IoT in Automotive Market to Reach $760.3 Billion, Globally, by 2032 at 22.6% CAGR: Allied Market Research

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Aug 09, 2023, 04:27 ET

PORTLAND, Ore., Aug. 9, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "IoT in Automotive Market by communication, connectivity, application, and region. By communication, (Vehicle-to-Vehicle, In-vehicle Communication and Vehicle-to-Infrastructure. Further, based on vehicle type, (Passenger Cars and Commercial Vehicles). Based on application, (Autonomous Driving, Body Control & Comfort Systems, Infotainment System, Communication Systems, Connected Service and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global IoT in automotive industry generated $102.3 billion in 2022, and is anticipated to generate $760.3 billion by 2032, witnessing a CAGR of 22.6% from 2023 to 2032.

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The introduction of IoT in the automotive industry has created remunerative opportunities for carmakers and consumers all around the world. IoT in the vehicle sector has emerged as a significant hotspot for a wide range of diverse applications, with applications in both the commercial and industrial sectors. Internet of Things applications have made significant advances in the global automotive industry, from connected vehicles to automated transportation systems.

Prime determinants of growth

The global IoT in automotive market is experiencing growth due to an increasing demand for connected car services and features, rising focus on improving road safety and reducing accidents, and data-driven services and monetization. However, data privacy, security concerns, infrastructure limitations and interoperability challenges restrain the market growth to some extent. Nevertheless, vehicle to everything (V2X) communication and data driven services and monetization are expected to provide prolific growth opportunities in the upcoming years.

Automotive IoT Market Report Coverage & Details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$102.3 billion
Market Size in 2032	$760.3 billion
CAGR	22.6 %
No. of Pages in Report	263
Segments Covered	Communication, Application, Connectivity, and Region.
Drivers	Increasing demand for connected car services and features Rising focus on improving road safety and reducing accidents The emergence of autonomous vehicles
Opportunities	Vehicle-to-Everything (V2X) Communication Data-driven services and monetization
Restraints	Data privacy and security concerns Infrastructure limitations and interoperability challenges

Covid-19 Scenario

Prototype testing of hybrid aircraft, certification, and production were severely impacted during the pandemic, due to the need for increased economic growth to sustain development across the industry.
However, the airline industry has started to recover from losses incurred during the pandemic. As such, the development of the IoT in automotive market has given rise to several proposals for the certification and approval of various electric aircraft models by electric aircraft OEMs.

The vehicle to infrastructure segment to maintain its leadership status throughout the forecast period

Based on communication, the vehicle-to-infrastructure segment held the highest market share in 2022 accounting for nearly half of the IoT in automotive industry and is estimated to maintain its leadership status throughout the forecast period owing to its offering security applications that are designed to avoid vehicle accidents and crashes. Intelligent vehicles, equipped with advanced sensors, connectivity, and autonomous capabilities, are driving the need for seamless interaction with the surrounding infrastructure. However, the vehicle-to-vehicle segment is projected to manifest the highest CAGR of 24.4% from 2023 to 2032, as it enables vehicles to share real-time information about their speed, location, and other relevant parameters. This information can be used to warn drivers about potential collisions or hazardous road conditions, improving overall road safety.

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The Navigation segment garnered the major share in 2022

Based on application, the Navigation segment held the highest market share in 2022 accounting for more than one-third of the IoT in automotive market revenue due to the growing adoption of connected vehicles presents a major growth opportunity for navigation applications in the IoT automotive market. However, the telematics segment is projected to manifest the highest CAGR of 25.8% from 2023 to 2032, owing to the incorporation of automotive telematics in electric vehicles (EVs).

The tethered segment to maintain its lead position during the forecast period

Based on connectivity, the tethered segment accounted for the largest share in 2022 accounting for more than two-fifths of the IoT in automotive market revenue and is estimated to maintain its leadership status throughout the forecast period, as it enables the vehicle to access the internet through the connected device's data connection which allows passengers and drivers to use internet-based services, such as real-time traffic updates, weather information, and online music streaming, directly from the vehicle's infotainment system. However, the embedded segment is expected to portray the largest CAGR of 24.2% from 2023 to 2032, as it includes real-time traffic information, navigation, remote vehicle control, emergency assistance, vehicle diagnostics, and over-the-air software updates.

North America to maintain its dominance by 2032

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global IoT in automotive market revenue and is estimated to maintain its leadership status throughout the forecast period, due to the increasing adoption of connected technologies and the Internet of Things (IoT), the automotive sector in North America has witnessed significant advancements and opportunities for innovation. However, the LAMEA region is expected to witness the fastest CAGR of 25.4% from 2023 to 2032, owing to Increasing connectivity, and government initiatives promoting smart mobility across the region.

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Leading Market Players: -

AT&T
Cisco System, Inc.
Alphabet Inc.
Intel
Microsoft Corporation
NXP Semiconductors
Robert Bosch
Texas Instruments
Thales SA
TOMTOM

The report provides a detailed analysis of these key players of the global IoT in Automotive market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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