Automotive IoT Market Size, Share, Growth Analysis, By Offering, Hardware (Semiconductor Components, Connectivity Technology), Software (Platforms, Solutions), Connectivity(Embedded, Tethered, Integrated), Communication(In Vehicle, V2V, V2I), Application(Navigation, Telematics, Infotainment) and Region - Industry Forecast 2024-2031


Report ID: SQMIG45I2195 | Region: Global | Published Date: June, 2024
Pages: 220 |Tables: 142 |Figures: 77

Automotive IoT Market Insights

Global Automotive IoT Market size was valued at USD 102.3 billion in 2022 and is poised to grow from USD 125.32 billion in 2023 to USD 635.48 billion by 2031, growing at a CAGR of 22.5% in the forecast period (2024-2031). 

Growing electrification of the automotive industry and rising use of connected vehicle technologies are estimated to promote the global automotive IoT market growth over the coming years. The increasing use of intelligent transportation systems is also predicted to uplift the demand for automotive IoT solutions across the forecast period. Rapidly expanding connected vehicle fleets, high demand for autonomous vehicles and the rising popularity of electric vehicles (EVs) are other factors that could benefit automotive IoT market development in the future. In automotive IoT system, there is an increased number of investments which drives the growth of the market as the IoT is beneficial for both internal and external factors.  It transfers the data immediately and gives the driver real time feedback which is very important for the driver.  

Additionally, there is an increase in the demand of smartphones or other connected medical devices. The IoT helps to reduce the rate of accidents and injuries. The sales of electronic vehicles are increased by 40% in 2022 but now there is a great demand of connected vehicles in the market also, government is focusing on smart city project which provides a good opportunity for growth market. The IoT system is mostly useful in traffic management. And thus, government has providing various funds to automobile industry as a growth factor, and it provides the safety features to the automobiles. It helps to reduce the maintenance costs as the enforcement of such devices and sensors in vehicles provides safety features and thus it reduces the costly breakdowns and enhances the drivers experience and maintain the fuel efficiency and traffic management. On the contrary, lack of standardization and cybersecurity concerns are estimated to hamper automotive IoT market development potential in the long run. The pandemic has also greatly affected the IoT automotive market. It has affected negatively to the market as the use of these vehicles were completely reduced. It has reduced to approximately 24% in 2022 during pandemic. The challenges that can occur are data privacy, the manufactures should be aware of such conditions and can build the advanced technology for data security.

Market Snapshot - 2024-2031

Global Market Size

USD 102.3 billion

Largest Segment

In-Vehicle Communication

Fastest Growth

Vehicle-to-Vehicle Communication

Growth Rate

22.5% CAGR

Global Automotive IoT market Market ($ Bn)
Country Share for North America Region (%)

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Automotive IoT Market Segmental Analysis

The automotive IoT market is segmented based on offering, connectivity communication, application, and region. In terms of offering, the market is segmented into human cornea and artificial cornea. Based on offering, the market is bifurcated into hardware (semiconductor components {microcontrollers, field programmable gate arrays [FPGAs], digital signal processor, memory chips}, connectivity technology ICS (cellular, Wi-Fi, bluetooth, others), software (platforms {device management platform, application management platform, network management platform}, solutions {real time streaming analysis, security solutions, data management, remote monitoring systems, network bandwidth management}), and services (deployment and integration services, support and maintenance services). Based on connectivity, the market is bifurcated into embedded, tethered, and integrated. In terms of communication, the market is segmented into in-vehicle communication, vehicle to vehicle communication, and vehicle to infrastructure communication. Based on application, the market is segmented into navigation (TomTom navigation SDK powered by PTV groups, real time data capture, road and vehicle monitoring), telematics (fleet and asset management, intelligent traffic system, collision avoidance, parking management system, passenger information system, emergency vehicle notification, predictive maintenance, remote monitoring and diagnostics), infotainment (entertainment, communication). Based on region, the market is segmented into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa.  

Analysis by Application 

Navigation segment is having the largest share of the global automotive IoT market. The navigation system it provides real time traffic updates, and vehicle monitoring which are driving the demand. Growing demand for better navigation systems and increasing traffic congestion is projected to help maintain the dominance of this segment. Demand for better navigation connectivity will also aid market development through this segment. There have been advancements in GPS and IoT technologies which is further driving the market growth. 

The infotainment segment is the fastest-growing segment by application in the global automotive IoT market. Rising consumer preference for advanced and engaging infotainment systems is projected to make the infotainment segment fastest growing one in the global market. Integration of IoT devices with infotainment systems will create opportunities for automotive IoT companies. Furthermore, the increasing consumer demand for enhanced in-car experiences and smooth connectivity fuels the market growth. These provide a wide range of features which include touch screen interfaces, voice recognition, and smartphone integration. 

Analysis by Component 

In-vehicle communication segment is the largest segment of the global automotive IoT market. Surging demand for advanced infotainment systems and advanced navigation systems is projected to help this segment maintain its high market share. It has strong internal networks which ensure the efficient functioning of the interconnected systems thus, responsible for its dominance. As the demand for advanced and infotainment, navigation, and driver assistance system is increasing, the need for in-vehicle communication networks is also surging, therefore driving the market growth. 

The vehicle-to-vehicle communication segment is the fastest-growing segment. The demand for vehicle-to-vehicle communication is slated to increase at a rapid pace across the forecast period. Rapidly rising demand for connected vehicles and expansion of connected vehicle fleet are predicted to help this segment boost market growth going forward. Rising emphasis on vehicle safety will also uplift market development through this segment in the future. Furthermore, the increasing investment in smart transportation and the development of autonomous driving technologies is driving the market growth. Government is focusing on implementing vehicle to vehicle communication to modernize transportation systems and does support the advancement of the autonomous vehicles which is driving its rapid adoption, thus contributing to its growth.

Global Automotive IoT market Market By Component

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Automotive IoT Market Regional Insights

North America is holding the largest share in the global automotive IoT market owing to the presence of a supportive IT infrastructure promoting the use of automotive IoT solutions going forward. Rapid adoption of IoT devices in this region and presence of key automotive manufacturers also contributes to North America’s dominance. Canada and the United States are forecasted to be the leading countries for automotive IoT providers in this region. The countries are integrating advanced features in the IoT based automotives such as advanced performance, safety, and connectivity. Government initiatives are also responsible for the region's dominance. 

On the other hand, the Asia-Pacific region is the fastest growing region in the market. The demand for automotive IoT in the Asia Pacific region is slated to rise at a rapid pace over the coming years. Rapidly increasing connected vehicle production and growing sales of vehicles are contributing to the growing demand for automotive IoT in this region. The rising income of the middle class is also contributing to the demand of the IT based automotives. India, China, Japan and South Korea are estimated to be the leading markets for automotive IoT providers looking to dominate this region. The rise in adoption of IoT in automotive along with the rising production of IT enabled automotive in the region are significantly searching the market growth. Additionally, government initiatives for collecting traffic data for proper monitoring of vehicles is also propelling the growth

Global Automotive IoT market Market By Region
  • Largest
  • Fastest

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Automotive IoT Market Dynamics

Drivers

Rising Use of Connected Vehicle Technology 

  • Automotive manufacturers are focusing on adding new connected vehicle technologies to their vehicles and this trend is projected to bolster automotive IoT market growth over the coming years. These advanced features will enhance connectivity which will lead towards the market expansion. Manufactures are also integrating new innovations and are adopting these enhanced features which is attracting a large consumer base, thus propelling the growth of the market. 

Demand for Intelligent Transport System 

  • Growing establishment of smart cities around the world has boosted the demand for intelligent transport systems, which in turn is estimated to promote automotive IoT market development in the forecasted period. As there has been surge in the development of smart cities, the demand for automotive IoT solution is also increasing. As these technologies are being used simultaneously leading to the significant demand in this sector, thus propelling the growth. 

Restraints  

Cybersecurity Threats Hindering Market Growth 

  • Automotive IoT solutions are vulnerable to an increasingly complex cybersecurity landscape and concerns regarding the security of data of these solutions are estimated to hamper market growth potential. As the IoT involves high risks during the exchange of data as it led to cyberbullying, thus, this data can be used for misleading activity. Therefore, there is need to improve the data security. The concerns regarding the security of data are hindering the market growth. 

Complexity of Integration of Features Limiting Growth 

  • Automotive IoT technology is very new and advanced, which faces issues in integration with different types of vehicles. Interoperability issues and compatibility concerns are also estimated to add up to the complexity of integration. These concerns should be addressed as these are important for the adoption of deployment of automotive solutions.

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Automotive IoT Market Competitive Landscape

Market players are highly investing on research and development for the global IoT automotive, as it is one of the most rising fields in the market. The marketers mainly attracting the customers depending upon the investment in renewable sources. And as there is requirement of high amount of capital investment, the companies are doing collaboration as well as acquisitions with other companies.

Top Player’s Company Profiles

  • Thales
  • Texas Instruments Inc.
  • General Motors     
  • Cloudmade   
  • Qualcomm    
  • Apple    
  • TomTom International BV    
  • Cisco System Inc.    
  • Harman      
  • Visteon    
  • Vodafone    
  • NXP Semiconductors    
  • Tata Communications     
  • Microsoft Corporation    
  • Intel Corporation    
  • Sierra Wireless    
  • Robert Bosch GmbH    
  • IBM     
  • Aeris     
  • Tesla

Recent Developments

  • In April 2024, the Qualcomm Technologies, an American semi-conductor company has introduced new industrial and embedded AI-platforms and micropower Wi-Fi SoC. This will provide on device AI, high performance, and connectivity for IoT products and applications. 

  • In March 2024, Cavli Wireless, revealed made-in-India automotive grade LTE Cat 4 Smart Module AQ20, which it will feature at CAEV Expo 2024.  

  • In December 2023, Renesas Electronics Corporation launched a cloud-based development environment for smoothening the software design process for automotive AI engineers. AI workbench, the new platform will help automotive AI engineers to design their automotive software.

Automotive IoT Key Market Trends

  • Rising Popularity of Electric Vehicles & Autonomous Vehicles: Automotive IoT vendors can focus providing their solutions to electric vehicles and autonomous vehicles, which are increasing in sales around the world. Companies can develop specialized automotive IoT solutions for electric vehicles and autonomous vehicles by collaborating with their manufacturers. The demand and sales of IoT based vehicles is increasing globally. The manufactures can develop advanced IoT technologies that can enhance the performance and features of these vehicles. The new innovations can help in addressing the requirements of these vehicles. Therefore, these companies can help in the growth and can make a strong presence in the automotive IoT market.

Automotive IoT Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our analysis, as the technology improves the demand for automotive IoT will also increase. It shows that increase in demand for high performance vehicles and cost effectiveness are the driven factors which helps in the growth of the market. The comfort, safety features, real time tracking in traffic management are the main drivers of this market. These are driving the attention of the people which leads towards their continuous adoption by providing enhanced features, thus propelling the market growth. In-vehicle communication segment is holding the highest share, and the vehicle-to-vehicle segment is growing at a quick pace. North America is the largest region marking its dominance due the presence of large-scale manufacturers whereas Asia-Pacific is growing quickly by adopting o innovations and technologies. One of the major market trends is the rise adoption of the autonomous vehicles dure to the rising disposable incomes. Government initiatives are propelling the growth, thereby helping the manufacturers and the companies to developing new innovations, features, and advancements of the automotive IoT sector.

Report Metric Details
Market size value in 2022 USD 102.3 billion
Market size value in 2031 USD 635.48 billion
Growth Rate 22.5%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Offering
    • Hardware (Semiconductor Components {Microcontrollers, Field Programmable Gate Arrays [FPGAs], Digital Signal Processor, Memory Chips}), Connectivity Technology ICS (cellular, Wi-Fi, Bluetooth, Others), Software (Platforms {Device Management Platform, Application Management Platform, Network Management Platform}, Solutions {Real Time Streaming Analysis, Security Solutions, Data Management, Remote Monitoring Systems, Network Bandwidth Management}), and Services (Deployment and Integration Services, Support And Maintenance Services)
  • Connectivity
    • Embedded, Tethered, Integrated
  • Communication
    • In Vehicle Communication, Vehicle to Vehicle Communication, Vehicle to Infrastructure Communication
  • Application
    • Navigation (TomTom navigation SDK powered by PTV groups, Real Time Data Capture, Road and Vehicle Monitoring), Telematics (Fleet and Asset Management, Intelligent Traffic System, Collision Avoidance, Parking Management System, Passenger Information System, Emergency Vehicle Notification, Predictive Maintenance, Remote Monitoring and Diagnostics), Infotainment (Entertainment, Communication)
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Thales
  • Texas Instruments Inc.
  • General Motors     
  • Cloudmade   
  • Qualcomm    
  • Apple    
  • TomTom International BV    
  • Cisco System Inc.    
  • Harman      
  • Visteon    
  • Vodafone    
  • NXP Semiconductors    
  • Tata Communications     
  • Microsoft Corporation    
  • Intel Corporation    
  • Sierra Wireless    
  • Robert Bosch GmbH    
  • IBM     
  • Aeris     
  • Tesla
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Automotive IoT Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Automotive IoT Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Automotive IoT Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Automotive IoT Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Automotive IoT Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Automotive IoT Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Automotive IoT Market size was valued at USD 102.3 billion in 2022 and is poised to grow from USD 125.32 billion in 2023 to USD 635.48 billion by 2031, growing at a CAGR of 22.5% in the forecast period (2024-2031). 

Market players are highly investing on research and development for the global IoT automotive, as it is one of the most rising fields in the market. The marketers mainly attracting the customers depending upon the investment in renewable sources. And as there is requirement of high amount of capital investment, the companies are doing collaboration as well as acquisitions with other companies. 'Thales', 'Texas Instruments Inc.', 'General Motors     ', 'Cloudmade   ', 'Qualcomm    ', 'Apple    ', 'TomTom International BV    ', 'Cisco System Inc.    ', 'Harman      ', 'Visteon    ', 'Vodafone    ', 'NXP Semiconductors    ', 'Tata Communications     ', 'Microsoft Corporation    ', 'Intel Corporation    ', 'Sierra Wireless    ', 'Robert Bosch GmbH    ', 'IBM     ', 'Aeris     ', 'Tesla'

Automotive manufacturers are focusing on adding new connected vehicle technologies to their vehicles and this trend is projected to bolster automotive IoT market growth over the coming years. These advanced features will enhance connectivity which will lead towards the market expansion. Manufactures are also integrating new innovations and are adopting these enhanced features which is attracting a large consumer base, thus propelling the growth of the market. 

Rising Popularity of Electric Vehicles & Autonomous Vehicles: Automotive IoT vendors can focus providing their solutions to electric vehicles and autonomous vehicles, which are increasing in sales around the world. Companies can develop specialized automotive IoT solutions for electric vehicles and autonomous vehicles by collaborating with their manufacturers. The demand and sales of IoT based vehicles is increasing globally. The manufactures can develop advanced IoT technologies that can enhance the performance and features of these vehicles. The new innovations can help in addressing the requirements of these vehicles. Therefore, these companies can help in the growth and can make a strong presence in the automotive IoT market.

North America is holding the largest share in the global automotive IoT market owing to the presence of a supportive IT infrastructure promoting the use of automotive IoT solutions going forward. Rapid adoption of IoT devices in this region and presence of key automotive manufacturers also contributes to North America’s dominance. Canada and the United States are forecasted to be the leading countries for automotive IoT providers in this region. The countries are integrating advanced features in the IoT based automotives such as advanced performance, safety, and connectivity. Government initiatives are also responsible for the region's dominance. 

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