IoT is enhancing automobile interactions. This is aiding to get real-time information that assist driver to maintain on-road safety. For example, connected cars have sensors that assist driver to analyse immediate surroundings, and calculate distance between cars and other safety parameters. IoT make these processes seamless. The automobile industry is noted to adopt automation technology for developing intelligent car models. The significance of IoT lies therein. Infotainment system are thriving on IoT, as it provides enhanced driving experience to both driver and passenger. These forces are expected to cast a strong positive influence on the worldwide market of IoT in the automobile. Other factors such as hike in per capita income, increase in comfort threshold, and surge in demand for luxurious car, and technical upgradations and development are expected to benefit the market.
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Ford Motor Company (U.S.), Intel Corporation (U.S.), Texas Instruments Inc. (U.S.), TOMTOM N.V. (Netherlands), NXP Semiconductors N.V. (Netherlands), Cisco Systems Inc. (U.S.), IBM Corporation (U.S.), Thales SA (France), Microsoft Corp. (U.S.), Vodafone Group (U.K.), AT&T Inc. (U.S.), Google Inc. (U.S.), Apple Inc. (U.S.), Robert Bosch GmbH (Germany), Audi AG (Germany), General Motors (U.S.), and others are noteworthy companies that are functional in the global IoT in the automobile market.
August 2019 Samsonite, one of the leading luggage bag manufacturers, unpacked its connected trolley bag innovation.
Xevo, a leader in automotive IoT deployments, partnered with Hyundai, a South Korean based multinational automotive manufacture. The partnership would offer customers in-vehicle commerce.
The worldwide market for IoT in the automobile has been segmented on the basis of communication type, offerings, and applications.
Based on communication, the market can be segmented into vehicle to vehicle, in-vehicle, and vehicle to infrastructure. The in-vehicle segment accounted for the major share of the market owing to the higher degree of accuracy in providing route information to a user. The flexibility offered for obtaining both on road and road-traffic controller updates is also expected to promote the segment growth over the review period.
Based on application, the market has been segmented into navigation, infotainment, and telematics. The infotainment segment projected to thrive at a high CAGR over the review period. The rapid expansion of the infotainment segment can be attributed to inclusion of higher integrity, speedy connectivity, intuitive and multi-modal user interfaces offered by IoT in infotainment systems.
Based on offering, the market has been divided into hardware and software services.
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The IoT in the automobile market growth pattern has been scrutinized across Europe, Asia Pacific, North America, and the Rest of the World (RoW).
The North America market accounted for the major share for the worldwide IoT in automobile market due to quick formulation and early adoption of technologies. High-cash tech-giants residing in the region and firm ICT base of the region are encouraging innovations in the automotive industry. The emergence of connected vehicle ecosystem is one such exhibit. IoT streamlining transportation process is another factor that is expected to benefit the North America IoT in the automobile market.
Hike in purchase power and rise in the sales volume of luxurious cars, in developing economies such as China and India, and likely to surge the IoT in the automobile market. High capital investing and quick adoption of latest technologies by the automotive and the transportation sector are likely to amplify the APAC market expansion.
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