Internet of Things (IoT) in Automotive – Thematic Research

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IoT in Automotive Market Overview

The global IoT market was worth $622 billion in 2020 with a Compound Annual Growth Rate (CAGR) of more than 10% over the period, according to GlobalData forecasts. IoT is one of the primary enablers of digital transformation in the automotive sector. It brings together various technologies, like AI, 5G, edge computing, and cloud computing, which helps reduce latency levels to allow real-time decision-making and reduce the need for human intervention in IoT ecosystems. The connected car will increase data generation exponentially and establish itself as a key component of the IoT ecosystem, and eventually, an extension of consumers’ automated homes. Automakers must use this abundance of data to pivot their business models towards software and reduce their dependence on Big Tech to meet the needs of their customers. 

Overview of global IoT market

Overview of global IoT market

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What are the market dynamics in IoT in automotive?

IoT will play a significant role in improving the efficiency of the automotive value chain. Its impacts will be particularly felt in the supplier network and auto manufacturers stages.

IoT finds applications at all stages of the automotive value chain. Tier 1 suppliers are driving forward the development of connected car technologies, with the vehicle establishing itself as a key component in the IoT. Auto manufacturers use the industrial internet to streamline production processes and increase efficiency. Autonomous vehicles communicate directly with road infrastructure to provide updates on conditions, traffic, accidents, and weather. IoT finds uses in the post-sale layer of the value chain through telematics-based insurance and predictive vehicle maintenance.

When IoT is combined with other emerging technologies, such as AI, 5G, edge computing, and cloud computing, companies will expect to enjoy enhanced operational efficiency, reduced costs, improved decision-making, and better customer experience. Business benefits of IoT are listed below: 

Enhanced operational efficiency

IoT technology makes use of connected devices that track, monitor, control, and manage various operations across a business. This allows many manual processes to be automated, and maintenance needs to be predicted in advance, raising productivity.

Reduced costs

Greater automation reduces the need for workers, resulting in cost savings.

Improved decision-making

Sensors within IoT devices generate lots of data. Analysis of this data can lead to optimized business strategies, improved business processes, and provide managers with the analysis they need to make better informed operational decisions.

Better customer experience

User-specific data generated through smart devices can help businesses understand customers’ expectations and behavior. Analysis of this data can enable sales and marketing teams for targeted advertising, fine-tune pricing policy, and improve customer services.

Who are leading IoT adopters in automotive?

Aptiv, BMW, Bridgestone, BYD, Continental, Didi Chuxing, Geely, General Motors, Honda, Lyft, Michelin, SAIC Motor, Tesla, Toyota, and Stellantis are leading adopters of IoT in automotive industry.

Market report scope

Market size (2020) $622 billion
CAGR >10%
Forecast Period 2021-2024
Leading Companies Aptiv, BMW, Bridgestone, BYD, Continental, Didi Chuxing, Geely, General Motors, Honda, Lyft, Michelin, SAIC Motor, Tesla, Toyota, and Stellantis

 Scope

  • The report highlights key developments within the automotive IoT theme, along with its top mergers and acquisition deals, and a timeline of past and future milestones.
  • The report also features market and forecast data, along with our company analysis section, looking at the most important players in the IoT field and their key moves in the sector.

Reasons to Buy

  • Understand the impact IoT is having in the automotive space. Identify the emerging trends in the theme and how these developments might advance in the future. Learn about the different use cases and where they are emerging. View market and forecast data for the sector.
  • GlobalData’s thematic research ecosystem is a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors. It has a proven track record of identifying the important themes early, enabling companies to make the right investments ahead of the competition, and secure that all-important competitive advantage.

BMW
BYD
Ford
Honda
Daimler
Tesla
Volkswagen
Toyota
Volvo
General Motors
Audi
Geely
SAIC Motor
Stellantis
Mahindra & Mahindra
Suzuki
Subaru
Renault
Continental
Faurecia
Aptiv
Michelin
Sierra Wireless
Infineon
Qualcomm
BorgWarner
MAHLE
Aisin
Tenneco
Alphabet
Baidu
Didi Chuxing
Grab
Uber
Alphabet
Lyft

Table of Contents

Executive summary

IoT value chain

Automotive challenges

The impact of IoT on automotive

Case studies

Market size and growth forecasts

Patent analytics

Mergers and acquisitions

IoT timeline

Companies

Sector scorecards

Glossary

Further reading

Our thematic research methodology

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