The Europe Automotive IoT Market would witness market growth of 18.9% CAGR during the forecast period (2023-2029).
The automotive Internet of Things has revolutionized the sector because it is evolving and growing quickly. The Internet of Things makes driving and traveling more efficient and safer. From the perspective of connecting vehicles via the automotive Internet of Things, vehicles connected to the Internet can identify issues and prevent system failure.
Inconveniences of any kind during a vehicle breakdown situation can be simply avoided by doing this. In addition to lowering the cost of upkeep and repair, preventative maintenance also saves the manufacturer money on warranty costs. Also, the connectivity of surrounding infrastructure and automobiles aids in preventing accidents and mishaps. Secure travel is ensured by automotive IoT, which additionally gives in a deeper understanding of traffic conditions and potential dangers.
The European Commission promotes technical harmony and funds R&D to boost the automotive industry's competitiveness and retain its technological leadership. Also, there has been a rise in the number of vehicles bought by local companies. Also, these vehicles are utilized for shipping items bought online. Therefore, the need for a more contemporary distribution network rises as e-commerce spreads across Europe. Germany is a significant European automotive hub, with the BMW Group, VW Group, and Daimler Group among its reputable automakers. In Europe, the nation is a significant producer of light commercial vehicles. The automotive IoT market is anticipated to grow in the region with the rise of the automotive industry.
The Germany market dominated the Europe Automotive IoT Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $22,223.8 million by 2029. The UK market is anticipated to grow at a CAGR of 17.9% during (2023 - 2029). Additionally, The France market would exhibit a CAGR of 19.8% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
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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