The scale of the automotive IoT market is expected to reach USD566.4 billion within ten years

Source: Aiji Weibo Author: Li Pei

    According to foreign media reports, market research firm Market. US recently estimated that as a technology that combines the Internet of Things with automobiles to improve vehicle safety, efficiency, and comfort, the automotive Internet of Things market is on a growth trajectory. The global automotive Internet of Things market is expected to grow at a compound annual growth rate of 16.7% between 2022 and 2032, and the market volume is expected to reach $566.42 billion by 2032.

    Analysis shows that the progress of in car infotainment systems and the growing demand for connected vehicles and real-time vehicle and traffic data are the main driving forces in this market. The advancement of IoT technology and new government regulations have also played an important role in putting related markets on a growth path. However, concerns about data privacy and security, lack of standardization, high implementation costs, and limited network coverage have also posed obstacles to the rapid adoption and progress of this field. It is expected that 5G technology, advanced artificial intelligence, growing demand, and the emergence and diffusion of electric and hybrid vehicles will provide fertile soil for the vigorous development of the automotive Internet of Things.

    From a geographical perspective, the report predicts that due to the large presence of giants and technologies, North America is expected to occupy the highest market share within a decade. Next are Europe and the Asia Pacific region.