PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1401350
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1401350
Global Automotive IoT Market is valued at approximately USD 102.3 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 22.6% over the forecast period 2023-2030. Automotive IoT integration is a range of elements into cars, including devices, sensors, cloud computing, and applications, to create a sophisticated system that links them together. The Automotive IoT market is expanding because of factors such as growing demand and adoption of smart vehicles coupled with the increase in popularity of connected cars. However, growing concerns for security, data privacy and the high cost of implementing IoT technology in vehicles tend to hinder the market.
The growth in the adoption of smart and connected cars has resulted in the growth of IoT in automotive sector is acting as a key driving factor for the market growth. According to Statista 2021, it is estimated that there are around 237 million connected cars in operation, which is likely to rise and reached 400 million connected cars by 2025. This rise in connected cars has resulted in a rise in demand for IoT in automotives. Moreover, the rise in IoT devices also results in the growth of the market. According to Statista 2023, the number of IoT devices is expected to nearly double globally from 15.1 billion IoT devices in 2020 to more than 29 billion IoT devices in 2030. This growth in IoT devices has resulted in growth in automotive connected to IoT. Furthermore, rapid technological advancement, strict government regulations related to vehicle safety and the rapid development of autonomous vehicles act as an opportunity for the growth of the market.
The key regions considered for the Global Automotive IoT Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to an increase in investment by the government, growing demand for smart cities and a rise in investment and innovation. Moreover, collaboration between automakers has been common in this region leading to the growth of the market. Asia Pacific is expected to grow significantly over the forecast period, owing to factors such as developing countries such as China, Japan, and South Korea in this region has major automotive manufacturing hubs. Moreover, an increase in disposable income coupled with urbanization and rapid 5G infrastructure development in this region resulted in growth of the market.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
List of tables and figures and dummy in nature, final lists may vary in the final deliverable
List of tables and figures and dummy in nature, final lists may vary in the final deliverable