With the emergence and long-term Impact of COVID-19, Global Automotive IoT Market to reach USD 522.15 Billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Automotive IoT Market points towards a potential rise to USD 522.15 Billion by 2030. Automotive IoT integration is a range of elements into cars, including devices, sensors, cloud computing, and applications, to create a sophisticated system that links them together. The Automotive IoT market is expanding because of factors such as growing demand and adoption of smart vehicles coupled with the increase in popularity of connected cars. However, growing concerns for security, data privacy and the high cost of implementing IoT technology in vehicles tend to hinder the market.
Geographically, the global Automotive IoT market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 owing to an increase in investment by the government, growing demand for smart cities and a rise in investment and innovation. Moreover, collaboration between automakers has been common in this region leading to the growth of the market.
Asia Pacific is expected to grow significantly over the forecast period, owing to factors such as developing countries such as China, Japan, and South Korea in this region has major automotive manufacturing hubs. Moreover, an increase in disposable income coupled with urbanization and rapid 5G infrastructure development in this region resulted in growth of the market.
The global Automotive IoT market is highly competitive owing to the presence of several key players such as Alphabet Inc. Intel Corporation Cisco System, Inc. Thales Group Robert Bosch GmbH NXP Semiconductors Microsoft Corporation AT&T Texas Instruments Inc. TomTom International BV, and others.
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Key findings of the study suggest:
- Global Automotive IoT Market is anticipated to grow with a healthy growth rate of more than 22.6% over the forecast period 2023-2030.
- In the Communication segment, In vehicle communication Automotive IoTs emerged out as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to the increase in investment by the government, growing demand for smart cities and a rise in investment and innovation. Moreover, collaboration between automakers has been common in this region leading to the growth of the market.
- Asia Pacific is expected to grow at higher rate followed by Europe during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
By Communication:
- Vehicle to Vehicle
- In vehicle communication
- Vehicle to infrastructure
By Application:
- Navigation
- Infotainment
- Telematics
- Others
By Connectivity:
- Embedded
- Tethered
- Integrated
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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