Automotive IoT Market Set for Significant Growth as Connectivity and Communication Technologies Evolve

Wed, 11 Sep 2024 15:32:59 +0000

The Automotive IoT Market Growth is experiencing dynamic growth, reflecting the increasing integration of smart technologies into vehicles. Automotive IoT refers to the connectivity between vehicles, infrastructure, and external devices, enabling real-time data exchange that enhances vehicle performance, safety, and user experience. The market was valued at approximately USD 130 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 20% through 2033, reaching over USD 558.97 billion by the end of the forecast period.