Automotive IoT Market: Current Analysis and Forecast (2022-2028)

Automotive IoT Market: Current Analysis and Forecast (2022-2028)

Global Automotive IoT Market is expected to grow at a significant rate of around 25% during the forecast period. The Internet of Things (IoT) technology makes it possible to connect various items in a space using both wired and wireless connections. Additionally, an automotive IoT aids in controlling the functions of the car to prevent accidents and lighten the strain on the driver. Additionally, this enables sophisticated components like electronics, actuators, and sensors to communicate with one another and with other online-connected vehicles. The market is expanding because of factors like the rising demand for connected automobiles, government initiatives for smart traffic system management, and rising consumer awareness of road vehicle safety. Some of the market players are advancing technology to obtain lucrative growth in the IoT market. For instance, in February 2022, Ashok Leyland, an India-based automotive manufacturer partnered with Syncron, a Sweden-based after-sales service provider, to integrate predictive vehicle maintenance solutions into Ashok Leyland Condition Monitoring Systems (CMS).

Texas Instruments Incorporated, Intel Corporation, NXP Semiconductors N.V., TomTom N.V., Robert Bosch GmbH, Google LLC, Apple Inc, The General Motors Company, Audi AG, Ford Motor. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
 
Insights Presented in the Report
"Amongst offering, software category to witness robust CAGR during the forecast period”

Based on the offering, the market is segmented into hardware, software, and services. The software category to witness higher CAGR during the forecast period owing to the growing demand for advanced and hi-tech vehicles. Moreover, the safety concern of the passenger and the growing advancement of the technologies to adopt the software-based systems coupled with the growing demand for smart parking and automated driving is driving the growth of the market.
"Amongst communication type, the vehicle-to-infrastructure to witness significant growth during the forecast period”

Based on communication type, the market is categorized into in-vehicle, vehicle-to-vehicle, and vehicle-to-infrastructure. Among all these, vehicle-to-infrastructure to witness significant growth during the forecast period owing to the increase in developments related to autonomous vehicles, in conjunction with advancements in 5G technology will create new opportunities for this market. Companies operating in the market are focusing on new product development. For instance, in January 2020, Qualcomm Technologies Inc. introduced a new Qualcomm C-V2X reference platform for vehicular and roadside units (RSUs).
"During 2022-2028, APAC to witness highest incremental growth”

APAC to witness highest incremental growth during the forecast period. In recent years, this region has emerged as a hub for automobile production. The increasing purchasing power of the population and increasing concerns over the environment have triggered the demand for V2X in Asia Pacific. Moreover, the growing concerns about the number of fatal road accidents and the injuries caused by these road accidents have led the government to mandate advance safety features in automobiles. Furthermore, the automotive industry is undergoing a drastic shift, and OEMs are increasingly diverting their attention towards advanced mobility such as connected and autonomous cars. For instance, In August 2021, Hyundai Motor (South Korea) formed a strategic partnership with Autotalks through a direct investment to accelerate the development and deployment of the next-generation chipset for connected cars. This technology would improve vehicle and road safety and mobility, which is important for autonomous driving.

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