What is the global market size of Automotive IoT Market?

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).

Who are the key vendors in the Automotive IoT Market?

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'

What is the key driver of Automotive IoT Market?

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.

What is the key market trend for Automotive IoT 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.

Which region accounted for the largest share in 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.

Automotive IoT Market Regional Analysis

Skyquest Technology's expert advisors have carried out comprehensive global market analysis on the automotive iot market, covering regional industry trends and market insights. Our team of analysts have conducted in-depth primary and secondary research to provide regional industry analysis and forecast of automotive iot market across North America, South America, Europe, Asia, the Middle East, and Africa.

Automotive IoT Market Regional Insights

North America is estimated to lead automotive IoT adoption on a global level. Higher purchasing power and quick adoption are two key factors that help this region become a leader in the automotive IoT market. The presence of key automotive and IoT devices companies and increasing collaboration between them is also helping the region's dominance. High investments in the R&D of autonomous vehicles and rapidly expanding connected vehicle fleet are also providing good growth potential for automotive IoT companies in North America.

Asia Pacific emerges as the fastest-growing regional market for automotive IoT companies through 2031 and beyond. The region is known as a major hub for automotive manufacturing and is home to some of the most renowned automotive giants in the world, which helps it promote automotive IoT demand. China, Japan, South Korea, and India are expected to be the top markets for automotive IoT companies in the future. Rapidly surging sales of electric vehicles and growing demand for smart vehicles will also boost automotive IoT demand in the Asia Pacific region over the coming years.

Automotive IoT Market Report Snapshots

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FAQs

Automotive IoT Market size was valued at USD 125.32 Billion in 2023 and is poised to grow from USD 153.52 Billion in 2024 to USD 778.46 Billion by 2032, growing at a CAGR of 22.5% during the forecast period (2025-2032).

The global automotive IoT market is projected to emerge as highly opportune owing to rising investments in digitization and electrification of the automotive industry. The launch of new automotive IoT solutions is projected to be the prime focus of all automotive IoT market players. Integration of advanced technologies to improve the overall driving experience using automotive IoT products will also provide new opportunities for automotive IoT companies going forward. Collaborations with automotive companies will be highly vital for automotive IoT providers in the long run. 'Thales ', 'Intel Corporation ', 'NXP Semiconductors ', 'Texas Instruments Inc. ', 'Microsoft Corporation ', 'General Motors ', 'Visteon ', 'Robert Bosch GmbH ', 'Aeris ', 'Tata Communications ', 'Vodafone ', 'Cloudmade ', 'Qualcomm ', 'Sierra Wireless ', 'TomTom International BV ', 'Cisco System Inc. ', 'Harman ', 'Apple ', 'IBM ', 'Tesla'

Popularity and demand for connected cars has increased rapidly around the world for their modern safety and infotainment features. Automotive IoT systems and solutions are a crucial part of connected vehicles, and this is projected to bolster market growth going forward.

Use of 5G Technology: Automotive IoT companies should focus on the development of novel solutions that utilize the revolutionary 5G technology. Creation of new automotive IoT hardware and software to leverage the capabilities unlocked by 5G technology will be the prime focus of almost all market players in the long run.

North America is estimated to lead automotive IoT adoption on a global level. Higher purchasing power and quick adoption are two key factors that help this region become a leader in the automotive IoT market. The presence of key automotive and IoT devices companies and increasing collaboration between them is also helping the region’s dominance. High investments in the R&D of autonomous vehicles and rapidly expanding connected vehicle fleet are also providing good growth potential for automotive IoT companies in North America.

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