London, Jan. 15, 2020 (GLOBE NEWSWIRE) -- According to a new market research report titled, ’Automotive IoT Market by Platform (Data Management), Component (Sensor, GPS, Bluetooth, Wi-Fi), Data Converter (ADC), Connectivity (Embedded), End User (OEM), and Application (ADAS, Fleet Management, Infotainment) – Global Forecast to 2025’’, the global automotive IoT market is expected to grow at a CAGR of 16.4% from 2019 to 2025 to reach $541.73 billion by 2025.
IoT devices are used in the automotive sector to create innovative solutions and applications which can make vehicles smarter and intelligent, facilitating safe, efficient, and comfortable driving. IoT connects people, vehicles, auto parts, machines, and services to make the efficient flow of data, allow real-time decisions, and improve automotive experiences. In order to achieve this, leading automotive manufacturers, suppliers, and dealers have started investing heavily in the Internet of Things. Growing demand for connected vehicles, government initiatives for smart cities & smart traffic management systems, approvals & funding for autonomous vehicle testing, demand of infotainment and real-time vehicle tracking system, and adoption of road vehicle safety solutions are the key factors driving the growth of the global automotive IoT market. However, high cost for IoT connectivity and lack of cellular connectivity coverage obstructs the growth of this market to a certain extent.
Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5071
The global automotive IoT market study presents historical market data in terms of value (2017 and 2018), estimated current data (2019), and forecasts for 2025. The 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 growth of this segment is mainly attributed to its 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 application, infotainment application is estimated to account for the largest share of the overall automotive IoT market in 2019. However, predictive maintenance application is expected to witness rapid growth during the forecast period. The rapid growth of this segment is primarily attributed to increasing demand for predictive maintenance technology from fleet companies to avoid downtime as well as growing adoption of this technology in luxury vehicles as it optimizes engine performance and monitors and predicts ambient conditions, fuel consumption, and other factors for ideal performance.
Based on end-user, the Original Equipment Manufacturers (OEMs) segment is projected to grow at the fastest CAGR during the forecast period. The fast growth 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, Europe is estimated to command the largest share of the overall automotive IoT market in 2019. The large share of Europe is primarily attributed to the presence of major automotive companies and their focus on IOT, European Government’s initiative to increase the IoT adoption in automotive; funding for autonomous vehicle testing facilities; and presence of strict telematics regulations. However, Asia Pacific region is expected to witness rapid growth during the forecast period. The rapid growth of this region is mainly attributed to the growing government initiatives for smart cities & smart traffic management systems. For instance, the government of India is working on the intelligent traffic system project in Delhi. The new project, which will cost around ₹1,000 crores (approx. $145.1 million), will aim to refit the current traffic system in Delhi. Moreover, factors such as rapidly developing economies, broadening internet connectivity and high-speed networks, and technological developments in the automotive sector are also supporting the growth of the automotive IOT market in Asia Pacific region.
The report also includes extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past 4 years (2016–2019). The automotive IoT market has witnessed number of product launches in recent years. For instance, in March 2019, TomTom launched the industry’s first High Definition (HD) map horizon for automated driving. This HD map horizon helps vehicles to build highly accurate virtual picture of the road ahead, enhancing driver safety and comfort. Similarly, in September 2018, NXP Semiconductors N.V. introduced its newest NTAG DNA tag chip that deliver privacy enabled, multi-layered security for NFC and IoT authentication applications.
The global automotive IoT market is consolidated and dominated by a few major players, namely Texas Instruments Inc. (U.S.), NXP Semiconductors N.V. (The Netherlands), Intel Corporation (U.S.), Tom Tom N.V. (The Netherlands), Cisco Systems, Inc. (U.S.), Microsoft Corporation (U.S.), IBM Corporation (U.S.), Google Inc. (U.S.), AT&T Inc. (U.S.), Apple, Inc. (U.S.), and Robert Bosch GmbH (Germany), among others.
Browse key industry insights spread across 277 pages with 287 market data tables & 53 figures & charts from the market research report: https://www.meticulousresearch.com/product/automotive-iot-market-5071/
Scope of the report
Automotive IoT Market by Offering
- Digital Signal Processors (DSP)
- In-Dash Infotainment Head Unit
- Temperature Sensors
- Humidity Sensors
- Pressure Sensors
- Proximity Sensors
- Magnetic Sensors
- Wireless Communication
- Global Positioning System (GPS)
- Low Power Wireless Network (LPWN)
- IoT Gateway
- Data Converter
- Analog-to-Digital Converters (adcs)
- Digital to Analog Converters
- Device Management
- Data Management
- Network Management
- IoT Services
- Professional Services for IoT
- Cloud Services
- IoT Solutions
- Real-Time Streaming Analytics
- Security Solutions
Automotive IoT Market by End User
- Original Equipment Manufacturers
Automotive IoT Market by Application
- Fleet Management
- Predictive Maintenance
- Vehicle Security
- Automatic Driver Assistance System
- Traffic Management
Automotive IoT Market by Connectivity
- Tethered Connectivity
- Integrated Connectivity
- Embedded Connectivity
Automotive IoT Market by Geography
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- The Middle East and Africa
Request Sample Report@ https://www.meticulousresearch.com/request-sample-report/cp_id=5071
Automotive Artificial Intelligence Market - Global Opportunity Analysis and Industry Forecast (2019-2025)
Digital Transformation Market - Global Opportunity Analysis and Industry Forecast (2019-2025)
About Meticulous Research®
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze and present the critical market data with great attention to details.
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, with the help of its unique research methodologies, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa regions.
With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
Mr. Khushal Bombe
Direct Lines: +1-646-781-8004 (North America)
+91 744-7780008 (Asia-Pacific)
Visit Our Website: https://www.meticulousresearch.com/
Meticulous Research® Blog: https://meticulousblog.org/
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research