IoT in the European Automotive Market: Forecast to 2023 -- A $30+ Billion Opportunity, Driven by the Rise in Demand for the Intelligent Management of Fleet - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 20, 2018--The “Europe IoT in Automotive Market (2018-2023)” report has been added to ResearchAndMarkets.com’s offering.
According to the report, the Europe IoT in automotive market is projected to grow at a compound annual growth rate (CAGR) of 26.62% leading to a revenue of USD 30.09 billion by 2023.
The automotive industry is moving towards innovative connected self-driving vehicles with the help of Internet of Things (IoT) which is transforming the automotive industry. Europe is the second largest revenue generating geography for IoT in automotive market.
Strong economic backbone and increased awareness of fuel efficiency and road safety are driving the adoption of IoT in the Europe automotive industry as it allows to monitor the driver’s behavior and provides real-time updates.
European countries like Sweden, France, Italy, Germany, and Luxembourg have high IoT penetration in general and it is expected to drive the adoption of the technology in their respective automotive industries as well.
The adoption of IoT in Europe is being fueled by the support from the government as well as due to the focus of major automotive companies in the region. EU has mandated the use of IoT enabled eCall which automatically contacts the nearest accident emergency center in case of a collision.
Honda is deploying IoT solutions from Cisco Jasper and Bright Box across all European countries to deliver the MyHonda Connected Car platform to provide a variety of connected services that increase driver safety and enable new experiences for drivers.
The Europe IoT in automotive market is classified into three primary segments:based on connectivity form: tethered, integrated, embedded based on communication type: vehicle to vehicle, in-vehicle, vehicle to infrastructure based on application: navigation, telematics, and infotainment
The infotainment segment is expected to show the highest growth rate in the region owing to the high purchasing power of the people in Europe together with preference for the use of infotainment systems for accessing mails and social media, and streaming high definition video and audio inside the vehicle. Within the communication type segmentation, the vehicle to vehicle segment is expected to register a high growth rate through the forecast period 2018-2023.
Key Growth Factors
Rise in demand for intelligent management of fleet is expected to drive the IoT in automotive market in Europe to help comply with environmental regulations and reduce CO2 emissions by managing employee driving style. Fleet managing companies such as Telefonica are offering IoT enabled fleet management services via subscription model without an upfront fee in Europe to popularize the segment.
The Autopilot project which is funded by the European Union (EU) and conducted by ERTICO is working on combining the concept of IoT with automotive. The project started in January 2017 and the work is foreseen until the end of 2019. This is expected to heavily drive the market forward.
The IoT enabled connected car value chain is quite complex as different suppliers from different industries are involved in this business trend. Thus, cooperation between such suppliers is a pre-requisite for companies to achieve the full potential of this trend which might be a challenge in an already well developed automotive market in Europe.
Key Players ProfiledCisco Ford IBM Microsoft AT&T TomTom Google General Motors Audi NXP Semiconductors
For more information about this report visit https://www.researchandmarkets.com/research/n9pwmr/iot_in_the?w=4
View source version on businesswire.com:https://www.businesswire.com/news/home/20181120005322/en/
Laura Wood, Senior Press Manager
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Related Topics:Internet of Things and M2M
INDUSTRY KEYWORD: TECHNOLOGY INTERNET SOFTWARE ALTERNATIVE VEHICLES/FUELS AUTOMOTIVE
SOURCE: Research and Markets
Copyright Business Wire 2018.
PUB: 11/20/2018 06:48 AM/DISC: 11/20/2018 06:48 AM