The Asia Pacific Automotive IoT Market would witness market growth of 20.6% CAGR during the forecast period (2023-2029).
In the case of an accident, the automotive Internet of Things instantly transmits live data about the scene, potentially saving lives. Data is quickly becoming the most valuable asset, driving several sectors, and a connected region is the emerging trend in practically every business sector. For example, automation results from technological advancements and the automotive industry's transformation by vehicle-to-vehicle connectivity. The Internet of Things (IoT) deployment makes it simple to determine operating cycles and times and makes it possible to use resources efficiently.
Although the idea of the automotive Internet of Things (IoT) is not new, faster data transfer, better connectivity infrastructure, and greater electronics integration in the automotive application have greatly expanded their potential. As a result, it is anticipated that IoT will be a standard feature in all vehicles in the not-too-distant future. This idea has become increasingly common, with most major companies keen to seize the market by developing cutting-edge technologies that provide consumers with easy-to-use features. In other words, the automotive IoT market will be driven by technology advancements in the auto sector.
The auto industry is a major pillar of the Indian economy. With solid forward and backward linkages, it is a sizable growth engine. The government's deliberate interference and deregulation over the past few years have contributed to the automobile industry's growth. As a result of these measures, there are many new businesses and a vibrant, competitive market. As a result, the sector's contribution to the country's GDP rose from 2.77 percent in 1992-1993 to around 7.1 percent in 2014–15. Additionally, as disposable income has expanded in the developing Asia Pacific countries, there has been a surge in demand for passenger automobiles with cutting-edge services. This is anticipated to promote regional automotive IoT market expansion.
The China market dominated the Asia Pacific Automotive IoT Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $28,483.6 million by 2029. The Japan market is estimated to grow a CAGR of 19.9% during (2023 - 2029). Additionally, The India market would experience a CAGR of 21.4% during (2023 - 2029).
Based on Application, the market is segmented into Infotainment, Navigation, and Telematics. Based on Connectivity Form, the market is segmented into Embedded, Tethered and Integrated. Based on Offering, the market is segmented into Software (Platforms and Solutions), Hardware (Semiconductor Components and Connectivity IC's) and Services. Based on Communication Type, the market is segmented into In-vehicle Communication, Vehicle-to-Vehicle Communication and Vehicle-to-Infrastructure Communication. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Automotive IoT Market is Projected to reach USD 340.8 Billion by 2029, at a CAGR of 19.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Intel Corporation, Robert Bosch GmbH, NXP Semiconductors N.V., STMicroelectronics N.V., Infineon Technologies AG, Texas Instruments, Inc., TomTom N.V., Harman International Industries, Inc. (Samsung Electronics Co., Ltd.), Renesas Electronics Corporation and EUROTECH S.p.A.
By Application
By Connectivity Form
By Offering
By Communication Type
By Country
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