The global automotive internet of things (IoT) market is anticipated to grow at a considerable CAGR of 27.2% during the forecast period (2022-2028). The automotive IoT is the systems, software, or devices embedded or integrated into the motor vehicles to perform various functions, including navigation, infotainment, or safety systems. The main aim of using IoT systems in the automobile is to reduce human error and make the driving experience comfortable, and safe. The major factor attributing to the growth of the global automotive IoT market includes the increasing production of motor vehicles across the globe. According to the 2021 Production Statistics report published by the International Organization of Motor Vehicle Manufacturers (OICA), around 80 million motor vehicles were produced across the globe in 2021. Among these, around 23 million commercial vehicles were manufactured and around 57 million passenger cars were produced in 2021.
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Another factor contributing to the growth of the market includes the increasing application of the automotive IoT in the automotive safety systems, including advanced driver assistant systems (ADAS), lane departure warning, adaptive cruise control systems, airbag deployment sensors, and many others due to the increasing cases of road traffic accidents across the globe. According to the report published by the World Health Organization (WHO) in June 2021, the rate of mortality due to road traffic accidents is very high with the mortality of around 1.3 million people globally every year. It is estimated that road traffic accidents can cost most countries up to 3% of their gross domestic product. The report also described that around 20 million to 50 million people also suffer from non-fatal injuries as a result of road traffic accidents.
The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in April 2022, Renault Nissan Technology and Business Center India (RNTBCI) partnered with T-Hub to enhance the automotive ecosystem. This partnership will focus on the development of various components in the automotive space including AI, block chain, robotic process automation, IoT, and many others.
Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Component
- By Deployment
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape-Texas Instrument Inc., IBM Corp., Cisco Systems Inc., Microsoft, and Google LLC, among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- 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 Automotive IoT Market Report by Segment
By Component
- Hardware
- Software
- Service
By Deployment
- Embedded
- Tethered
- Integrated
By Application
- Infotainment System
- TelematicsSystem
- NavigationSystem
- Safety System
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