The global IoT automotive market is growing at a considerable CAGR of 25.0% during the forecast period. Government initiative and funding are some of the prime factors affecting and driving the market. Rising awareness regarding passenger’s safety and security, smartphone features demanded in cars are also estimated to be the important factors that are contributing significantly towards the growth of the market. However, issues related to privacy and security along with high-cost involvement in maintenance are major factors constraints that are hindering the growth of the global IoT automotive market across the globe.
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Further, various industry players having collaboration and emerging 5G technology are key factors that are creating opportunities for the market. New product launches and collaboration in the market are likely to drive the growth of the global IoT automotive market. For instance, in November 2020, one of the acquired companies of Qualcomm Technologies, Inc. named NXP Semiconductors had done collaboration in order to offer connected vehicles to customers with the support of amazon web services (AWS). This collaboration will enable data-driven services along with a reduction in cost.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global IoT Automotive Market
By Component
- Hardware
- Software
- Services
By Communication Type
- In-Vehicle Communication
- Vehicle-To-Vehicle Communication
- Vehicle-To-Infrastructure Communication
By Application
- Infotainment
- Telematics
- Navigation
Global IoT Automotive Market by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global IoT automotive market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where in the market.
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