The Global IoT in Automotive Market is estimated to grow at a CAGR of 26.5% during the forecast period. The phrase “automotive IoT” refers to the integration of Internet of Things (IoT) technologies into automotive systems, in order to develop new applications and solutions that can make vehicles smarter and more intelligent, allowing for safer, more efficient, and more comfortable driving. One of the reasons, why the automotive industry has been unable to break its annual production and sales records is the lack of unique features in automobiles. In today’s market, purchasers look for a vehicle with more than four tyres and a steering wheel. They look for a futuristic mode of communication and connection. The Internet of Things (IoT) has opened up new possibilities for carmakers and buyers all over the world. IoT has become a hotspot for a number of multi-purpose applications in the automotive industry, with uses in both the industrial and commercial sectors.
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Vehicle-to-vehicle communication allows a vehicle to communicate its location, speed, steering wheel position, brake status, and other information to other cars. The elements driving the vehicle-to-vehicle communication market include the implementation of safety and security, forward hazard warning, curve speed warning, and overtake vehicle warning. The market for vehicle-to-vehicle communication is being driven by the limitations of existing deployed systems that employ radar or ultrasound to detect few car lengths and are unable to pass nearby impediments.
For Instance, in July 2016, Intel (US), BMW (Germany), and Mobileye (Israel) teamed up to develop solutions for highly extensive automated driving into series production by 2021. Moreover, in October 2015, Texas Instruments announced that its MCU easily connects IoT endpoints to the Amazon Web Services (AWS) cloud for remote management and data analysis.
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Market Coverage
- Segment Covered-
o By Offering
o By Connectivity Form Factor
o By Communication type
o By Application
- Regions Covered
o North America
o Europe
o Asia-Pacific
o Rest of the world
- Competitive Landscape: Texas Instruments, Intel, NXP Semiconductors, TOMTOM, IBM among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global IoT in Automotive Market Segmentation,
By Offering:
- Hardware
- Software
- Services
By Connectivity Form Factor:
- Embedded
- Tethered
- Integrated
By Communication Type:
- In-Vehicle Communication
- Vehicle-to-Vehicle Communication
- Vehicle-to-Infrastructure Communication
By Application:
- Infotainment
- Navigation
- Telematics
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