Automotive IoT Market To Reach $566.42 Bn in a Decade

- Advertisement -
- Advertisement -

Advancements in in-vehicle infotainment systems and increasing demand for connected cars and real-time vehicle and traffic data are the major driving forces for this market

Automotive IoT, the technology which integrates the Internet of Things with automotive and is used for vehicle safety, efficiency, and comfort seems to be set on a growth trajectory. Projecting the global automotive IoT market to grow at 16.7% CAGR during the period of 2022-2032, the latest research from Market.us expects the market to touch $566.42 billion by 2032.

As per the report, advancements in in-vehicle infotainment systems and increasing demand for connected cars and real-time vehicle and traffic data are the major driving forces for this market. Geographically speaking, North America is expected to grab the highest market share for the decade, owing to the huge presence of giants and technology there. It is followed by Europe and the Asia Pacific region.

- Advertisement -

IoT technology advancements and government initiatives are also said to play a major role in setting the concerned market on the growth path. But concerns around data privacy and security, lack of standardization, expensive implementation and limited network coverage are providing stiff resistance to rapid adoption and advancements in the field. But, as a silver lining, the report notes that 5G tech, advancing AI, growing demand and the emergence and proliferation of Electric and Hybrid Vehicles provides a fertile ground for automotive IoT to flourish.


 

- Advertisement -

Related Artcles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Exclusive

A New Form Factor Of Two Wheelers Takes Shape In India

0
The logistics sector has become India's biggest adopter of electric vehicles. However, attrition due to physical and mental fatigue is alarming for lease and...
Agriculture drone spraying water fertiliser on the sunflower field

Rising Drone Startups Giving Rise To Balanced Drone Ecosystem, India

0
Ban on drone imports, restrictions on foreign operators, alongside simplified permission processes and relaxed rules for domestic drones drive the Indian drone market.  The Indian...

ICE To EV Transition Likely Boosts Auto Sector Jobs

0
A report by the International Forum for Environment Sustainability and Technology predicts that India's total vehicle production will double by FY31 and triple by...

Buzz

Revfin Collaborates With SUN Mobility For Electric Vehicle Financing

0
Over the course of the next two years, SUN Mobility aims to deploy 100,000 vehicles utilizing the Battery as a Service (BaaS) model. SUN Mobility...
SK Hynix

SK Hynix Starts Mass Production Of HBM3E High-Bandwidth Memory Chip

0
The chip offers a 10% improvement in heat dissipation and can process up to 1.18 terabytes of data per second. SK Hynix Inc has initiated...

Govt May Sue 3 Firms For FAME Subsidy Repayment

0
The Govt may take legal action against Hero Electric, Okinawa Autotech, and Benling India for failing to repay wrongly obtained FAME subsidies totalling around...

Important Sectors

Roadmap To India’s Semiconductor Productisation

0
As India strides towards semiconductor prowess, it invites us to ponder: Can this journey redefine global innovation and economic landscapes? India, traditionally known for its...

A New Form Factor Of Two Wheelers Takes Shape In India

0
The logistics sector has become India's biggest adopter of electric vehicles. However, attrition due to physical and mental fatigue is alarming for lease and...

Revfin Collaborates With SUN Mobility For Electric Vehicle Financing

0
Over the course of the next two years, SUN Mobility aims to deploy 100,000 vehicles utilizing the Battery as a Service (BaaS) model. SUN Mobility...

Govt May Sue 3 Firms For FAME Subsidy Repayment

0
The Govt may take legal action against Hero Electric, Okinawa Autotech, and Benling India for failing to repay wrongly obtained FAME subsidies totalling around...

Grid-Connected Solar Inverters To Be Star-Labelled

0
The implementation of this programme is anticipated to result in energy savings of 21.1 billion kWh. There will be a reduction in carbon...

Manufacturing

Altmin India Partners With WMG To Advance Battery Tech

0
Altmin and WMG will collaborate to strengthen their global battery materials supply chain position by optimizing cathode materials and developing diverse cell designs across...

EVs To Cost Less Than Gas Vehicles by 2027, Says Gartner

0
Gartner predicts a faster decline in production costs compared to battery costs, which represent the most significant expense in an electric vehicle, accounting for...
MG

MG Motor To Set Up Battery Assembly Unit At Halol Facility

0
The company plans to investigate battery cell production in collaboration with external partners. Automaker MG Motor India is actively exploring the possibility of assembling and...

Servotech Boosts India’s EV Charging Infrastructure With Manufacturing Facility

0
The new facility is poised to start with an annual production capacity of 24,000 power modules and plan to scale up to 2.4 lakh...

Uno Minda Prepares For Expected Surge In Aftermarket Parts Demand

0
Rakesh Kher, CEO of Uno Minda's Aftermarket Division, notes that the availability of EV replacement parts in the aftermarket will not be immediate. Uno Minda,...