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.
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.
