The North America Automotive IoT Market would witness market growth of 18.2% CAGR during the forecast period (2023-2029).
Vehicles are now definitely connected to data streams. Also, the automotive sector has a longer and more extensive track record of success than any other sector regarding bridging technology and drivers. According to estimates, autonomous vehicles will alter the automotive IoT market. In addition, the demand for smart gadgets will rise due to maintenance alerts, a growth in governmental telematics orders, and a demand for vehicle smartphone features.
As a result, the automotive IoT market is expected to increase, but it is expected to be constrained by a lack of cellular connectivity coverage and competitive pricing. Aside from that, automated infotainment systems for vehicles are also becoming a necessary component due to the rise in the per capita income of the population. The expectation is that, with the aid of automotive IoT technologies, people's digital lifestyles will also extend to their vehicles. The automotive IoT market should benefit from these.
The regional governments are making several efforts to address climate change, increase coverage of renewable energy sources, and lessen their countries' reliance on oil. In response, the American administration presented several historically significant projects that will be carried out by the federal government, private industry, and the states. These activities, including a new framework for collaboration between producers, electric vehicle charging providers, electric utilities, and states, are intended to hasten infrastructure development for charging electric vehicles. Likewise, the U.S. industry for making electric vehicles is expanding, creating new business opportunities & supporting thousands of labor jobs across the country. The increased sales of E.V.s would assist the market's expansion even further.
The US market dominated the North America Automotive IoT Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $84,078 million by 2029. The Canada market is poised to grow at a CAGR of 20.9% during (2023 - 2029). Additionally, The Mexico market would witness 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 U.S., Mexico, Canada, and Rest of North America.
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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