Automotive Internet of Things Market to Grow Exponentially over 2025
IoT aids in converting large volume of data into meaningful and actionable knowledge and aids in increasing transportation efficiency, automotive safety etc. Rising demand for improving driver’s comfort, safety of passenger, and others has led to increasing adoption of IoT in the automotive sector. Various application of IoT in automotive include intelligent transportation systems, self-driving (autonomous) cars, smart fleet management etc. and increasing demand for these has led to growth of the market.
Increasing deaths due to automotive collisions is a factor for rising adoption of IoT in the automotive industry
One of the major factors for automotive collisions is human errors. According to Coherent Market insights, around 90% of automotive crashes in the U.S. are caused due to human errors. In order to reduce collisions due to human error, manufacturers are focusing on developing self-driving vehicles. For instance, Alphabet Inc. — the parent company of Google, Inc. —invested US$ 1.1 billion for the development of self-driving cars in the period of 2009–2015. These vehicle sense its environment and navigates without human input, thus reducing the chances of crashes. 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. Moreover, according to World Health Organization, over 37,000 people dies in road crashes per year. In addition to this, self-driving vehicle and intelligent transportation systems aid in reducing fuel consumption and also autonomously plot alternate routes in order to avoid traffic bottlenecks. This has also led to rising demand for IoT in the automotive industry. According to Coherent Market Insights, In the U.S., a commuter spends 38 hours every year stuck in traffic, leading to additional consumption of 2.9 billion gallons of fuels.
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North America held the dominant position in the market in 2016
North America held a dominant position in the market in 2016 and is projected to retain its dominance throughout the forecast period. The U.S. and Canada are the major growth engines in the region. Increasing deployment of driverless cars is one of the major factors for growth in this region. For example in 2017, Volvo have announced that they will supply 24,000 self-driving cars to Uber. Moreover, presence of leading companies in this region is another driving factor for growth of the automotive IoT market in this region for example Apple, Inc., AT&T Inc, Cisco Systems, Inc etc.
Asia Pacific is projected to be fastest growing market for IoT automation over the forecast period, with India, China, and Japan positioned as the major growth engines in the region. This is mainly attributed to increasing consumer spending power and the region emerging as one of the largest manufacturing hubs for automotive.
Key Companies- Global Automotive Internet of Things Market
Some of the major companies in the global automotive IoT market are 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.
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About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies and potential absolute dollar opportunity.
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