NEW YORK, Aug. 25, 2016 /PRNewswire/ -- "Advanced driver assisted system is expected to drive the automotive IoT market"
The automotive IoT market is expected to grow from USD 15.87 billion in 2015 to reach USD 82.79 billion by 2022, at a CAGR of 26.75% during the forecast period. Growing number of telematics mandate by the U.S. and European government and changing ecosystem for assisted and automated driving is surging the automotive IoT market.
"Increased adoption of infotainment, navigation, and telematics applications is driving the automotive IoT market"
The number of applications for IoT-enabled automobiles has been increasing as car drivers, automobile manufacturers, government bodies, and third-party businesses have begun to understand the importance of connectivity in their vehicles. On-demand and real-time content for music, news, videos, multimedia, and social media apps are the major factors driving the infotainment market. With the introduction of GPS system, navigation has become an important service used in cars which helps in capturing the data in real-time and road & vehicle monitoring. Telematics has expanded beyond personal line deployments, and can also be used by commercial auto insurers for fleet products, driver data, and vehicle monitoring.
"Automotive IoT market in Asia-Pacific to grow at a high rate"
One of the key drivers for the APAC region is the increased demand for infotainment and navigation services, majorly in China and India where the tech-savvy youth population wants a better and more connected driving experience. China already has some regulations in place, and India is expected to follow the suit soon. While in Japan, the automotive telematics dates back to 1997, when Toyota (Japan) sold its first telematics solution in the country. These countries have started recognizing automotive IoT as a solution to curb issues such as traffic congestion, air pollution, and greenhouse gas emissions. The demand for automotive IoT in APAC is significantly driven by the strong economic growth, rising population, and rapid urbanization.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with people holding key positions across several regions. The breakup of the profile of primary participants is given below:
- By Companies: Tier 1 – 30 %, Tier 2 – 55%, and Tier 3 – 15%
- By Designation: C-Level Executives – 35%, Directors – 45%, and Managers – 20%
- By Region: North America – 30%, Europe – 40%, Asia-Pacific – 20%, and RoW – 10%
Major players in the automotive IoT market are Texas Instruments Inc. (U.S.), Intel Corporation (U.S.), NXP Semiconductors N.V. (Netherlands), TOMTOM N.V. (Netherlands), IBM Corporation (U.S.), Cisco Systems Inc. (U.S.), Microsoft Corp. (U.S.) ,Thales SA (France), AT&T Inc. (U.S.), Vodafone Group (U.K.), Robert Bosch GmbH (Germany), Google Inc. (U.S.), Apple Inc. (U.S.), General Motors (U.S.), Audi AG (Germany) , and Ford Motor Company (U.S.) among many others.
Reasons to Buy the Report:
The report would help the market leaders/new entrants in this market in the following ways:
1. This report segments the automotive IoT market comprehensively and provides the closest approximations of the market sizes for the overall market and subsegments across the different applications and regions.
The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
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