Name: Automotive Internet Of Things MarketChallenges and Opportunities
Creator: Coherent Market Insights
License: https://www.coherentmarketinsights.com/privacy-policy
Keywords: Automotive Internet Of Things Market, Automotive Internet Of Things Market Report, Automotive Internet Of Things Industry Report, Automotive Internet Of Things Market Size, Automotive Internet Of Things Market Share, Automotive Internet Of Things Market Analysis, Automotive Internet Of Things Market Growth, Automotive Internet Of Things Market Trends, Automotive Internet Of Things Market Overview, Automotive Internet Of Things Market Forecast

Automotive Internet of Things Market, by Offering (Hardware, Software, and Services), by Connectivity Form Factor (Embedded, Tethered, and Integrated), by Communication Type (In-Vehicle Communication, Vehicle-To-Vehicle Communication, and Vehicle-To-Infrastructure Communication), by Application (Navigation, Telematics, and Infotainment) and by Geography – Global Forecast to 2025

Published In : Jan 2018

Code : CMI1186

Pages :180

Formats :

Excel and PDF

Industry : Automotive and Transportation

Market Challenges And Opportunities

Global Automotive Internet of Things Market- Insights

IoT aids in converting large volume of data into meaningful and actionable knowledge and aids in increasing transportation efficiency, automotive safety etc. Rising demand for improving driver’s comfort, safety of passenger, and others has led to increasing adoption of IoT in the automotive sector. Various application of IoT in automotive include intelligent transportation systems, self-driving (autonomous) cars, smart fleet management etc. and increasing demand for these has led to growth of the market.

Increasing deaths due to automotive collisions is a factor for rising adoption of IoT in the automotive industry

One of the major factors for automotive collisions is human errors. According to Coherent Market insights, around 90% of automotive crashes in the U.S. are caused due to human errors. In order to reduce collisions due to human error, manufacturers are focusing on developing self-driving vehicles. For instance, Alphabet Inc. — the parent company of Google, Inc. —invested US$ 1.1 billion for the development of self-driving cars in the period of 2009–2015. These vehicle sense its environment and navigates without human input, thus reducing the chances of crashes. According to Coherent Market Insights analysis, 10% of self-driving vehicles of the total vehicles could decrease deaths by 1,100 in the U.S. caused due to collision and save US$ 38 billion per year. Moreover, according to World Health Organization, over 37,000 people dies in road crashes per year. In addition to this, self-driving vehicle and intelligent transportation systems aid in reducing fuel consumption and also autonomously plot alternate routes in order to avoid traffic bottlenecks. This has also led to rising demand for IoT in the automotive industry. According to Coherent Market Insights, In the U.S., a commuter spends 38 hours every year stuck in traffic, leading to additional consumption of 2.9 billion gallons of fuels.