“Internet of Things in the Automotive Market”
The Internet of Things in the automotive market is valued at $79.80 billion. in 2021 and the total revenue is expected to grow by 26.7% from 2022 to 2029 to reach approximately USD 529.93 billion.
Pune, December 06, 2022: The report was analyzed by Maximize Market Research, a global information technology and telecommunications market research company. The Internet of Things in the Automotive Market The report includes extensive competitive and pricing analysis. According to the report, Europe is expected to witness significant growth. During the forecast period, the market is expected to grow from US$ 79.80 billion in 2021 to US$ 529.93 billion in 2029 at a CAGR of 26.7 percent, according to the report.
Internet of Things in Automotive Market Scope and Research Methodology
IoT in Automotive Market report provides concise and accurate information and analysis on IoT in Automotive Market with current market highlights and industry trends. To better understand the dynamic market, the report covers key insights such as market drivers, restraints, challenges, and opportunities dominating the Internet of Things in Automotive Market. Regional analysis of the market is carried out at local, regional and global levels for a better understanding of market penetration, competitive structure, pricing and demand analysis. The report also covers the strategies followed by key players and provides an analysis of their growth in the industry over the last five years, which helps investors and large companies to formulate their investment and marketing strategies.
As the Internet of Things in the Automotive Market is also driving smart electric vehicles, the report takes a look at the government initiatives being proposed and implemented in various regions. The report also presents opportunities related to market penetration dominated by the Internet of Things in the automotive market.
A competitive analysis is provided to understand the key factors influencing the growth and decline of the Internet of Things in Automotive market. Key manufacturers in the market are profiled on the basis of revenue generated, region, financial position, portfolio, technological advancements adopted, mergers and acquisitions, joint ventures, and strategic alliances. It helps clients understand their direct and indirect consumer base along with market penetration, demand and pricing analysis. It also helps clients understand new marketing tactics used by their competitors and new technological advancements adopted by them.
Segment wise analysis of IoT in Automotive Market by solution, technology and end use is done for in-depth analysis of services offered. Data is collected using both primary and secondary research methods. Surveys, administration of questionnaires and telephone interviews with industry experts, market leaders, entrepreneurs and marketing experts were included in the main methods. Secondary data was collected from selected sources for maximum reliability of the results. This includes official databases from various organizations and government websites, industry journals, white papers, annual reports, releases from industry product manufacturers and suppliers, as well as paid databases.
SWOT, PESTLE and Porter’s Five Force analysis were conducted to understand market gaps and threats of entry and substitution in the market. Qualitative analysis methods present the internal and external factors affecting the Internet of Things in the Automotive Market. The report thus presents a comprehensive analysis of the IoT in Automotive Market.
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The Internet of Things in the Automotive Market
The automotive market has incorporated IoT into its operations, turning it into a “smart” industry. Complex devices such as sensors, GPS and cameras are all connected to cloud services. This allows manufacturers to obtain real-time data, thereby optimizing the production and management process. It is an example with features such as intelligent transportation, predictive maintenance, artificial intelligence driving assistance, road safety measures and other advanced features and settings, reducing human error and high quality.
Internet of things in automotive market dynamics
IoT integration provides real-time information on traffic, parking and alternative routes, available public transport and congestion. Such information helps in better traffic management. Other features include automatic parking of cars and reporting of accident locations, alerting and informing people. Such features are expected to drive the growth of IoT in Automotive Market.
For the business sector, it provides data that is analyzed and helps them create a healthy supply chain, manufacturing processes, transportation and other deployment facilities in the industry. Future technological advancements in Internet of Things in Automotive Market are expected to increase the demand.
Government support in the form of policies and schemes is helping the growth of IoT in automotive market. It also helps in building a solid infrastructure for IoT in the Automotive Market. Increasing demand for smart cars is expected to drive the growth of IoT in Automotive Market during the forecast period.
IoT in Automotive Market Regional Insights
Europe dominates IoT in Automotive Market in 2021. Growth in the region is attributed to rapid technological advancements and strong presence of key market players. The Asia-Pacific region is also expected to grow due to economic growth in emerging economies, increase in high-speed network connections, and technological advancements in the market.
Keeping pace with Europe is North America, which is expected to grow significantly during the forecast period. The market is driven by the US and Canada with research and development being conducted. Growth is also observed in the region due to the growing demand for smart cars.
IoT in Automotive Market Segmentation:
- Infotainment system
By connection type:
By type of communication:
- In the car
- Vehicle to vehicle
- Vehicle for infrastructure
With the offer:
Internet of Things in Automotive Market Key Competitors include:
- Vodafone Group Plc
- Texas Instruments Inc
- Intel Corporation
- NXP Semiconductors NV
- IBM Corporation
- Cisco Systems Inc
- General Motors
- Audi Ag
- AT&T Inc
- Google Inc
- Evoke Motorcycle
Here are the top questions answered on the Internet of Things in the Automotive Market:
- What is the Internet of Things in a car?
- What is the current growth rate of the Internet of Things in the automotive market?
- What is the growth rate of Internet of Things in Automotive Market for the forecast period?
- What is the nature of competition in the IoT in Automotive industry in developed and developing economies?
- Who are the key players in the Internet of Things in Automotive market?
- Who are the leaders of the Automotive Internet of Things market in Europe?
- Who are the market leaders in Automotive Internet of Things in the United States and Canada?
- Who are the market leaders in Automotive Internet of Things in India, China, Japan and South Korea?
- What are the factors influencing the growth of IoT in Automotive market?
- Who has the largest market share in the Internet of Things in the automotive market?
- What are the factors driving the growth of Asia-Pacific IoT in Automotive Market?
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- Market Share, Size and Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Security, Constraints, Investment Opportunities and Key Trends
- Market Segmentation – Detailed analysis by Application, Connectivity, Communication, Supply and Region
- Competitive Landscape – Key Suppliers and Other Prominent Vendors
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