Asia-Pacific IoT in Automotive Market to Grow at over 40% until 2028
Published | 20 May 2022
The growth of the IoT in automotive market can be primarily attributed to the rising development of IoT solutions for automotive sector in the Asia-Pacific due to their smart features and added advantages including fleet management, autonomous driving, and traffic navigation among others. Furthermore, the availability of high-speed internet connectivity, rising cloud adoption coupled with emerging 5G technology in the region has fuelled the growth of the Asia-Pacific IoT in automotive market…
A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the Asia-Pacific IoT in Automotive Market was worth USD 2,325.70 million in 2021 and is projected to reach up to USD 33,545.12 million by the year 2028, growing at a CAGR of 47.6% over the analysis period of 2022-2028. The growth of the IoT in automotive market can be primarily attributed to the rising development of IoT solutions for the automotive sector in the Asia-Pacific due to their innovative features and added advantages, including fleet management, autonomous driving, and traffic navigation among others. Furthermore, the availability of high-speed internet connectivity and rising cloud adoption coupled with emerging 5G technology in the region is expected to fuel the growth of the Asia-Pacific IoT in automotive market during the forecast period 2022-2028.
Launch Of 5G Networks and Increasing Penetration of Cloud in the Asia-Pacific Region
IoT is completely cellular network-dependent. With the launch of 5G networks, the interconnectivity of devices will increase, which will lead to better data transmission and receiving. The improved user experience for the connected cars depends on wireless connectivity. Numerous telecom industry players are evolving 5G to intensify the efficiency and safety of connected cars. The International 5G automotive association has stated that around 68% of accidents can be avoided with the upcoming 5G technology. For instance, the EU and South Korea have signed a deal to work together on 5G development, wherein both have promised USD 782 million and USD 1.5 billion, respectively, for the funding of local 5G projects. Furthermore, the growing adoption of the cloud and the emergence of new cloud data centers are also expected to provide lucrative growth opportunities for expanding the storage of data produced by the Internet of Things. The cloud offers better scalability with limited resources, which is likely to boost IoT adoption in the automotive industry in the automotive sector over the forecast years.
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Navigation Segment to Grow at a Higher Growth Rate during Forecast Period
Based on the application, the Asia-Pacific IoT in Automotive market has been segmented into navigation, telematics, and infotainment. Amidst the diverse applications, the navigation segment is anticipated to exhibit the highest growth rate in the Asia-Pacific region due to the surge in government investments in IoT-related infrastructure development coupled with local business modernization in countries like India, China, and the Philippines for enhanced navigation. Moreover, navigation in the Asia-Pacific region is quite problematic due to the road conditions, congestion, and poor lighting in some parts of the region. Hence, this application sector is likely to show a tremendous adoption rate over the forecast period.
Impact of COVID-19 on Asia-Pacific IoT in Automotive Market
The emergence of the COVID-19 pandemic has brutally impacted the Asia-Pacific IoT in automotive market. Several governments worldwide imposed rigorous lockdowns, thus vividly hampering the growth of the market, particularly in China, which was the source of the pandemic. Almost all the world regions suffered drastic repercussions on the supply chain of IoT sensors. The distribution of IoT and sensors was halted due to a reduced workforce and slowdown in hardware supply. Moreover, there was scaling down of production in many manufacturing plants due to weakening demand for IoT automotive solutions as a direct consequence of the pandemic and lockdown restrictions. Nevertheless, with the improving market circumstances in the post covid era, the growth of the IoT in automotive market is likely to recover during the forecast period.
China Is Expected To Grow with The Highest CAGR In The Asia-Pacific IoT in Automotive Market.
In terms of regional analysis, the Asia-Pacific IoT in automotive market has been classified into China, India, Malaysia, Singapore, Thailand, Vietnam, Indonesia, Japan, South Korea, Australia, and the rest of the Asia-Pacific. China is expected to exhibit the highest growth rate in the forecast years. Major industry players are taking aggressive steps to develop the market in the region, thus making way for higher adoption of new technologies in the region. For instance- China’s automotive parts supplier, HASCO, and ABB formed a joint venture to propel the next generation of intelligent manufacturing in China’s automotive industry in January 2022. Such developments have made this region a quite lucrative market for the IT industry. Moreover, the IoT market in China is expected to grow at the highest rate. The Asia-Pacific region, being one of the most dynamic regions in the world for urbanization, is home to most developing members undergoing rapid urbanization. This trend will likely create enormous business opportunities for the market over the forecast period.
The Asia-Pacific IoT in automotive market is a fragmented market. The key players operating in the Asia-Pacific IoT in automotive market are AT&T Inc, AUDI AG, BMW AG, Cisco Systems Inc., Ford Motor Company, Honda Motor Company, Ltd, Honeywell International Inc., Robert Bosch GMBH, Tesla, Toyota Motor Corp., and other prominent players other prominent players. The players maintain their dominance in the market by enhancing their production capabilities, research and development activities, and launching improved products for the customers. Different strategies are adopted, like engaging in strategic alliances, agreements, mergers, and collaborations.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the Asia-Pacific IoT in Automotive market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Asia-Pacific IoT in Automotive market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.
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