DUBLIN--(BUSINESS WIRE)--Mar 16, 2020--

The global automotive IoT market is expected to reach $541.73 billion by 2025, growing at a CAGR of 16.4% during the forecast period of 2019 to 2025.

The growth in this market is mainly attributed to the growing demand for connected vehicles; government initiatives for smart cities & smart traffic management system; funding and approvals for autonomous vehicle testing; demand for infotainment and real time vehicle tracking system; and adoption of road vehicle safety solutions.

Key questions answered in the report:

  • Which are the high growth market segments in terms of the offering, application, connectivity, end-user, and countries?
  • What is the historical market for automotive IoT across the globe?
  • What are the market forecasts and estimates from the period of 2019-2025?
  • What are the major drivers, restraints, and opportunities in the global automotive IoT market?
  • Who are the major players in the global automotive IoT market and what share of the market do they hold?
  • Who are the major players in various countries and what share of the market do they hold?
  • How is the competitive landscape?
  • What are the recent developments in the global automotive IoT market?
  • What are the different strategies adopted by the major players in the global automotive IoT market?
  • What are the geographic trends and high growth countries?
  • Who are the local emerging players in the global automotive IoT market and how do they compete with the other players?

The study offers a comprehensive analysis of the global automotive IoT market with respect to various product offerings, connectivity, applications, end users, and geographies. The global automotive IoT market is segmented on the basis of offering (component, platforms, IoT services, and IoT solutions); connectivity (tethered, integrated, embedded); application (infotainment, fleet management, predictive maintenance, vehicle security, automatic driver assistance system (ADAS), traffic management, and others); and end user (original equipment manufacturers, aftermarket). The study also evaluates industry competitors and analyses the market at a country level.

Based on the offering, the platform segment is the largest as well as the fastest growing segment during the forecast period. The fast growth of this segment is mainly attributed to the high adoption in both developed and developing countries for monitoring the data generated from connected vehicles. Also, factors such as increasing demand for data storage over the cloud and connected devices in the IoT ecosystem further helps to drive the growth of the automotive IOT platform market.

Based on end user, the original equipment manufacturers (OEMs) segment commanded the largest share of the overall automotive IOT market in 2019. The large share of this segment is mainly attributed to the government mandates in various countries to implement IoT features such as GPS, e-calls, and vehicle tracking systems in vehicles; growing need to improve the driver & passenger travel experience; and consumers' demand for smartphone features in cars.

Geographically, the global automotive IoT market is segmented into five major geographies, namely North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. The Europe commanded the largest share of the overall automotive IoT market in 2019. However, Asia-Pacific region is expected to witness the rapid growth during the forecast period. The growth of this region is mainly driven by the rapidly developing economies, broadening internet connectivity and high-speed networks, technological developments in the automotive sector, and government initiatives for smart cities & smart traffic management system.

Market Dynamics

Drivers

  • Growing Demand for Connected Vehicle
  • Government Initiatives
  • Focus on Smart Cities & Smart Traffic Management System
  • Approval & Fundings for Autonomous Vehicle Testing
  • Increasing Demand for Infotainment and Real-Time Vehicle Tracking System
  • Rising Adoption of Road Vehicle Safety Solutions

Restraints

  • High Cost for IoT Connectivity
  • Lack of Cellular Connectivity Coverage

Opportunity

  • Growing Demand for Driverless Vehicle
  • Growing Demand for Predictive Maintenance Technology

Challenges

  • Security Concerns Regarding IoT
  • Challenges Pertaining to Data Management

Trend

  • Adoption of Smart IoT Technologies by Key Players

Companies Profiled

  • Nxp Semiconductors N.V.
  • American Telephone & Telegraph Company (At&T Inc)
  • TomTom International B.V.
  • Texas Instruments Incorporated
  • Microsoft Corporation
  • Cisco Systems, Inc.
  • Intel Corporation
  • International Business Machines (IBM) Corporation
  • Google (Alphabet Inc.)
  • Apple Inc.
  • Robert Bosch GmbH

For more information about this report visit https://www.researchandmarkets.com/r/lomteg

Laura Wood, Senior Press Manager

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SOURCE: Research and Markets

Copyright Business Wire 2020.

PUB: 03/16/2020 08:01 AM/DISC: 03/16/2020 08:01 AM

Copyright Business Wire 2020.