Market Insights Technology Internet of Things

Automotive IoT - Europe

Europe

The Automotive IoT market in Europe is expected to witness substantial growth in the coming years.
By 2024, the projected revenue for this market segment is estimated to reach a staggering €43.09bn.
This indicates a promising future for the industry in the region.
Furthermore, it is anticipated that the market will experience a steady annual growth rate (CAGR 2024-2029) of 8.31%.
This growth trajectory is projected to continue, resulting in a market volume of approximately €64.22bn by 2029.
These numbers signify the immense potential and opportunities that lie ahead for the Automotive IoT market sector in Europe.
When comparing the revenue generated globally, it is worth noting that in the United States is expected to lead the way.
In 2024, the projected revenue for the United States alone is estimated to be an impressive €84.96bn.
This highlights the strong presence and dominance of the United States in the Automotive IoT market.
Overall, the Automotive IoT market in Europe is poised for significant growth, with substantial revenue projections and a promising future ahead.
As the market continues to evolve and expand, it is crucial for industry players in Europe to seize these opportunities and capitalize on the potential offered by the Automotive IoT market sector.
In Germany, the adoption of Automotive IoT is driven by the country's strong automotive industry and focus on technological innovation.

Key regions: Germany, Canada, United Kingdom, Australia, India

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Analyst Opinion

One of the fastest growing Internet of Things’ markets has been the Automotive IoT as more manufacturers are entering the race of delivering the first completely autonomous car available for commercial sales. Technology used for Advanced Driver Assistance Systems (ADAS) has been developed and introduced to newer vehicles, and governments, such as the EU countries, have been introducing legal framework for mandatory ADAS features to improve road safety.

Vehicle telematics have become widely available and affordable, and the advancements in technology including more sophisticated sensors and advanced analytics tools are fueling the demand. The sensors and analytics tool have especially seen a high adoption in fleet telematics as providing real-time tracking and monitoring of vehicles yields great results in improving operational efficiency and reducing costs.

Connected vehicles are also becoming part of smart cities with systems such as the vehicle-to-infrastructure (V2I) and the data communicated helps in improving road safety and reduce congestion. The more vehicles are connected, the better results are.

Methodology

Data coverage

The data encompasses B2B, B2C and B2G revenues. The revenue only refers to the spending share of the Internet of Things components.

Modeling approach/ Market size:

The segment size is determined through a combination of top-down and bottom-up approaches. We use annual financial reports of the market-leading companies and industry associations, as well as third-party studies and reports to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as consumer spending, internet penetration, 4G coverage, and current and historical developments. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques but primarily exponential smoothing. The selection of forecasting techniques is based on the behavior of the relevant market. The main drivers are the GDP and the level of digitization.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.