The global IoT in automotive market was valued at $102.3 billion in 2022, and is projected to reach $760.3 billion by 2032, growing at a CAGR of 22.6% from 2023 to 2032
When Covid-19 pandemic hit the world back in 2020, digitization gained huge traction among various industrial sectors. For instance, automobiles have been transformed into autonomous machines by IoT and the interconnection of connected devices and IoT sensors in this sector has revolutionized the manufacturing process of cars. In fact, connected cars, which are much in demand in the global market operate with intricate IoT solutions, which comprises mobile applications, sensors, and cloud computing. The automotive IoT solutions have also improved the industry’s fleet management, predictive maintenance, insurance, and communication between cars and OEMs.
Nowadays, automobile manufacturers have been using cutting-edge technologies to improve effectiveness, user experience, and speed. According to the experts, the industry is also witnessing a radical shift because of the IoT solutions. According to a report by Allied Market Research, the global IoT in automotive market was valued at $102.3 billion in 2022, and is projected to reach $760.3 billion by 2032, growing at a CAGR of 22.6% from 2023 to 2032. The success of this transformation depends on the seamless integration of IoT solutions in the manufacturing process. The sensors act as vehicles ears and eyes and help in collating data on various aspects such as engine performance and temperature.
Various connected products and smartphones are acting as remote controls for the cars helping in terms of automated unlocking and remote ignition. The self-driving cars have also started gaining popularity because of IoT solutions and the manufacturers have deployed top-notch solutions such as real-time position monitoring, route and driver management into fleet operations utilizing IoT technology, enhancing efficiency and providing time-saving results. The IoT backed interconnected devices help for a two-way communication and seamless information, which increases security and accelerates responses.
Apart from that, the maintenance procedures are also improved with the help of IoT solutions. The technology has the potential to monitor component flaws, thereby fending off unexpected breakdowns during the manufacturing process. Therefore, IoT solutions are playing a pivotal role in revolutionizing the automotive industry.
