Global Internet of Things in Automotive Market

Internet of Things in Automotive Market size was valued at USD 128.09 Bn. in 2023 and the total revenue is expected to grow by 26.7% from 2024 to 2030, reaching nearly USD 671.37 Bn.

The IoT refers to a network of physical electric devices & components connected through the internet. These tools & gadgets come with web-connected sensors, which enable continuous data collecting & sharing. As a result, the Internet of Things is a game-changing way for businesses & consumers to interact in the Internet of Things in automotive market. The automobile industry has entered a new era with the advent of IoT, which is altering how we connect with cars. Thanks to this cutting-edge technology, automobiles are now smarter, safer, and more networked. It improves driving quality and maintenance effectiveness while also saving time and money.

The automotive industry is one of the largest manufacturing industries on the planet. By 2020, about 78 million units will have been produced globally. However, this figure represents a significant decrease from the 97 million automobiles built in 2018, largely as a result of poor sales.

In addition to geopolitical factors, the absence of novel features in more recent car models is one of the major contributors to this fall in sales. Customers are inclined to choose an older, less expensive, or used car if all they need is four wheels and an engine. Newer models need to embrace the future by employing cutting-edge technologies and the Internet of Things in order to attract customers.

Autonomous vehicles are becoming more and more popular in the automotive sector as artificial intelligence and automation technology developed. Despite the pandemic's recent downturn, MMR estimates that the market for autonomous vehicles is expected to grow by around 60% by 2023. Both commuters and professional drivers gain from these "intelligent" automobiles' assistance with activities like driving, braking, parking, and lane-changing. By incorporating such IoT solutions into new automobile models, it can reduce human error and improve everyone's safety on the road. As a result, these factors are expected to drive the growth of the Internet of Things in automotive market.

Research Methodology:

Primary Interview & secondary data sources are used for the data collection. To gather qualitative & quantitative data for Internet of Things in Automotive Market report, a variety of primary sources from the supply and demand sides were interviewed during the main research phase. Industry professionals such as CEOs, vice presidents, marketing directors, technology & innovation directors, and other executives of various significant firms & organisations active in the automotive IoT market are some of the primary sources on the supply side. Primary interviews from the supply and demand sides have been completed at rates of about 40% and 60%, respectively.

Numerous secondary sources were used to locate & gather information for study during the secondary research phase. Annual reports, press announcements, investor presentations of firms, white papers, journals & certified publications, articles by reputable writers, websites, directories, and databases are just a few examples of secondary sources.To know about the Research Methodology:-Request Free Sample Report

Scope of the Report:

Report provides a complete analysis of the global Internet of Things in the Automotive Market. The report estimates the Internet of Things in the Automotive Market Size, in terms of USD value from 2024 to 2030 base 2023 is base year. The report forecasts revenue growth at global, regional & country levels and provides a detailed analysis of the latest trends in each of the segments from 2024 to 2030. It offers a thorough qualitative & quantitative analysis of the global Internet of Things in Automotive Market. Also provides an inclusive review of key market drivers, restraints, opportunities, challenges, and market trends of the Internet of Things in Automotive Market. The Report covers various important aspects of the market. The report consists of an analysis of the value chain, PESTLE Analysis, PORTER’S Five Forces model, competitive landscape, Key players benchmarking (by Pricing, Investments, Expansion Plans, Physical Presence, and Presence in the Market), market dynamics, market forecasts in terms of value, and future trends in the Internet of Things in Automotive Market.

Internet of Things in Automotive Market Dynamics:

The Internet of things in automotive market is revolutionizing the automotive industry that making driving & traveling safer and more effective thanks to the Internet of Things. Automobiles connected to the internet can diagnose issues & prevent system failure from the standpoint of automotive internet of things. This can simply avoid any inconveniences in the event of a car breakdown. Preventative maintenance reduces the price of repair and upkeep, saving the manufacturer money on warranty costs. Additionally, the connectivity of automobiles with nearby infrastructure aids in preventing accidents & disasters. The Automotive Internet of Things also offers in advance details about traffic conditions and potential dangers, providing secure travel. As a result, these factors are expected to boost the Internet of things in automotive market growth through the forecast period.

Increasing integration of electronics in the automotive application drives the  growth of Internet of things in automotive market

By offering real-time traffic information, parking information, information on alternate routes and public transportation, & information on locations with less traffic and congestion, it also aids in traffic management. In addition to this, the automotive IoT application allows for automatic or efficient parking as well as remote access to the vehicle. When a crash occurs, the automobile internet of things immediately delivers live data about the crash site, potentially saving lives, which in turn, boosts the Internet of things in automotive market growth.

Data is emerging as the most valuable asset, propelling diverse businesses & a connected world is a new trend in practically every industry. The automobile sector is changing as a result of technological advancements that are causing automation to follow. The Internet of Things (IoT) deployment makes it simple to determine the operating cycle and running time while also facilitating the effective use of resources.

Automotive Internet of Things (IoT) is not a new idea in the market, but faster data transfer & better connectivity infrastructure, along with the increasing integration of electronics in the automotive application, have greatly expanded its potential. During the forecast period, it is expected to be a standard feature of all cars around the world. This idea is spreading, with most major firms eager to seize the market by developing new, improved technologies that give users convenient features & simple operations. In other words, the  Internet of things in automotive market is expected to be driven by technological advancements in the automotive sector.

Next-generation vehicle-to-vehicle & vehicle-to-infrastructure communication technologies are being funded by the government are driving Internet of things in automotive market growth

The next generation of vehicle-to-vehicle & vehicle-to-infrastructure communication technologies will advance thanks to government investment & support from the car industry. During the forecast period the automotive IoT market is expected to grow significantly. Real-time event & traffic warnings, as well as an increase in R&D costs, are to blame for this. The automotive IoT market will be driven by autonomous vehicles, maintenance alerts, an increase in demand for smart devices, an increase in telematics orders from governments, and the necessity for smartphone functionality in vehicles. However, it is expected that a lack of cellular network coverage & competitive pricing is expected to restrain the growth of the Internet of things in automotive market.

Trends to watch in Internet of things in automotive market:

• New consumption patterns (moving away from ownership toward sharing): Although owning a car will continue to be the norm, more & more people, particularly those who live in cities & younger generations, will choose not to purchase a car in favour of alternatives such as renting, sharing, or using mobility services. It's conceivable that many people who still favour purchasing will switch to adaptable, transient memberships with extra premium services. This model, known as Mobility as a Service (MaaS), is changing how people think about long-term ownership.

• Customers want a seamless digital environment with all services (connectivity, transportation, entertainment, social, & hospitality) integrated without any bumps or hiccups.

• Data from various points of origin is mined, uploaded to platforms, processed, merged, and consolidated to provide pertinent, real-time insights. Personalized solutions that add value to the information made possible by data. By enabling solutions that are created to satisfy client needs, IoT may greatly contribute to the personalization of the customer experience in the automobile industry.

• Integrating innovations into the environment: Over time, the growth of data technologies, which the Internet of Things (IoT) depends on, will have an impact on the design of infrastructure both inside and outside of urban settings. Innovations in the automotive sector like linked automobiles will need to be able to integrate inside smart cities, where systems that control traffic and monitor the emission of polluting gases, to mention just a few, are expected to become smarter. The link between cars and their surroundings will change as a result of the usage of 5G networks, a global standard being applied to boost mobile data connectivity.

Notable Development in Internet of things in automotive market:

• TVS Motors, a Singapore-based automaker, has contributed US$7 Mn. to the Internet of Things (IoT) startup Altizon. Wipro Ventures, Lumis Partners, and The Hive, in addition to the current stakeholders, participated in the round.

• Audi's wireless infotainment platform is a good example of this IoT trend in the automobile industry because it gives drivers and passengers access to parking and traffic information. Along with using Google Street View and Earth, this also enables access to Twitter and email.

• Tesla's semi-projects, which include its electric truck Class 8 that can go up to 500 miles on a single charge, are also the best example of automotive IoT. The automobile can even phone 911 and place a call if the driver is not answering using internet of things techniques.

Internet of Things in Automotive Market Segment Insights:

Integrated connectivity segment held the highest share of the Internet of things in automotive market in 2023. A significant part of this connectivity is primarily due to the rising popularity of infotainment applications & services, which are accessible via smart devices like smartphones. Additionally, OEMs like Audi offer "Audi connect" smartphone integrated connectivity solutions to address the need for integrated connectivity. These solutions give drivers access to internet radio, music streaming, & social networking while driving.

Internet of things in automotive market is dominated by infotainment applications in 2023. The significant market share of industry is related to the rising demand for infotainment in mobility services (like ride-sharing or taxi services), the rising popularity of luxury automobiles, & the growing emphasis on comfort, convenience, & safety. However it is expected that the Telematics segment would experience substantial growth during the forecast period.

The worldwide Internet of things in automotive market is dominated by OEMs

The OEM segment is expected to hold the largest market share for Internet of things in automotive market. The emergence of IoT technologies & connected cars has resulted in disruptive advancements for the automotive industry. OEMs are putting more emphasis on enhancing their customers' experiences by offering IoT-enabled technologies to protect sales volume & market share. Additionally, OEMs are integrating IoT capabilities like GPS, e-calls, and tracking systems in vehicles to obtain permission due to the numerous telematics demands by the government. For instance, all automobiles manufactured after 2015 must be equipped with Russia's ERA-GLONASS emergency call system, which uses the GLONASS satellite positioning system. Additionally, as part of its CONTRAN 245 regulation, the Brazilian government pushes automakers to include safety tracking technology. The adoption of IoT by car OEMs is expected to grow as a result of such governmental regulations.

Internet of Things in Automotive Market Regional Insights:

The IoT in automotive market has dominated by Europe in 2023, followed by North America, Asia-Pacific, South America, the Middle East, and Africa. However, during the forecast period, the Asia-Pacific region is expected to have substantial growth. The rapidly growing economies, expanding high-speed networks & internet access, technological advancements in the automobile industry, & government programs for smart cities and smart traffic management systems are the key drivers of this region's  Internet of things in automotive market growth.

North America is expected to hold the second largest share of the Internet of things in automotive market as there are newly emerging economies of Canada and the United States. This resides in the R&D divisions of various significant businesses. North America is leading the Internet of Things in Automotive Market owing to its users in the economy having great awareness levels & buying power for the new technology.

Internet of Things Automotive Market Scope: Inquire before buying

Internet of Things in Automotive Market, by Region

North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)

Internet of Things in Automotive Market, Key Players are:

1. Qualcomm (US)
2. Intel Corporation (US)
3. NVIDIA. (US)
4. Texas Instruments Inc (US)
5. Aeris Communications, Inc. (US)
6. Amazon Web Services, Inc. (US)
7. Avnet, Inc. (US)
8. Zoho Corporation- WebNMS (US)
9. IBM Corporation (US)
10.Cisco Systems Inc (US)
11.AT&T Inc (US)
12.Microsoft (US)
13.Apple (US)
14.Google Inc (US)
15.Moj.io, Inc. (Canada)
16.Vodafone Group Plc (UK)
17.AppyParking (UK)
18.NXP Semiconductors N.V. (Netherlands)
19.Audi Ag (Germany)
20.CarIQ (India)
21.Evoke Motorcycles (Hong Kong)
22.Advantech Co., Ltd (Taiwan)
23.LG CNS (South Korea)

FAQs:

1. What is the study period of the market?
Ans. The Global Internet of Things in Automotive Market is studied from 2018-2030

2. What is the growth rate of the Internet of Things in Automotive Market?
Ans. The Internet of Things in Automotive Market is growing at a CAGR of 26.7% over the forecast period.

3. What is the market size of the Internet of Things in Automotive Market by 2030?
Ans. The market size of the Internet of Things in Automotive Market by 2030 is expected to reach USD 671.37 Bn.

4. What is the forecast period for the Internet of Things in Automotive Market?
Ans. The forecast period for the Internet of Things in Automotive Market is 2024-2030

5. What was the market size of the Internet of Things in Automotive Market in 2023?
Ans. The market size of the Internet of Things in Automotive Market in 2023 was valued at USD 128.09 Bn.