Asia-Pacific’s IoT in Automotive Market Set to Surge Over 40% by 2028
The rapid growth of the IoT in the automotive sector in the Asia-Pacific region is attributed to the surge in IoT solutions’ development, offering smart features and benefits such as fleet management, autonomous driving, and traffic navigation. Additionally, the prevalence of high-speed internet connectivity, increased cloud adoption, and the emergence of 5G technology have driven the growth of the Asia-Pacific IoT in the automotive market.
According to a recent study by strategic consulting and market research firm Report Ocean, the Asia-Pacific IoT in Automotive Market reached USD 2,325.70 million in 2021 and is anticipated to escalate to USD 33,545.12 million by 2028, at a substantial CAGR of 47.6% during the 2022-2028 analysis period. The market growth is primarily driven by the development of innovative IoT solutions for the automotive sector in the Asia-Pacific region, emphasizing features like fleet management, autonomous driving, and traffic navigation. Moreover, the region’s high-speed internet connectivity, increasing cloud adoption, and the impending arrival of 5G technology are anticipated to propel the growth of the Asia-Pacific IoT in the automotive market during the forecast period.
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5G Launch and Cloud Penetration Fuel Market Growth
IoT heavily depends on cellular networks, and the advent of 5G networks is expected to enhance device interconnectivity, leading to improved data transmission and reception. Wireless connectivity plays a crucial role in enhancing user experience in connected cars. Multiple telecom players are advancing 5G technology to enhance efficiency and safety in connected vehicles. Industry reports indicate that around 68% of accidents can potentially be avoided with upcoming 5G technology. Initiatives like the EU and South Korea collaboration, each pledging substantial funds for local 5G projects, signify significant investments in 5G development. Concurrently, cloud adoption and the emergence of new data centers offer growth opportunities for expanding IoT data storage, providing better scalability and encouraging IoT adoption in the automotive sector.
Navigation Segment to Witness Accelerated Growth
The Asia-Pacific IoT in Automotive market segments into navigation, telematics, and infotainment. Among these, the navigation segment is expected to register the highest growth rate in the Asia-Pacific region. Government investments in IoT infrastructure and business modernization, especially in countries like India, China, and the Philippines, aim to improve navigation. Factors like challenging road conditions, congestion, and inadequate lighting in parts of the region fuel the adoption rate in navigation applications over the forecast period.
Impact of COVID-19 on the Market
The COVID-19 pandemic significantly impacted the Asia-Pacific IoT in the automotive market. Stringent lockdowns disrupted market growth, particularly in China, the outbreak’s epicenter. Supply chain interruptions affected the distribution of IoT sensors, leading to production slowdowns in the automotive sector. However, as market conditions improve post-pandemic, the IoT in the automotive market is poised to recover during the forecast period.
China Expected to Exhibit High Growth
In regional analysis, China is anticipated to exhibit the highest growth rate in the Asia-Pacific IoT in the automotive market. Industry players are aggressively developing the market, fostering higher adoption of new technologies. Collaborations and joint ventures in intelligent manufacturing, such as HASCO and ABB’s partnership, have positioned China as a lucrative market for the IT industry. China’s IoT market is expected to witness rapid growth, owing to its dynamic urbanization trend, which will create substantial business opportunities in the region.
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The Asia-Pacific IoT in Automotive market is fragmented, with key players including AT&T Inc, AUDI AG, BMW AG, Cisco Systems Inc., Ford Motor Company, Honda Motor Company, Ltd, Honeywell International Inc., Robert Bosch GMBH, Tesla, and Toyota Motor Corp. These players maintain dominance through increased production capabilities, R&D, and product innovation. Strategies such as alliances, mergers, and collaborations are also integral in maintaining market dominance.
Seizing Business Opportunities
Businesses seeking to capitalize on the evolving IoT in the automotive market can benefit from consulting analysts for crucial insights. Understanding market potential, upcoming trends, and statistical data can facilitate informed decision-making, leveraging the Asia-Pacific IoT in the automotive market’s growth prospects.
Market Size & Forecast by Value, 2018-2028
By Value (USD Million)
Market Share & Forecast
By Connectivity Form Factor
By Communication Type
Rest of Asia-Pacific
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