A recent report published by Infinium Global Research on the automotive IoT market provides an in-depth analysis of segments and sub-segments in the global as well as regional automotive IoT market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional automotive IoT market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global automotive IoT market. According to the report, the global automotive IoT market is projected to grow at a CAGR of 24.3% over the forecast period of 2020-2026.
The IoT empowers digital transformations and has already established in different industries, including construction, agriculture, healthcare, retail, and tech companies. IoT plays a phenomenal role in the automobile industry as well, with inbuilt features. Volkswagen, one of the pioneers in the automobile industry, has stated, that vehicles now rely on electronics and software and by 2020, 50% of a vehicle’s value will come from software. The company is successfully implementing connected cars. The key opportunities for automotive manufacturers include operational advantages including predictive maintenance, telematics, and software updates. In addition, value-added services such as additional in-built intelligence to assist the owner and Self-driving autonomous vehicles.
The IoT car with a lot of IoT properties inbuilt is developed that uses data collected by connected cars in many ways. Such as traffic control systems that can provide real-time data collected from connected cars. This helps to avoid traffic jams and accidents. These benefits offered by IoT in the automotive sector is driving the growth of the automotive IoT market. Furthermore, automobile manufacturing companies, telecommunication service providers, and software companies are coming together to build a connected car. A connected car using its onboard sensors and internet connectivity that enhances the in-car experience of its user. Connected cars have the capacity to surf the internet on the move, but the communication between cars, communication of cars with other devices. There are only a small number of cars which are internet-enabled but it is projected that the number will rise considerably in less than a decade’s. Again exposure to smartphones will definitely help the connected cars market to grow exponentially. Additionally, the problem of emission of gases from vehicles is increasing the pollution levels. American drivers spend on average 17 hours per year looking for parking and results in a collective annual cost of $73 billion in time, fuel, and emissions loss. Incomplete combustion of fuel is one of the main reasons for this high level of emissions. With the use of IoT based system consisting of smoke and temperature sensors, along with GSM and GPS based modules vehicle emissions can be monitored and controlled. Such a system can save the environment by controlling air pollution caused by vehicles. This benefit of emission control is driving the growth of the market. However, the high cost associated with IoT -enabled automotive is affecting the growth of the market. Moreover, self-driving cars provide a lucrative growth opportunity for the automotive IoT market. An autonomous or self-driving car is a vehicle that is designed to sense its environment and navigate without any human input.
North America dominates the automotive IoT market. The U.S. government introduced legislation that forces vendors to ensure basic security within IoT devices. According to the National Highway Traffic Safety Administration of the U.S. Department of Transportation In 2015, 1.5 million vehicles were recalled for cyber security vulnerabilities. Furthermore, in an effort to reduce the potential for a vehicle crash on America’s roadways, the Department of Transportation issued a Notice of Proposed Rulemaking (NPRM) that would enable V2V communication technology. This again contributing to the growth of the market in the North American region.
The report on the global automotive IoT market covers segments such as offering, connectivity form factor, communication type, and application. On the basis of offering, the sub-markets include hardware and software. On the basis of connectivity form factor, the sub-markets include embedded, tethered, and integrated. On the basis of communication type, the sub-markets include in-vehicle, vehicle-to-vehicle, and vehicle-to- infrastructure. On the basis of application, the sub-markets include navigation, telematics, and infotainment.
The report provides profiles of the companies in the market such as Intel Corporation., NXP Semiconductors N.V., Tomtom N.V., International Business Machines Corporation, Microsoft Corporation, Cisco Systems, Inc., AT&T Inc., General Motors, Robert Bosch GmbH, and Google Inc.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the automotive IoT market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.