The Latin America, Middle East and Africa Automotive IoT Market would witness market growth of 26.2% CAGR during the forecast period (2023-2029).
The market for automotive IoT is anticipated to increase as smart devices are increasingly used, particularly in cars. Therefore, the production of cars with software integration is a focus for the major automakers. In addition, automotive IoT will expand due to the need to gather real-time data that is very helpful to drivers. Vehicle-to-infrastructure communication, in-vehicle communication, and vehicle-to-vehicle communication are three types of internal & external communication promoted by the growing popularity of the Internet of Things in the automotive industry.
The main driver fueling the growth of the automotive IoT market is government financing and support from automobile manufacturers for next-generation vehicle-to-vehicle or vehicle-to-infrastructure communication technologies. Other factors anticipated to fuel the growth of the automotive IoT market include maintenance alerts, a rise in the demand for smart devices, an increase in the number of telematics orders from governments, and a desire for smartphone features in vehicles. In addition, ample chances will also be created for the automotive Internet of Things (IoT) market through real-time incident and traffic warnings and an increase in R&D costs.
Luxury vehicles are used as status symbols by the United Arab Emirates high society. More people than anyplace else in the globe reside in the UAE, where they enjoy a higher standard of living. Moreover, Dubai does not impose income taxes on its citizens' earnings. The UAE's luxury products’ demand is expanding as a result, particularly for automobiles. The demand for luxury cars is rising quickly in the United States, which could be due to higher consumer per capita income, excellent road conditions, or advantageous tax regulations. As a result, the regional market's growth will be aided by the expansion of the automotive sector throughout the forecast period.
The Brazil market dominated the LAMEA Automotive IoT Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $7,833.2 million by 2029. The Argentina market is experiencing a CAGR of 26.8% during (2023 - 2029). Additionally, The UAE market would showcase a CAGR of 25.8% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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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