Internet of Things (IoT) Market in Automobile: Internet of Things (IoT) in the automobile sector is a reality. The market for in-vehicle wireless connectivity is having higher growth rate due to luxury models and premium brands of automobiles. The increased consumption of digital content within the vehicle will drive the need for more classy infotainment systems inside the automobiles. The growth rate of the IoT in the automobiles is driven by the European legislative activities including all cars must be fitted with an eCall-equipped chip by 2018. This chip will robotically contact the nearest emergency centre in case of a crash/accident and thus, provide greater level of security to the passengers.
As automobile becomes more connected through IoT, helps in creating a coordinated system and thus, provide elevated level of security till the product/passenger reach their destination. IoT sensors installed on the vehicles provide the signals to other vehicles present nearby and alerts them from the problems such as accidents, traffic delays, and non-functional roadways. The automobiles built after 2010 are having various interconnected systems that provide advantages such as display and use smartphone apps, unlock doors remotely, vehicle to vehicle connectivity, navigate roadways.
According to OECD statistics, in 2017, automobile production increased from 98.3 million units in 2016 to 103.4 million units in 2017. During the forecasted period, automotive production is expected to increase at a CAGR of 4.5%. Automotive sales in 2016 increased mainly due to growing sales in China, India Italy, Pakistan, Finland and Mexico. However, declining sales in Australia, Argentina, Brazil, Egypt and Venezuela slowed global automotive sales. In 2016, China was the largest automotive market, and its sales increased by 5.2% in 2017 compared with 2016. Sales increased mainly due to increasing urbanization, improving economic conditions, advanced solutions provided in the automobiles, Advanced IoT technological features, decreasing price trends and increasing demand for new vehicles in Western China. By 2019, automotive production is expected to exceed 110 million vehicles with full integrated connectivity and IoT security features.
Automobiles provide In-vehicle communication. This system is used to provide exact road information to driver/operator while on road and update the road-traffic controller with detailed information about the conditions on a road. Roadway users receive information such as up-to-date travelling times and the maximum speed limit. They also receive warnings in case of accidents or other incidents. This way, in-vehicle communication offers users an option to choose their route based on relevant and up-to-date information. Users look for high-speed connectivity, multimedia support and smart apps for device integration, intuitive and multi-modal user interfaces in the systems installed in vehicles. Internet radio, streaming music, and social networking apps are the services which drive the market for IoT in the automobiles.
Maximize Market Research carried the research for market size of Internet of Things (IoT) Market in Automobile industry. Internet of Things (IoT) Market in Automobile is primarily driven by the factors including increasing availability of connectivity options, increasing awareness toward safety and security of passengers, and rise in the usage of advanced diagnostic and maintenance system. The IoT is introduced in the in the connected automobiles is because of rapid ongoing adoption of smart technologies. Further, companies operating in the advanced automotive sector are taking the help of IoT to offer heap of plug-and-play connected components and ensure seamless integration between the different components of automobiles within a protected cloud environment.
Internet of Things (IoT) Market in Automobile, By Region
In 2017, North America accounted for more than 35% of the global IoT implemented automobiles market. The highest market contribution from the North America is driven by high technological advancements and increasing adoption of modern technologies in the region. North America is the largest automobile market and early adopter of smart and connected automobile features at residential and commercial scale. Asia-Pacific is expected to have higher growth rate in the forecast period due to rapid urbanization and increase in household incomes, which is attracting the consumers to replace their traditional and legacy automobiles with the smart and connected ones.
Maximize Market Research has carried out extensive research about the current Global IoT Market for Automobiles outlook as well as the assuring future of the technology in the sector. It has also taken a complete overview about
the market driving factors of Internet of Things (IoT), which include:
• Increasing availability of connectivity options
• Rise in usage of advanced diagnostic and maintenance system
• Increasing awareness toward safety and security
• Driving experience
• Rise in connected vehicle management system
• Introduction of IoT in automotive industry
Thus, provides a comprehensive data research report and analyses all possible industry elements with reference to the utility of IoT. It evaluates all the major global regions based on their economic standings and position in the Global automobile arena. Further it gives a studied commentary over the growth prospects of IoT in forecasting period and attitude of each industry towards these changes.
The advancement in the cutting-edge technologies, such as AI and Internet of Things (IoT), has revolutionized the automobile sector. This argument is most applicable to the current state of the global connected vehicles market. The rapid incorporation of IoT in mobility and cloud technology of the automobile sector is enabling the provision of seamless on-the-go-experiences such as advanced navigation, connectivity, and smart safety. IoT connectivity is enhancing its area from connected cars to connected commercial trucks in present days and in it is expected that in the forecast period, almost all the automobiles in the globe will be interconnected with each other.
Internet of Things (IoT) Market in Automobile :
Importantly, the report delivers forecasts of the market, giving an insight into the future opportunities that exist in the Internet of Things (IoT) Market in Automobile. The driving forces, as well as considerable restraints, have been explained in depth. Report segments Internet of Things (IoT) Market in Automobile by Connectivity Solutions, Applications, Products and Services, Technology, and Regions, providing the comprehensive analysis of ecosystem of industry, which will be useful to make informed strategic decision to the stakeholders in the industry.
IoT and connected devices have entered and created their own space in the automobile industry. It is expected that connected cars are expected to step out of developmental obscurity and become an important personal item to be connected to the internet. Thus, the adoption rate of IoT connected vehicles will rise steadily over the forecast period.
Companies such as Telefonica S.A., Google Inc., Bayerische Motoren Werke (BMW) Group, AT&T Inc., Intel Corporation, IBM Corporation, and Vodafone Group Plc. are the key players exploring and expanding the scope and reach of IoT Platform in the automobile Market. Most of the automobile manufacturers are entering strategic alliances with technology providers to combine their expertise and offer best in class IoT implemented car solutions. Foe example, Honda Cars India recently tied up with IBM, leading to a collaboration between IBM Watson IoT and Honda Connect. Honda, an automobile manufacturer in the region, aims to enhance its existing Honda Connect platform using Watson IoT and offer its customers with new features around service booking, convenience, safety and security.
Global Internet of Things (IoT) Automotive Market Analysis and Forecast (2019-2026)