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IoT in Automotive Market to Reach $760.3 Billion, Globally, by 2032 at 22.6% CAGR: Allied Market Research

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Allied Market Research

09 Aug, 2023, 08:30 GMT

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The global IoT in automotive market is experiencing growth due to an increasing demand for connected car services and features, rising focus on improving road safety and reducing accidents, and data-driven services and monetization.

PORTLAND, Ore., Aug. 9, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "IoT in Automotive Market by communication, connectivity, application, and region. By communication, (Vehicle-to-Vehicle, In-vehicle Communication and Vehicle-to-Infrastructure. Further, based on vehicle type, (Passenger Cars and Commercial Vehicles). Based on application, (Autonomous Driving, Body Control & Comfort Systems, Infotainment System, Communication Systems, Connected Service and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global IoT in automotive industry generated $102.3 billion in 2022, and is anticipated to generate $760.3 billion by 2032, witnessing a CAGR of 22.6% from 2023 to 2032.  

Download Sample Pages - https://www.alliedmarketresearch.com/request-sample/4074

The introduction of IoT in the automotive industry has created remunerative opportunities for carmakers and consumers all around the world. IoT in the vehicle sector has emerged as a significant hotspot for a wide range of diverse applications, with applications in both the commercial and industrial sectors. Internet of Things applications have made significant advances in the global automotive industry, from connected vehicles to automated transportation systems. 

Prime determinants of growth  

The global IoT in automotive market is experiencing growth due to an increasing demand for connected car services and features, rising focus on improving road safety and reducing accidents, and data-driven services and monetization. However, data privacy, security concerns, infrastructure limitations and interoperability challenges restrain the market growth to some extent. Nevertheless, vehicle to everything (V2X) communication and data driven services and monetization are expected to provide prolific growth opportunities in the upcoming years.

Automotive IoT Market Report Coverage & Details: 

Report Coverage 

Details 

Forecast Period 

2023–2032 

Base Year 

2022

Market Size in 2022 

$102.3 billion 

Market Size in 2032 

$760.3 billion 

CAGR 

22.6 %

No. of Pages in Report 

263

Segments Covered 

Communication, Application, Connectivity, and Region. 

Drivers  

Increasing demand for connected car services and features 

Rising focus on improving road safety and reducing accidents 

The emergence of autonomous vehicles 

Opportunities 

Vehicle-to-Everything (V2X) Communication 

Data-driven services and monetization 

Restraints 

Data privacy and security concerns 

Infrastructure limitations and interoperability challenges 

Covid-19 Scenario 

  • Prototype testing of hybrid aircraft, certification, and production were severely impacted during the pandemic, due to the need for increased economic growth to sustain development across the industry. 
  • However, the airline industry has started to recover from losses incurred during the pandemic. As such, the development of the IoT in automotive market has given rise to several proposals for the certification and approval of various electric aircraft models by electric aircraft OEMs. 

The vehicle to infrastructure segment to maintain its leadership status throughout the forecast period 

Based on communication, the vehicle-to-infrastructure segment held the highest market share in 2022 accounting for nearly half of the IoT in automotive industry and is estimated to maintain its leadership status throughout the forecast period owing to its offering security applications that are designed to avoid vehicle accidents and crashes. Intelligent vehicles, equipped with advanced sensors, connectivity, and autonomous capabilities, are driving the need for seamless interaction with the surrounding infrastructure.  However, the vehicle-to-vehicle segment is projected to manifest the highest CAGR of 24.4% from 2023 to 2032, as it enables vehicles to share real-time information about their speed, location, and other relevant parameters. This information can be used to warn drivers about potential collisions or hazardous road conditions, improving overall road safety.  

Interested to Procure the Research Report? Inquire Before Buying - https://www.alliedmarketresearch.com/purchase-enquiry/4074

The Navigation segment garnered the major share in 2022

Based on application, the Navigation segment held the highest market share in 2022 accounting for more than one-third of the IoT in automotive market revenue due to the growing adoption of connected vehicles presents a major growth opportunity for navigation applications in the IoT automotive market.  However, the telematics segment is projected to manifest the highest CAGR of 25.8% from 2023 to 2032, owing to the incorporation of automotive telematics in electric vehicles (EVs).  

The tethered segment to maintain its lead position during the forecast period 

Based on connectivity, the tethered segment accounted for the largest share in 2022 accounting for more than two-fifths of the IoT in automotive market revenue and is estimated to maintain its leadership status throughout the forecast period, as it enables the vehicle to access the internet through the connected device's data connection which allows passengers and drivers to use internet-based services, such as real-time traffic updates, weather information, and online music streaming, directly from the vehicle's infotainment system. However, the embedded segment is expected to portray the largest CAGR of 24.2% from 2023 to 2032, as it includes real-time traffic information, navigation, remote vehicle control, emergency assistance, vehicle diagnostics, and over-the-air software updates. 

North America to maintain its dominance by 2032 

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global IoT in automotive market revenue and is estimated to maintain its leadership status throughout the forecast period, due to the increasing adoption of connected technologies and the Internet of Things (IoT), the automotive sector in North America has witnessed significant advancements and opportunities for innovation. However, the LAMEA region is expected to witness the fastest CAGR of 25.4% from 2023 to 2032, owing to Increasing connectivity, and government initiatives promoting smart mobility across the region. 

Procure Complete Research Report Now - https://www.alliedmarketresearch.com/IoT-in-automotive-market/purchase-options

Leading Market Players: - 

  • AT&T 
  • Cisco System, Inc. 
  • Alphabet Inc. 
  • Intel 
  • Microsoft Corporation 
  • NXP Semiconductors 
  • Robert Bosch 
  • Texas Instruments 
  • Thales SA 
  • TOMTOM 

The report provides a detailed analysis of these key players of the global IoT in Automotive market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.   

Similar Reports We Have on Automotive Industry:

IoT in Aviation Market Research Report 2023-2035

IoT Fleet Management Market Research Report 2023-2035

Digital Twins in Automotive Market Research Report 2023-2035

ADAS Market Research Report 2023-2035

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
USA/Canada (Toll Free):
+1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
help@alliedmarketresearch.com
Web
: www.alliedmarketresearch.com
Allied Market Research Blog
: https://blog.alliedmarketresearch.com

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg

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