The automotive IoT market is expected to grow from USD 15.87 Billion in 2015 to reach USD 82.79 Billion by 2022, at a CAGR of 26.75%
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The growth of automotive IoT is increasing at a very higher pace due to the increasing demand for automated ecosystem inside cars. The automotive IoT market is expected to grow from USD 15.87 billion in 2015 to USD 82.79 billion by 2022, at a CAGR of 26.75% between 2016 and 2022.
The growth is expected to be driven by real-time traffic alerts and incident alerts, growing number of telematics mandates by various governments and advanced driver assistance systems (ADAS). North America is expected to hold the largest size of the automotive IoT market, while the Asia-Pacific market would grow at the highest rate during the forecast period.
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The companies involved in the automotive IoT market adopted various strategies such as new product launches, partnerships, agreements, collaborations, joint ventures, and patents & awards as the key growth strategy over the last three years. Among all strategies, 37.3% of the developments were new product launches and developments, while 42.2% of the developments involved partnerships, agreements, collaborations, joint ventures.
In automotive manufacturing segment, General Motors (U.S.) is expected to hold the highest position in manufacturing connected cars. The company designs, manufactures, and markets cars, crossovers, trucks, and automobile parts worldwide.
General Motors announced that its Onstar unit, in collaboration with AT&T (U.S.), would start providing the high-speed LTE network service in its vehicles. GM has focused on implementing LTE in most of the upcoming Chevrolet, Buick, Cadillac, and GMC models in 2015 as part of its safety and security actions.
As GM makes its car platform open for developers, a broad range of applications for car drivers such as infotainment, real-time traffic conditions, navigation updates downloaded instantaneously and even communication with other cars are all in the realm of opportunity.
For the Software segment, Google (U.S.) is expected to hold the largest market share for IoT-enabled cars. Google’s primary business areas include search engine, advertising, cloud computing, operating system, and car platform.
In June 2014, Google (U.S.) launched Android Auto, a new platform that lets drivers safely use their connected apps and mobile services while on a road. Most of the apps are related to navigation, communication, and music.
Android Auto was designed by the Google with a focus on safety of drivers. With a simple and intuitive interface, integrated steering wheel controls, and powerful voice actions, it is designed to minimize distraction so that a driver can stay focused on the road while driving.
The Android platform enables to extend the application to work with in-vehicle
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