Auto Driving & Connected Cars Trends Drive the IoT use in Automotive Industry
According to a comprehensive research report by Market Research Future (MRFR), “IoT in Automobile Market Analysis by Offering (Hardware, Software, Services), by Communication Type (In-vehicle, Vehicle to Vehicle, Vehicle to Infrastructure) and Application (Infotainment, Navigation, Telematics) – Forecast 2030” valuation is poised to reach USD 286.8 Billion by 2030, registering an 25.5% CAGR throughout the forecast period (2020–2030).
IoT in Automobile Market Overview
The IoT in automobile market is garnering significant traction with the growing trend of connected vehicles. IoT in the automobile sector allows various multi-purpose applications at the industrial and commercial levels. Embedding IoT technologies into automotive systems makes vehicles smarter and more intelligent, creating new applications and solutions to facilitate safe, efficient, and comfortable driving.
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With buyers increasingly looking for a futuristic vehicle that can communicate and connect, this market is projected to reach significant heights in the years to come.
The surging demand and AI integrated with infotainment systems assistant systems, alongside the rising uptake of infotainment systems in high-end cars, drive the market growth. IoT assists the automotive industry and connected cars for applications ranging from entertainment and situational awareness to autonomous & semi-autonomous operation.
Connected cars are shaping the future of the automotive industry with the help of the Internet of Things. Today’s advanced vehicles come with internet-capable devices pre-installed and capabilities to unlock, lock, and remote start and alerts and diagnostics. These devices also enable in-vehicle Wi-Fi hot spots to make calls, navigation, and other functions on smartphones and other smart devices.
The IoT has significantly impacted automobile businesses worldwide, from connected cars to automated transportation systems. Additional major applications of IoT in automotive industries are in-vehicle infotainment & telematics, automotive maintenance systems, and fleet management. The technology enables end-users to witness a new experience and the automotive OEMs to create new revenues and after-sale business opportunities.
At the industrial level, IoT, along with digital technologies, allows advanced automotive manufacturing technologies and cloud manufacturing processes compatible with the industry 4.0 that can minimize the human-technology interface to enhance productivity and material flow. Digital technologies improve manufacturing efficiency and process effectiveness and offer state-of-the-art infrastructure.
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IoTin Automobile Market Segments
The market is segmented into offering, type of communication, application, and regions. The offering segment comprises hardware, software, and services. The type of communication segment comprises in-vehicle, vehicle to infrastructure, vehicle to vehicle communication, and others. The applications segment comprises telematics, infotainment, navigation, and others. By region, the analysis is segmented into the Asia Pacific, Americas, MEA, Europe, and the rest of the world.
IoT in Automobile Market Regional Analysis
North America dominates the global IoT in automobile market, mainly due to large technological advances. The region is opening doors to the connected ecosystem of vehicles, and companies are emerging as major contributors to the growth process of the automotive market. Besides, advancements in the ICT, transportation and automotive sector boost the market size.
The presence of major automakers such as Ford and General Motors that are aiming to provide high-scale connectivity services and devices to users substantiate the market demand. Besides, the rising demand for passenger cars and significant investments in advancing the technology drive the market growth, increasing the global automotive IT market shares.
Moreover, the proliferation of connected vehicles and autonomous driving, alongside the availability of a wide range of innovative infotainment products, influences the market rise. Substantial investments in the automotive industry that is undergoing a massive transformation currently, and the strong presence of major IoT providers and high spending on automotive systems create significant market opportunities.
Impressive machine learning capabilities have enabled immense improvements in automobile systems. Vehicle owners are increasing spending on personalized comfort features, like improved AI capabilities and advances in voice recognition capabilities inside vehicles. Simultaneously, stringent government norms for automotive safety features impact the adoption of IoT and AI.
Rapid advances in human-to-machine and machine-to-human integration influence the IoT in automobile market growth. The use of IoT in automobile systems is assessed to witness a tremendous rise in the recent future. IoT and artificial intelligence-powered systems enable multiple features, including navigation control and weather & climate information, all through voice commands.
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IoT in Automobile Market Competitive Analysis
Dominant Key Players on IoT in Automobile Market Covered are:
Texas Instruments Inc. (US)
NXP Semiconductors NV (Netherlands)
Vodafone Group (UK)
Robert Bosch GmbH (Germany)
Thales SA (France)
IBM Corporation (US)
TOMTOM NV (Netherlands)
Audi AG (Germany)
Intel Corporation (US)
Microsoft Corp. (US)
Cisco Systems Inc. (US)
AT&T Inc. (US)
Apple Inc. (US)
Google Inc. (US)
General Motors (US)
Ford Motor Company (US)
Highly competitive, the IoT in automobile market appears fragmented due to the presence of several well-established players. These players incorporate approaches such as strategic partnerships, mergers & acquisitions, expansion, collaboration, and product/technology launches to gain a larger competitive share.
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