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| Automotive IoT Market |
According to this latest publication from Meticulous Research®, the global automotive IoT market is expected to grow at a CAGR of 16.4% from 2019 to 2025 to reach $541.7 billion by 2025. This market is majorly driven by the growing demand for connected vehicles, government initiatives for smart cities & smart traffic management system, approvals & funding for autonomous vehicle testing, demand of infotainment and real time vehicle tracking system, and adoption of road vehicle safety solutions. In addition, emerging economies such as Asia Pacific and Latin America provides significant opportunities for the growth of the automotive IoT market. However, high cost for IoT connectivity and lack of cellular connectivity coverage obstructs the growth of this market to some extent.
The global automotive IoT market study presents historical market data in terms of value (2017 and 2018), estimated current data (2019), and forecasts for 2025. The market is segmented on the basis of offering (component, platforms, IoT services, and IoT solutions); connectivity (tethered, integrated, embedded); application (infotainment, fleet management, predictive maintenance, vehicle security, automatic driver assistance system (ADAS), traffic management, and others); and end user (original equipment manufacturers, aftermarket). The study also evaluates industry competitors and analyses the market at a country level.
Based on offering, the global automotive IoT market is segmented into components, platform, solutions, and services. The platform is estimated to hold the largest share of the overall automotive IoT market in 2019. The large share of this segment is mainly attributed to its high adoption in both developed and developing countries for monitoring the data generated from connected vehicles. Also, factors such as increasing demand for data storage over the cloudand connected devices in the IoT ecosystem further helps to drive the growth of the automotive IOT platform market. Platform segment is further segmented into data management, device management, and network management. Data management segment is estimated to hold the largest share of the overall automotive IOT platform market in 2019. As the large amount of data generated from connected vehicles need to store over the cloud through data management platform, the growing demand for connected and autonomous vehicles is fueling the adoption of data management platforms.
Based on application, the global automotive IoT market is mainly segmented into infotainment, fleet management, predictive maintenance, vehicle security, automatic driver assistance system, traffic management, and others. Infotainment application is estimated to account for the largest share of the overall automotive IoT market in 2019. The large share of this application is attributed to increasing demand for in-vehicle infotainment systems in mobility services (taxi services or such as ride-sharing); rising demand for luxury cars; and growing focus towards comfort, convenience, and safety.
Based on end user, the overall automotive IoT market is segmented into original equipment manufacturers (OEMs) and aftermarket. OEMs segment is estimated to account for the largest share of the overall automotive IoT market in 2019, mainly due to government mandates in various countries to implement IoT features such as GPS, e-calls, and vehicle tracking systems in vehicles; growing need to improve the driver & passenger travel experience; and consumers’ demand for smartphone features in cars.
Geographic Review:
Geographically, Europe is estimated to command the largest share of the overall automotive IoT market in 2019. The large share of this region is primarily attributed to the presence of major automotive companies and their focus on IOT; European Government’s initiative to increase the IoT adoption in automotive sector; funding for autonomous vehicle testing facilities; and presence of strict telematics regulations.
Key Players:
The key players operating in the global automotive IoT market are Texas Instruments Inc. (U.S.), NXP Semiconductors N.V. (The Netherlands), Intel Corporation (U.S.), Tom Tom N.V. (The Netherlands), Cisco Systems, Inc. (U.S.), Microsoft Corporation (U.S.), IBM Corporation (U.S.), Google Inc. (U.S.), AT&T Inc. (U.S.), Apple, Inc. (U.S.), and Robert Bosch GmbH (Germany) among others.
Key questions answered in the report-
- Which are the high growth market segments in terms of the offering, application, connectivity, end-user, and countries?
- What is the historical market for automotive IoT across the globe?
- What are the market forecasts and estimates from the period of 2019-2025?
- What are the major drivers, restraints, and opportunitiesin the global automotive IoT market?
- Who are the major players in the global automotive IoT market and what share of the market do they hold?
- Who are the major players in various countries and what share of the market do they hold?
- How is the competitive landscape?
- What are the recent developments in the global automotive IoT market?
- What are the different strategies adopted by the major players in the global automotive IoT market?
- What are the geographic trends and high growth countries?
- Who are the local emerging players in theglobal automotive IoT market and how do they compete with the other players?
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