automotive IoT companies need to focus
on if they want to push market growth via this segment.
View report summary and Table of Contents
(TOC):
https://www.skyquestt.com/report/automotive-iot-market
Vehicle-to-Vehicle Communication to Hold Sway in Revenue
Generation Going Forward
At present, automotive IoT providers are targeting in-vehicle
communication to get the best returns on their investment. Growing
demand for better infotainment and navigation is slated to help
this segment bring in major revenue for automotive IoT companies.
Better connectivity of IoT devices will further enhance the
functionality of all in-vehicle communication systems and
facilitate a better driving experience.
The growing popularity of connected cars and rapidly expanding
connected car fleets around the world are providing new
opportunities for automotive IoT companies targeting
vehicle-to-vehicle communication sub-segment. Increasing emphasis
on improving the safety of connected vehicles and rising demand for
autonomous vehicles are also slated to help this segment create
more opportunities for market players. Rising utilization of
intelligence transportation systems and high investments
integration of advanced technologies are also estimated to help
market growth via this segment in the long run.
Cellular Connectivity Technology to Keep Automotive IoT
Connected
Cellular connectivity technologies are projected to be widely
used for almost all kinds of automotive IoT solutions. Advancements
in cellular connectivity technologies and the launch of 4G and 5G
networks are all pushing automotive IoT companies to target this
segment over the coming years. A high range of connectivity and
better reliability as compared to other types of connectivity
technologies help this segment maintain a high share in the
automotive IoT market. Moreover, cellular connectivity is faster,
cost-effective, and requires no additional investments in
infrastructure development like most other advanced connectivity
technologies.
In summary, any automotive IoT company looking to enter to
dominate the global automotive IoT market should utilize cellular
technology. Infotainment and navigation segments are projected to
offer highly lucrative opportunities for automotive IoT providers
in the long run. The rising popularity of autonomous vehicles and
expanding connected car fleets are projected to make this market
highly opportune for automotive IoT companies around the world.
Related Reports:
Internet Of Things (IoT) Market
Internet Of Things (IoT) Professional Services Market
IoT Security Market
5G IoT Market
IoT Sensors Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and
Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
Communication Technology.
We work closely with innovators, inventors, innovation seekers,
entrepreneurs, companies and investors alike in leveraging external
sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization has expanded our
reach across North America,
Europe, ASEAN and Asia
Pacific.
Contact:
Mr. Jagraj
Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
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