Automotive Internet of Things Market to Generate Revenue of US$ 165.5 Billion
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The automotive IoT market was valued at US$ 19.9 billion in 2016 and is projected to reach US$ 165.5 billion by 2025, according to a new market research report Automotive Internet of Things Market, by Offering (Hardware, Software, and Services), by Connectivity Form Factor (Embedded, Tethered, and Integrated), by Communication Type (In-Vehicle Communication, Vehicle-To-Vehicle Communication, and Vehicle-To-Infrastructure Communication), by Application (Navigation, Telematics, and Infotainment) and by Geography – Global Forecast to 2025, by Coherent Market Insights.
Automotive IoT is an internet connected vehicle that provides in-vehicle, vehicle-to-vehicle and vehicle-to-infrastructure communication. In automotive, the Internet is used for application in infotainment, telematics, and navigation. Increasing installation of infotainment systems is a major factor for growth of IoT technology in the automotive industry. Demand for in-car smartphone integration technologies is increasing and this is expected influence demand for infotainment systems. According to Coherent Market Insights, it is projected that around 65% of the total vehicles are expected to have in-vehicle infotainment systems by 2020, globally. Hence, on the basis of concept of connected cars, new segments have immerged such as Vehicle-to-Pedestrian, Vehicle-to-Infrastructure, Vehicle-to-Vehicle and Vehicle-to-Cloud, which are expected lead to increasing demand for IoT technology in automotive industry.
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Key Takeaways of the Automotive Internet of Things Market:
The global automotive IoT market was valued at US$ 19.9 billion in 2016 and is projected to reach US$ 165.5 billion by 2025, exhibiting a CAGR of 26.57% over the forecast period. This is owing to increasing installation of infotainment systems in vehicles, globally.
Among connectivity form factors, embedded segment held a dominant position in 2016 and is projected to retain its dominance throughout the forecast period. This is owing to high use of embedded systems in various applications such as adaptive cruise control, airbags, in-vehicle entertainment systems etc.
Among communication types, the in-vehicle communication segment held a dominant position in 2016 and is projected to retain its dominance throughout the forecast period. This is owing to increasing installation of route information and road traffic controller systems that provides up-to-date travelling time and the maximum speed limit and other information with the option to choose route and on the basis of real-time information.
North America automotive IoT market held the dominant position in 2016 and is projected to retain its dominance throughout the forecast period. This is due to presence of major automotive companies such as General Motors and Ford in the market. In addition to this, the region is an early adopter of technologies such as IoT, which plays a major role for growth of the market in this region.
Some of the major companies in the global automotive IoT market are Apple, Inc., AT&T Inc., Audi AG, Cisco Systems, Inc., Ford Motor Company, General Motors, Google Inc., Intel Corporation., International Business Machines Corporation, Microsoft Corporation, NXP Semiconductors N.V., Robert Bosch GmbH, Texas Instruments Inc., Thales Sa, and Tomtom N.V.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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