Automotive IoT Market to Surpass USD 635.48 Billion by 2031 | SkyQuest

Westford USA, May 16, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the Global Automotive IoT Market will attain a value of USD 635.48 billion by 2031, with a CAGR of 22.5% during the forecast period (2024-2031). The automotive industry may now bring highly sought-after innovations and move closer to near-artificial intelligence by utilising the Internet of Things. Smart machines are changing the way we live. The growing popularity of Wi-Fi hotspots, for example, has made possible the use of devices that allow humans to do things they have never done before and without human intervention or control which has led to the development of Internet of things.

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Browse in-depth TOC on the ” Automotive IoT Market “

  • Pages – 220
  • Tables – 117
  • Figures – 75

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 Communication, Connectivity, Application and End Use
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the world
Report Highlights Increasing Popularity of Electric & Automation Vehicles
Key Market Opportunities Integration of Predictive Maintenance Platform with Vehicles
Key Market Drivers Rising Use of Connected Vehicle Technology

Seamless Data Exchange between Various Onboard Systems in Vehicle Communication to help Hold Dominant Share

The desire for connected automobiles is propelling the need for smooth data interchange between various onboard systems and driving in-vehicle communication behind it. Additionally, the pressing requirement for modern cars to have improved safety, efficiency, and comfort is also augmenting its demand in the market. As automobiles grow more networked, it is essential to include IoT technology into automotive ecosystems, which is driving the development of in-car communication systems as a key element.

High Demand for Real-Time Location-Based Services in Navigation Applications to Propel Growth

The increasing dependence of consumers on real-time location-based services for effective route planning and navigation is the foundation for the domination of navigation applications in the global automotive IoT market. The need for intelligent navigation solutions is driven by the growing urbanisation and traffic in large cities. To improve navigation applications and give drivers personalised, accurate, and up-to-date routing information, automakers integrated the IoT technology. This reinforces the critical position that navigation applications play in the automotive IoT ecosystem.

Supportive IT Infrastructure Helps North America Maintain its Dominance in Global Landscape

On account of its strong IT infrastructure that encourages the adoption of automotive IoT solutions in the future, North America is predicted to hold a sizable portion of the global automotive IoT market. North America’s supremacy is also attributed to the region’s rapid adoption of IoT devices and the presence of important car manufacturers. In the meanwhile, during the next several years, the Asia Pacific’s need for automotive IoT is predicted to grow quickly. The growing need for automotive IoT in this region is a result of both rapidly growing connected vehicle production and rising car sales.

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Automotive IoT Market Insight

Drivers: 

  1. Demand for Intelligent Transport System
  2. Intergration of Predictive Maintenance Platform with Vehicles
  3. Rising Use of Connected Vehicle Technology

Restraints: 

  1. Complexity of Integration
  2. Lack of Infrastructure for Proper Functioning of Connected Vehicles
  3. Cybersecurity Threats

Prominent Players in Global Automotive IoT Market

  • NXP Semiconductors (Netherlands)
  • Harman (US)
  • Robert Bosch (Germany)
  • Thales (France)
  • IBM (US)
  • Geotab Inc. (Canada)
  • Eurotech (Italy)
  • STMicroelectronics (Switzerland)
  • Renesas (Japan)
  • Infineon Technologies (Germany)

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Key Questions Answered in Global Automotive IoT Market Report

  • Which elements, based on the analysis presented, are propelling the global automotive IoT market’s growth?
  • What effect does the Internet of Things’ integration have on the automotive industry’s hegemony in in-car communication and navigation applications?
  • Which geographical areas are anticipated to witness substantial growth in the Automotive IoT Market, and what factors are driving this anticipated expansion?

This report provides the following insights:

  • Analysis of key drivers (Alternate technologies of powering engines, increasing use of electric & hybrid vehicles, global stringency of emission norms and power electronics being a key technology), restraints (Vehicles telematic component are not connected to each other, lack of IT & communication infrastructure in this market and security of data transferred being more complex task), opportunities (Operating & capital costs by facilitating proactive servicing, more efficient use of maintenance personnel & replacement components and accurate diagnose & prevent failures in real-time), and challenges (Each of IoT-enabled technology is vulnerable to cyberattacks and existing network links are not prepared to handle the data generated by IoT devices) influencing the growth of automotive IoT market
  • Market Penetration: Comprehensive information on the product portfolios offered by the top players in the automotive IoT market
  • Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the automotive IoT market
  • Market Development: Comprehensive information on lucrative emerging regions
  • Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
  • Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.

Related Reports:

Internet Of Things (IoT) Market

Global IoT Security Market

Global IoT In Healthcare Market

Global Industrial Internet Of Things (IIoT) Market

Global 5G IoT 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 have expanded our reach across North America, Europe, ASEAN and Asia Pacific.

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