Automotive IoT market is predicted to witness a major growth in the near future. However, the road to growth will not easy for all players in the automotive IoT market. The term ‘automotive IoT’ is used for denoting a combination of various Internet of Things (IoT) technologies which power automotive. IoT technologies promise safer, smarter, and more efficient vehicles and vehicle related infrastructure. However, getting there is expected to be a challenge as initiatives like smart cities are still in their nascent stages and innovation continues to knock on doors on conventional systems which are completely unprepared.
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Automotive IoT market offers many products which are expected to propel its growth in the short run. These products include advanced driver assistance systems, navigation solutions, connected car solution for traffic management, and in-vehicle infotainment systems. Additionally, in the long run, the market players can solve global challenges of traffic management and accident fatalities through vehicle to vehicle communication, and vehicle to infrastructure applications as well. Rise of 5G technology, growing benefits of IoT devices for vehicle consumers, and large penetration of internet globally are expected to drive significant growth for the automotive IoT market in the near future.
Communication and Infotainment Systems to Drive Robust Growth
In-vehicle communication and infotainment systems are capturing the imagination of vehicle users in unique and engaging manners. Communication systems provided by new companies like Tesla are making way for a completely-hands-off driving experience. Additionally, it promises to make driving a lot safer and richer experience, especially in countries like the USA. The large geography of these countries necessitates the reliance on driving long miles every day to get to work. Costs remain a major challenge for adoption but with economies of scale, these systems can safe valuable human efforts and lives in the process. It is expected to drive demand for luxury vehicles in the near future and register significant revenue growth for the automotive IoT market.
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High speed connectivity, interconnected devices, and growing demand for on-board entertainment are also expected to drive growth for the automotive IoT market.