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

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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).

Automotive IoT companies should focus on integrating advanced and smart technologies to maximize their sales potential going forward. Collaborations, partnerships, mergers, and acquisitions are predicted to be crucial strategies for automotive IoT companies looking to maximize their market presence and share in the future. 'Thales', 'Texas Instruments Inc.', 'Audi', 'AT&T', 'Cloudmade', 'Qualcomm', 'Apple', 'TomTom International BV', 'Cisco System Inc.', 'Ford Motor', 'Visteon', 'Vodafone', 'NXP Semiconductors', 'Alphabet Inc.', 'Microsoft Corporation', 'Intel Corporation', 'Sierra Wireless', 'Robert Bosch GmbH'

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.

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.

North America is estimated to account for a substantial share of the 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.

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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

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