The IoT In Automobile Market is expected to help the market grow at a 25.5% CAGR by the end of the global forecast period of 2021-2030. The estimated market valuation by the end of the global forecast sums up to USD 286.8 billion.
Iot is a crucial component of the auto industry. The use of IoT in the automotive sector also stimulates the market for automated devices that assist in the analysis of real-time data on fleet operators & vehicle users. Also, it has something to do with the internet of linked vehicles, which disperses three different types of communications: vehicle-to-infrastructure, vehicle-to-vehicle, and in-vehicle. The IoT in Automotive process involves incorporating IoT technology in the automotive sector to improve the comfort, productivity, and intelligence of automobiles. Smart apps can be used by connecting computer, digital, and mechanical equipment to automatically supply data transmission. In the automotive sector, IoT development aims to give real-time data and information on passengers.
Because of how quickly it is developing and expanding, the automotive IoT is transforming the automotive industry. The IoT makes driving and travelling safer and more efficient. From the standpoint of the automotive IoT, internet-connected vehicles have the capacity to identify problems and avoid failure. As automation and artificial intelligence technology advanced, autonomous vehicles grew in popularity in the automotive industry.
Figure 1: IoT in Automobile Market Size, 20220-2030 (USD Billion)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
March 2023
The agritech division of Mahindra Group unveiled on Thursday the Krish-e-Smart Kit, an IoT-based aftermarket product for agricultural machinery. According to a press release from agri-tech startup Carnot Technologies, the device gives extensive information about tractors & farm equipment with the help of GPS-enabled time tracking & remote monitoring of numerous metrics via a smartphone. According to the manufacturer, the tool helps fleet managers and equipment owners to increase profits, control maintenance expenses, reduce downtime for tractors, and prevent unauthorized use of their equipment.
The kit also has a sophisticated trip replay feature especially for monitoring tram as well as commercial transportation activity. The Krish-e Rental Partner Application is connected to the device. In addition, the app grants users pay-per-use access to a database of expensive farm equipment, according to the press release.
According to Ramesh Ramachandran, head and senior vice president of Krish-e Farm Equipment Sector at M&M Ltd., Krish-e Smart Kit presents the most economical and sustainable approach for farmers and companies to link and monitor their farm equipment.
A glimpse of The Great Depression, the spread of the novel coronavirus has pushed both humanities, as well as the economy into a great crisis. The global economies on a large scale had imposed temporary and constant lockdowns to curb the spread of the pandemic. The lockdown might have helped in curbing the pandemic but has forced many productions and manufacturing units to stop production, in the meantime. The value chain analysis of the economy was also disrupted and had a major effect on the automotive industry also.
The result of the COVID 19 had multiple effects and the industries are still struggling to come over. There is a prolonged demand for the demand of the customers related to the automobile sector that is expected to increase the revenues and cash flows of the manufacturers.
The demand for the IoT in the Automotive Market Trends is witnessing an increase concerning real-time traffic, along with incident alerts. Also, there is a growth in the telematics mandates by the governments of different economies. There is a steep increase in the demand for assisted, as well as, automated driving, too. The government is extending the funds for the vehicle-to-vehicle, as well as, vehicle-to-infrastructure availability of cars, for the upcoming generations. There is also an emerging need for cars with smartphone features. All these are stimulating the market growth.
There are prevalent concerns in the IoT in the Automobile Industry regarding security and data privacy that are major restraints in the growth process for the global growth of the market.
The evolution of IoT in the Automotive Industry is bringing about real change but providing technological services of both wired and wireless connections to its target audience. The market is aiming to provide real-time data solutions to its users and is seeking growth in the quantum of telematics mandates from the end of the government sector. They are aiming to provide assisted driving and technology updates services for their cars and other automotive vehicles.
Global IoT in the Automobile Industry has segments that are based on its Offering, Application, Type of Communication, as well as Regions.
Global IoT in the Automobile Industry has segments that are based on its Offering, Application, Type of Communication, as well as Regions.
Offering - The market includes hardware, services, as well as software services.
Type of Communication - This market segment includes in-vehicle, vehicle to infrastructure, along with, vehicle to vehicle communication.
The applications responsible for the growth of the market size are telematics, infotainment, as well as navigation. Infotainment is expected to have the largest share in the market owing to reasons like high-speed connectivity, integration of the devices, as well as the multi-user interface that has been established in the vehicles.
The IoT in the Automotive Market Size consists of geographical locations like Asian Pacific nations, North America, Europe, as well as the rest of the world (RoW). North America is expected to emerge as a dominant force in the market owing to the ICT, transportation, as well as automotive sector boost. Also, the market is opening its doors to the connected ecosystem of vehicles.
China and India, which belong to the Asian Pacific regions are also expecting great growth by the end of the global forecast period of 2016-2022. The main reason behind this is that there is a growth in the quantum of investment in the automotive sector by both the governments, as well as the key market players. The aim is to expand the research, and development initiatives, bring about changes in the product portfolio and add the maximum advantages of the IoT in connecting the devices through wired, and wireless modes.
The study of the report has its objectives as studying the role of the key players and understand the competition amongst them. The key market players of the market include:
The USA-based companies are emerging as major contributors in the growth process of the automotive market. Ford, as well as General Motors are the major companies that are aiming to provide a high-scale connection of services and devices to its target audience. Also, the USA-based companies are evolving as the largest telematics and are attracting major growth for the global growth of the Automotive IT Market.
| Report Attribute/Metric | Details |
| Â Â Market Size | Â Â USD 286.8 billion |
| Â Â CAGR | Â Â 25.5% |
| Â Â Base Year | Â Â 2019 |
| Â Â Forecast Period | Â Â 2020-2030 |
| Â Â Historical Data | Â Â 2018 |
| Â Â Forecast Units | Â Â Value (USD Billion) |
| Â Â Report Coverage | Â Â Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Â Â Segments Covered | Â Â By Type, Application |
| Geographies Covered | Â Â North America, Europe, Asia-Pacific |
| Key Vendors | Â Â Texas Instruments Inc. (U.S.) Intel Corporation (U.S.) NXP Semiconductors N.V. (Netherlands) TOMTOM N.V. (Netherlands) IBM Corporation (U.S.) Cisco Systems Inc. (U.S.) Microsoft Corp. (U.S.) Thales SA (France) AT&T Inc. (U.S.) Vodafone Group (U.K.) |
| Key Market Opportunities | Â Â The demand for the IoT in the Automotive Market Trends is witnessing an increase concerning real-time traffic, along with incident alerts. |
| Â Key Market Drivers | Â Â witnessing an increase concerning real-time traffic |
Frequently Asked Questions (FAQ) :
The rising electrification of auto components is poised to drive expansion of the IoT in automobile market.
The IoT in automobile market is expected to expand at 25.5% CAGR over the assessment period.
By 2022, the IoT in automobile market size is anticipated to be USD 286.8 Bn.
Increasing demand for high-end cars is projected to support the regional market to retain the pole position.
By communication type, the segments of the IoT in automobile market are vehicle to vehicle, in-vehicle, and vehicle to infrastructure.
Research Analyst Level II With a technical background in information technology & semiconductors, shubham has 4.5+ years of experience in market research and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the ict/semiconductor domain. shubham holds a bachelor’s in information and technology and a master of business administration (mba). shubham has executed over 150 research projects for our clients under the brand name market research future in the last 2 years. his core skill is building the research respondent relation for gathering the primary information from industry and market estimation for niche markets. he is having expertise in conducting secondary & primary research, market estimations, market projections, competitive analysis, analysing current market trends and market dynamics, deep-dive analysis on market scenarios, consumer behaviour, technological impact analysis, consulting, analytics, etc. he has worked on fortune 500 companies' syndicate and consulting projects along with several government projects. he has worked on the projects of top tech brands such as ibm, google, microsoft, aws, meta, oracle, cisco systems, samsung, accenture, vmware, schneider electric, dell, hp, ericsson, and so many others. he has worked on metaverse, web 3.0, zero-trust security, cyber-security, blockchain, quantum computing, robotics, 5g technology, high-performance computing, data centers, ai, automation, it equipment, sensors, semiconductors, consumer electronics and so many tech domain projects.
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