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(Hosting-NewsWire.com, March 17, 2023 ) The Automotive IoT Market is projected to grow from USD 131.2 billion in 2023 and is projected to reach USD 322.0 billion by 2028; it is expected to grow at a CAGR of 19.7% from 2023 to 2028.
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Increasing adoption of connected vehicle technology for reducing fuel wastage along with rising adoption of electric and hybrid vehicles to reduce CO2 emissions is expected to fuel the growth of the automotive IoT market.
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Cloud technologies are present in vehicles in several forms. Through the use of the cloud, vehicles will be able to communicate with one another to prevent accidents and update traffic information and maps. Cloud technology in cars is not new but is evolving very fast due to the cooperation and partnership between the automotive industry and software developers. A remarkable example of how cloud services are applied to a car for important purposes besides entertainment is what Volvo offers to its clients. Using the Volvo On-Call app and cloud-based services, the user can control the vehicle using a smartphone. The smartphone can then be used as a digital key to open and start the car. Also, it can generate and send temporary digital keys to the driver’s family and friends when they need to share the car, pre-heat, or pre-cool the cabin remotely, send route directions, or check the fuel level from any device. The integration of Ford Motor Company with Microsoft Azure for creating Ford Services Network for providing automated software solution is another instance where cloud technology is integrating with infotainment systems. Also, Invisible-to-Visible, or I2V, is a future Nissan Intelligent Mobility technology that merges the real and virtual worlds. By combining information from sensors outside and inside the vehicle with data from the cloud, it helps drivers “see the invisible” – such as what is farther down the road, behind a building, or around the corner.
The market for infotainment application is expected to grow at a significant rate during the forecast period. With the growing demand for luxurious and safe vehicles, manufacturers are increasingly developing vehicles with integrated infotainment systems. These advanced systems offer a combination of entertainment and information for an enhanced vehicle experience in the cabin. The features of an in-vehicle infotainment system include a high-resolution touch screen, smartphone pairing, advanced vehicular functions, and many more. Advanced vehicular functions include features like parking assistance, daytime running lights indicators, and climate control. Thus, in order to integrate all these functions and provide an enhanced luxury
experience, the demand for multimedia streaming is expected to grow.The market for vehicle-to-vehicle systems is expected to grow at the hishest rate. Vehicle-to-vehicle communication allows a vehicle to broadcast its position, speed, steering-wheel position, brake status, and other data to other vehicles. Increasing demand for forward collision warning (FCW), blind spot warning (BSW), lane changing warning (LCW) applications in vehicles are the factors driving the vehicle-to-vehicle communication market. Vehicle to vehicle communication offers safer driving as it provides real time information from one person to another. The devices which are used in order to transfer real time information from the vehicle to the infrastructure makes use of cameras and the RFID readers. The information from the street lights traffic lights and parking meters are also conveyed in an efficient manner. A mesh network is provided for the communication of vehicle to vehicle through the use of wireless signals. The use of communication in the vehicles or through the infrastructure has been an extremely beneficial change which has boosted the sales of automobiles.
In terms of geographic coverage, the automotive IoT market has been segmented into 4 regions, namely, North America, Europe, Asia Pacific and Rest of the World (RoW). The market in Asia-Pacific is expected to grow at the highest CAGR between 2023 and 2028. China, Japan, South Korea, and India are the major contributors to automotive market in Asia-Pacific region. China is the largest automobile market, making it attractive for automotive IoT. The market growth in Asia Pacific can be attributed to the changing government norms regarding the adoption of ADAS and connected services systems. The growth of the IoT Factors such as high adoption rate of IoT in automotives due to their smart features such as fleet management, better monitoring of fuel consumption and travel time, among others, coupled with rising production of IoT enabled automotive in the Asia Pacific region has been instrumental in market growth. Moreover, government initiatives for collecting traffic data for proper monitoring of vehicles have also been beneficial towards adoption of automotive IoT technology in the Asia-Pacific countries.
News Also Covered: https://www.prnewswire.com/news-releases/automotive-iot-market-worth-322-0-billion-by-2028--exclusive-report-by-marketsandmarkets-301771282.html
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