IoT in Automobile Market Scenario
The IoT in automobile market 2022 to rise at a high pace, states Market Research Future (MRFR). The rise of the IoT in Automobile industry can be credited to the expansion of the automobile sector. The IoT in Automotive industry can experience decent rise due to high utility of Internet of Things enabled devices.
The IoT in the Automobile Market is expected to help the market grow at a 27% CAGR by the end of the global forecast period of 2016-2022. The estimated market valuation by the end of the global forecast sums up to USD 83 billion.
The high influence of Internet of Things on wireless connectivity can impact the IoT in automobile market positively. The growing popularity of connected vehicles and other new applications of wireless connectivity to achieve higher efficiency, followed by business better quality and growth can boost the IoT automobile market. Internet of things technology in the automotive sector is aiding to redefine and reinvent the sector. The evolution of automotive IoT can bolster the expansion of the market in the years to come.
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The chief drivers for the rise of the IoT in automobile market are incident alerts, real-time traffic, and increase in the number of telematics mandates offered by different governments, and the high demand for automated and assisted driving. Governments across the globe are funding the design and launch of next generation vehicle-to-vehicle and redefining vehicle-to-infrastructure vehicle. The rise in consumer’s demand for feature of smartphone can impel the expansion of the market. On the downside, the rising concerns over privacy and security can interfere the expansion of the IoT in automobile market.
IoT in Automobile Market Segments
IoT in the Automobile Industry has segments that are based on its Offering, Application, Type of Communication, as well as Regions.
Offering:
The market includes hardware, services, as well as software services.
Type of Communication:
This market segment includes in-vehicle, vehicle to infrastructure, along with, vehicle to vehicle communication.
Application:
The applications responsible for the growth of the market size are telematics, infotainment, as well as navigation. Infotainment is expected to have the largest share in the market owing to reasons like high-speed connectivity, integration of the devices, as well as the multi-user interface that has been established in the vehicles.
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IoT in Automobile Market Regional Analysis
MRFR analysis of the world IoT in the automobile market reveals that the rise of the IoT in the automobile market is likely to be significant in North America. North America accounted for the major market share owing to the rise in formulation and the adoption of modern technologies by the automobile sector. The booming ICT sector, the transportation sector, and the automotive sector. The growing utility of connected vehicle ecosystem and high adoption of contemporary technologies can prompt the regional market rise. Europe IoT in the automobile market rise can be attributed to the high application of IoT in automobile. The growing inclination towards infotainment segment can impel IoT in the automobile. The market of IoT in the automobile in Europe can rise at a high growth rate in the near future. Asia Pacific IoT in the automobile market can expand at a rapid pace owing to the expansion of the automobile sectors across India and China. The rise in funding to boost the adoption of latest technologies and rapid expansion of transportation sector can bolster the regional market growth.
IoT in Automobile Market Key Players
MRFR listed well established players in the world IoT in the automobile global market. They are;
- Texas Instruments Inc. (U.S.)
- Intel Corporation (U.S.)
- NXP Semiconductors N.V. (Netherlands)
- TOMTOM N.V. (Netherlands)
- IBM Corporation (U.S.)
- Cisco Systems Inc. (U.S.)
- Microsoft Corp. (U.S.)
- Thales SA (France)
- AT&T Inc. (U.S.)
- Vodafone Group (U.K.)
- Robert Bosch GmbH (Germany)
- Google Inc. (U.S.)
- Apple Inc. (U.S.)
- General Motors (U.S.)
- Audi AG (Germany)
- Ford Motor Company (U.S.)
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