2025-2034 Global Automotive IOT Market Outlook: Projected Size and Growth Rate
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What Growth Rate is the Automotive IOT Market Anticipated to Experience from 2025-2034?
In recent times, there has been a significant expansion in the size of the automotive IoT market. It is projected to rise from a value of $157.1 billion in 2024 to meet a new height of $178.07 billion in 2025, giving it a compound annual growth rate (CAGR) of 13.4%. This increase during the historical period can be linked to the development and integration of technologies such as connected car tech, vehicle-to-everything (v2x) communications, advanced driver assistance systems (ADAS), the adoption of telematics, along with improvements in safety and security features.
Anticipated to surge rapidly over the subsequent few years, the size of the automotive IoT market is projected to amplify to $300.82 billion in 2029, registering a compound annual growth rate (CAGR) of 14.0%. Numerous factors contributing to the expansion during the forecast period include the incorporation of 5G connectivity in automobiles, the implementation of edge computing in automotive IoT, as well as the use of artificial intelligence in the automotive sector, and the progression of autonomous vehicles and predictive maintenance solutions. The forecast era is likely to witness significant trends such as in-car entertainment systems, smart parking solutions, optimization of fleet management, the application of blockchain in automotive IoT, and monitoring of vehicle health.
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What Influences Are Propelling the automotive iot Market Forward?
The rise in popularity of autonomous vehicles is anticipated to accelerate the expansion of the automotive IoT market. These self-directed vehicles, which are capable of carrying out numerous functions using an array of technologies, can operate independently. They connect wirelessly to cloud systems using the Internet of Things through various devices and offer vehicle-to-vehicle interaction. Hence, as the demand for these autonomous vehicles increases, the automotive IoT market grows in tandem. For instance, the US government agency, National Highway Traffic Safety Administration (NHTSA), predicted in December 2022 that approximately 3.5 million autonomous vehicles would be on U.S. streets by 2025, a figure that is projected to hit 4.5 million by 2030. This growing need for autonomous vehicles acts as a catalyst the expansion of the automotive IoT market.
What Key Segments Exist Within the Automotive IOT Market?
The automotive iot market covered in this report is segmented – _x000D_
_x000D_
1) By Offering: Hardware, Software, Services_x000D_
2) By Connectivity: Embedded, Tethered, Integrated_x000D_
3) By Application: Infotainment, Fleet Management, Predictive Maintenance, Vehicle Security, Automatic Driver Assistance System, Other Applications_x000D_
4) By End User: Original Equipment Manufacturers, After market_x000D_
_x000D_
Subsegments:_x000D_
1) By Hardware: IoT Sensors, Connectivity Devices, On-Board Units (OBUs), Vehicle Telematics Devices_x000D_
2) By Software: Fleet Management Software, Vehicle Tracking Software, Predictive Maintenance Software, Data Analytics Platforms, Vehicle-To-Everything (V2X) Communication Software_x000D_
3) By Services: Consulting Services, Integration Services, Maintenance And Support Services, Cloud Services, Data Management Services
What Trends Are Coming to the Forefront in the Automotive IOT Market?
One emerging trend in the automotive IoT market is the widespread adoption of automotive predictive diagnostics solutions. Car companies are now collaborating with tech firms to incorporate these solutions into their current models, allowing them to minimize maintenance frequency and avoid unplanned reactive repairs without having to bear the costs of unnecessary preventive upkeep. These predictive maintenance systems continuously track, acquire, record, transmit, and analyze data from sensors within the vehicle to monitor vehicle functionality. For example, Ashok Leyland, a vehicle manufacturer based out of India, teamed up with Syncron, an after-sales service company from Sweden, in February 2022, to embed predictive vehicle maintenance solutions into Ashok Leyland’s Condition Monitoring Systems (CMS).
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What Regions Are Leading the Charge in the Automotive IOT Market?
North America was the largest region in the automotive IoT market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive IoT market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Automotive IOT Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the automotive iot market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Automotive IOT Market Include
1. Automotive IOT Market Executive Summary
2. Automotive IOT Market Segments
3. Automotive IOT Market Size And Template Market Growth Rate
4. Key Automotive IOT Market Trends
5. Major Automotive IOT Market Drivers
……
25. Key Mergers And Acquisitions In The Automotive IOT Market
26. Top Automotive IOT Companies
27. Automotive IOT Market Opportunities And Strategies
28. Automotive IOT Market, Conclusions And Recommendations
29. Appendix
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