Connecting Cars : Unleashing the Potential of IoT in the Automotive Market Forecast, 2023-2032

PORTLAND, OREGAON, UNITED STATES, January 15, 2024 /EINPresswire.com/ -- According to the report, 𝐓𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐈𝐨𝐓 𝐢𝐧 𝐚𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐰𝐚𝐬 𝐯𝐚𝐥𝐮𝐞𝐝 𝐚𝐭 $𝟏𝟎𝟐.𝟑 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝟐𝟎𝟐𝟐, 𝐚𝐧𝐝 𝐢𝐬 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐞𝐝 𝐭𝐨 𝐫𝐞𝐚𝐜𝐡 $𝟕𝟔𝟎.𝟑 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐛𝐲 𝟐𝟎𝟑𝟐, 𝐠𝐫𝐨𝐰𝐢𝐧𝐠 𝐚𝐭 𝐚 𝐂𝐀𝐆𝐑 𝐨𝐟 𝟐𝟐.𝟔% 𝐟𝐫𝐨𝐦 𝟐𝟎𝟐𝟑 𝐭𝐨 𝟐𝟎𝟑𝟐.

𝐏𝐫𝐢𝐦𝐞 𝐝𝐞𝐭𝐞𝐫𝐦𝐢𝐧𝐚𝐧𝐭𝐬 𝐨𝐟 𝐠𝐫𝐨𝐰𝐭𝐡

The global IoT in automotive market is experiencing growth due to an increasing demand for connected car services and features, rising focus on improving road safety and reducing accidents, and data-driven services and monetization. However, data privacy, security concerns, infrastructure limitations and interoperability challenges restrain the market growth to some extent. Nevertheless, vehicle to everything (V2X) communication and data driven services and monetization are expected to provide prolific growth opportunities in the upcoming years.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 : https://www.alliedmarketresearch.com/request-sample/4074

𝐓𝐡𝐞 𝐯𝐞𝐡𝐢𝐜𝐥𝐞 𝐭𝐨 𝐢𝐧𝐟𝐫𝐚𝐬𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐬𝐭𝐚𝐭𝐮𝐬 𝐭𝐡𝐫𝐨𝐮𝐠𝐡𝐨𝐮𝐭 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝

Based on communication, the vehicle-to-infrastructure segment held the highest market share in 2022 accounting for nearly half of the IoT in automotive market size and is estimated to maintain its leadership status throughout the forecast period owing to its offering security applications that are designed to avoid vehicle accidents and crashes. Intelligent vehicles, equipped with advanced sensors, connectivity, and autonomous capabilities, are driving the need for seamless interaction with the surrounding infrastructure. However, the vehicle-to-vehicle segment is projected to manifest the highest CAGR of 24.4% from 2023 to 2032, as it enables vehicles to share real-time information about their speed, location, and other relevant parameters. This information can be used to warn drivers about potential collisions or hazardous road conditions, improving overall road safety.

𝐓𝐡𝐞 𝐍𝐚𝐯𝐢𝐠𝐚𝐭𝐢𝐨𝐧 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐠𝐚𝐫𝐧𝐞𝐫𝐞𝐝 𝐭𝐡𝐞 𝐦𝐚𝐣𝐨𝐫 𝐬𝐡𝐚𝐫𝐞 𝐢𝐧 𝟐𝟎𝟐𝟐

Based on application, the Navigation segment held the highest market share in 2022 accounting for more than one-third of the IoT in automotive market revenue due to the growing adoption of connected vehicles presents a major growth opportunity for navigation applications in the IoT automotive market. However, the telematics segment is projected to manifest the highest CAGR of 25.8% from 2023 to 2032, owing to the incorporation of automotive telematics in electric vehicles (EVs).

𝐓𝐡𝐞 𝐭𝐞𝐭𝐡𝐞𝐫𝐞𝐝 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧 𝐝𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝

Based on connectivity, the tethered segment accounted for the largest share in 2022 accounting for more than two-fifths of the IoT in automotive market revenue and is estimated to maintain its leadership status throughout the forecast period, as it enables the vehicle to access the internet through the connected device's data connection which allows passengers and drivers to use internet-based services, such as real-time traffic updates, weather information, and online music streaming, directly from the vehicle's infotainment system. However, the embedded segment is expected to portray the largest CAGR of 24.2% from 2023 to 2032, as it includes real-time traffic information, navigation, remote vehicle control, emergency assistance, vehicle diagnostics, and over-the-air software updates.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/IoT-in-automotive-market/purchase-options

𝐍𝐨𝐫𝐭𝐡 𝐀𝐦𝐞𝐫𝐢𝐜𝐚 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐝𝐨𝐦𝐢𝐧𝐚𝐧𝐜𝐞 𝐛𝐲 𝟐𝟎𝟑𝟐

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global IoT in automotive market revenue and is estimated to maintain its leadership status throughout the forecast period, due to the increasing adoption of connected technologies and the Internet of Things (IoT), the automotive sector in North America has witnessed significant advancements and opportunities for innovation. However, the LAMEA region is expected to witness the fastest CAGR of 25.4% from 2023 to 2032, owing to Increasing connectivity, and government initiatives promoting smart mobility across the region.

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 :

AT&T
Cisco System, Inc.
Alphabet Inc.
Intel
Microsoft Corporation
NXP Semiconductors
Robert Bosch
Texas Instruments
Thales SA
TOMTOM

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/4074

𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 :

𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐀𝐑 𝐚𝐧𝐝 𝐕𝐑 𝐌𝐚𝐫𝐤𝐞𝐭 : https://www.prnewswire.com/news-releases/automotive-ar-and-vr-market-projected-to-attain-673-60-bn-by-2025-at-175-7-cagr-says-amr-300794864.html

𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐑𝐨𝐛𝐨𝐭𝐢𝐜𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 : https://www.prnewswire.com/news-releases/automotive-robotics-market-to-garner-13-60-bn-globally-by-2027-at-12-8-cagr-says-allied-market-research-301207262.html

𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐑𝐀𝐃𝐀𝐑 𝐌𝐚𝐫𝐤𝐞𝐭 : https://www.globenewswire.com/en/news-release/2021/08/19/2283325/0/en/Automotive-RADAR-Market-to-Garner-10-06-Billion-by-2028-Allied-Market-Research.html

David Correa
Allied Market Research
+1 800-792-5285
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