Product ID: SQMIG45I2195
Automotive IoT Market Size, Share, Growth Analysis, By Communication(Vehicle to Vehicle, In vehicle communication), By Connectivity(Embedded, Tethered), By Application(Navigation, Infotainment), By End Use(OEM, Aftermarket) - Industry Forecast 2024-2031
Report ID:
SQMIG45I2195 |
Region:
Global |
Published Date: May, 2024
Pages:
220
|
Tables:
117 |
Figures:
75
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).
The use of connected devices, software, sensors, and cloud computing in vehicles in any form is known as automotive IoT (Internet of Things). 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. On the contrary, lack of standardization and cybersecurity concerns are estimated to hamper automotive IoT market development potential in the long run.
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