Internet of Things in Automotive Market to grow at a CAGR of 26.7 percent reaching USD 529.93 Bn by 2029 Technological Advancement, Investment Opportunities, Growth Hubs
Pune, 06, Dec, 2022: The report analysed by Maximize Market Research, the global information technology and telecommunications market research firm. Internet of Things in Automotive Market covers an extensive competitive and pricing analysis in the report. Europe is expected to witness significant growth according to the report. During the Forecast period, the report expects the market to grow from USD 79.80 Billion in 2021 to USD 529.93 Billion in 2029 at a CAGR of 26.7 percent.
Internet of Things in Automotive Market Scope and Research Methodology
The report on the Internet of Things in Automotive Market provides concise and accurate data and analysis on the Internet of Things in Automotive Market with current market highlights and industry trends. To get a better understanding of the dynamic market, the report covers the key insight such as market drivers, restraints, challenges and opportunities prevailing in the Internet of Things in Automotive Market. Regional analysis of the market is conducted at local, regional and global levels for a better understanding of the market penetration, competitive structure, pricing and demand analysis. The report also covers the strategies followed by key players and gives their analysis based on their growth in the last five years in the industry which helps investors and major companies formulate their investment and marketing strategies.
Since the Internet of Things in Automotive Market also produces smart electric vehicles, the report looks into the government initiatives offered and undertaken in various regions. The report also provides the opportunities prevailing in the Internet of Things in Automotive Market concerning the entry in the market.
For grasping the underlying factors that affect the growth and the fall of the Internet of Things in Automotive Market, a competitive analysis is presented. Key manufacturers in the market are profiled based on the revenue generated, region, financial status, portfolio, technological advancements adopted, mergers and acquisitions, joint ventures and strategic alliances. This helps clients to perceive their direct and indirect consumer base along with market penetration and demand and pricing analysis. It also aids clients to understand the new marketing tactics that are being used by their competitors, and new technological advances adopted by them.
For an in-depth analysis of the services being offered, a segment-wise analysis of the Internet of Things in Automotive Market is conducted by solution, technology and end-use. Data is collected employing both primary and secondary research methods. Surveys, administering questionnaires and telephonic interviews with industry specialists, market leaders, entrepreneurs and marketing professionals were included in the primary methods. Secondary data was collected from a curated selection of sources for maximum reliability of the inferences. This includes official databases of various organisations and government sites, industry journals, white papers, annual reports, releases of product manufacturers and suppliers in the industry along with paid databases.
SWOT, PESTLE and Porter’s Five Force analysis were conducted to understand the threats of substitution and entry with market gaps in the market. The qualitative methods of analysis present internal and external factors affecting the Internet of Things in Automotive Market. The report thus provides a comprehensive analysis of the Internet of Things in Automotive Market.
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Internet of Things in Automotive Market Overview
The automotive market has incorporated the IoT into its functioning making it a ‘smart’ industry. Complex devices such as sensors, GPS, and cameras are all connected to cloud services. This enables the manufacturers to get real-time data, thereby optimizing the manufacturing and management process. Smart transportation is an example with features like predictive maintenance, AI driving assistance, road safety measures and other advanced features and settings, reducing human error and heightened quality.
Internet of Things in Automotive Market Dynamics
The incorporation of IoT provides real-time traffic, parking and alternative routes information, available public transportation and congestion in traffic. Such data aids in better traffic management. Other features include automatic parking of vehicles and information about sites where accidents took place, informing and making people aware. Such features are expected to drive the Internet of Things in Automotive Market growth.
For the business sector, it provides data that is analysed and feeds information that helps them devise a sound supply chain, manufacturing processes, shipments and other deploying facilities in the industry. Further technological advancements in the Internet of Things in Automotive Market are expected to increase the demand.
The growth of the Internet of Things in Automotive Market is aided by government support in the form of policies and schemes. This also helps build a robust infrastructure for the Internet of Things in Automotive Market. The increase in demand for smart cars is expected to fuel the Internet of Things in Automotive Market growth over the forecast period.
Internet of Things in Automotive Market Regional Insights
Europe dominated the Internet of Things in Automotive Market in 2021. Growth in the region is attributed to rapid technological advancements and the strong presence of major market players. The Asia-Pacific region is also expected to experience growth on the account of economic growth in developing economies, increasing high-speed network connections and technological advancements in the market.
Catching up with Europe is North America which is expected to have significant growth during the forecast period. The market is being led by U.S. and Canada with research and development conducted. The region is also witnessing growth on the account of increased demand for smart cars.
Internet of Things in Automotive Market Segmentation:
By Connectivity Type:
By Communication Type:
- Vehicle to vehicle
- Vehicle to infrastructure
Internet of Things in Automotive Market Key Competitors include:
- Vodafone Group Plc
- Texas Instruments Inc
- Intel Corporation
- NXP Semiconductors N.V.
- IBM Corporation
- Cisco Systems Inc
- General Motors
- Audi Ag
- AT&T Inc
- Google Inc
- Evoke Motorcycles
Key questions answered in the Internet of Things in Automotive Market are:
- What is Internet of Things in Automotive?
- What is the current growth rate of the Internet of Things in Automotive Market?
- What is the growth rate of Internet of Things in Automotive Market for the forecast period?
- What is the nature of competition in Internet of Things in Automotive industry in developed and developing economies?
- Who are the key players in the Internet of Things in Automotive Market?
- Who are the market leaders in Internet of Things in Automotive in Europe?
- Who are the market leaders in Internet of Things in Automotive in USA and Canada?
- Who are the market leaders in Internet of Things in Automotive in India, China, Japan and South Korea?
- What are the factors affecting growth in the Internet of Things in Automotive Market?
- Who held the largest market share in Internet of Things in Automotive Market?
- What are the factors for the growth of Asia-Pacific region in Internet of Things in Automotive Market?
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- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Application, Connectivity, Communication, Offering and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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