North America is expected to hold the dominant position in the global automotive internet of things market and this is attributed to the growing deployment of driverless cars ”
— Coherent Market Insights
NEW JERSEY, UNITED STATES, November 23, 2021 /EINPresswire.com/ — Description
The automotive IoT market was valued at US$ 19.9 billion in 2016 and is projected to reach US$ 165.5 billion by 2025
The “”Global Automotive Internet of Things market Size, Status, and Forecast 2027″” study from CMI provides an overview of the global Automotive Internet of Things market. This section illuminates the primary impact-rendering factors and restrictions limiting expansion. It enables people to comprehend various flaws and how they may obstruct future growth. This section is one of the most important in the report since it explains how many macro and microeconomic factors affect growth. The research also discusses the role of several sectors in the expansion, including small-scale and large-scale operations. Furthermore, industry specialists have presented current trends and prospects that are expected to boost growth in the next years.
The Automotive Internet of things (“IoT”) refers to a global network of connected physical devices and components around the world interconnected via the web. These devices are usually equipped with Internet-enabled sensors which provide continuous data collection and transfer. The devices may include any one of a variety of technologies, including computers, consumer electronics, medical devices, or even vehicle engines. The systems are capable of sensing and interpreting data and processing them for usage in a dynamic way. These networks are used in many different industries, including automotive maintenance, fleet management, customer service, or distribution. In short, an automobile’s onboard computer is used to collect data, process them, and present them to the right party or parties in real-time.
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Major Key players in this Market:
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.
Increasing cases of automobile collisions due to human error is fostering the growth of the automotive internet of things market. According to the World Health Organization, approximately 1.35 million people die each year as a result of road traffic crashes. In order to reduce collision key players are developing self-driving vehicles. For instance, in October 2020, Ford Motor plans to launch its self-driving commercial business in 2022 with vehicles based on the Ford Escape Hybrid crossover. According to Coherent Market Insights analysis, 10% of self-driving vehicles of the total vehicles could decrease deaths by 1,100 in the U.S. caused due to collision and save US$ 38 billion per year.
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.
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In January 2021, Tata Consultancy Services a global IT services, consulting, and business solutions organization, has launched the Autoscape™ solution suite to enable connected and autonomous vehicle ecosystem players – such as automotive OEMs, suppliers, fleet owners, and start-ups
In September 2020, TomTom releases new tech for autonomous vehicles to better manage roads and weather
In October 2020, Tesla has announced its plan to launch a self-driving vehicle
Coherent Market Insights Pvt. Ltd.
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November 23, 2021, 09:28 GMT
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