The global IoT in automobile market, according to a report by Market Research Future (MRFR), is expected to reach USD 83 billion by the end of 2022 with 27% CAGR during the forecast period 2016-2022
Drivers and Restraints
The IoT in automotive market is poised to experience significant growth during the forecast period owing to real-time traffic alerts and incident alerts, an increase in research and development activities by auto manufacturers, and government expenditure for next-generation vehicle-to-vehicle and vehicle-to-infrastructure communication technologies. The growing demand for connected cars, the rising government expenditure for next-generation vehicles and vehicle infrastructure cars, real-time traffic and incident alarms, an increasing number of telematics mandates by various governments, and the rising demand for assisted & automated driving. Many business organizations are adopting the internet of things to develop next-generation vehicles.
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Self-driven autonomous cars are slated to transform the IoT-enabled automotive market, predictive maintenance, rise in demand for smart devices, rise in telematics mandates by governments, and demand for smartphone features in cars drive the market. On the other hand, the lack of cellular connectivity coverage and premium pricing are likely to hamper the growth of the market. The major market players are expected to contribute substantially towards the market share over the review period, owing to the increasing number of business strategies such as mergers, acquisitions, joint ventures, and partnerships to sustain their position in the competitive dynamics of the global IoT in automobile market.
The major market players of global IoT in the automobile market report includeIntel Corporation (U.S.), Texas Instruments Inc. (U.S.), NXP Semiconductors N.V. (Netherlands), IBM Corporation (U.S.), TOMTOM N.V. (Netherlands), Cisco Systems Inc. (U.S.), Thales SA (France), Microsoft Corp. (U.S.),AT&T Inc. (U.S.), Robert Bosch GmbH (Germany), Ford Motor Company (U.S.), Vodafone Group (U.K.), Google Inc. (U.S.), General Motors (U.S.), Apple Inc. (U.S.), Audi AG (Germany), and others.
The Global IoT in the automobile market has been segmented on the basis of communication type, offering, application, and region. On the basis of communication type, the IoT in the automobile market can be segmented as a vehicle to vehicle, in-vehicle, vehicle to infrastructure.
Based on the offering, the market has been bifurcated into hardware, software, services.
On the basis of application, the IoT in the automobile market can be segmented into navigation, infotainment, and telematics.
Out of these, infotainment is likely to register the largest market share over the review period, because of high-speed connectivity, device integration, intuitive, and multi-modal user interfaces in the systems installed in vehicles.
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On the basis of region,the global IoT in automobile market is segmented into Europe, Asia Pacific, North America, and the rest of the world.
North-America is assessed as the largest market for IoT in automobiles and is slated to register a remarkable market share over the assessment period. This is attributed to the early development and adoption of innovative modern technologies. Moreover, the growth of the ICT sector, the automotive sector, and the transportation sector have resulted in the emergence of the connected vehicle ecosystem and the advancement of modern technologies in recent times, which is expected to contribute substantially towards market growth over the review period.
The Asia Pacific region is one of the significant markets for IoT in automobiles and is poised to grow at a fast pace over the review period. The seamless growth of the APAC region is attributed to the developing countries such as India and China that are investing vast amounts of capital for the adoption of innovative modern technologies and increasing investments in the transportation sector. Moreover, the presence of thriving automobile industry in the region, dominated by India, China, Japan, and other emerging economies, is also slated to create a vast scope of potential growth opportunities for market growth over the assessment period.
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