According to study, “Latin America IoT in Automotive
Market (2018-2023)” some of the major companies that
are currently working in the Latin America IoT in automotive market are Cisco,
Microsoft, TomTom, IBM, Google, Ford, General Motors, AT & T, NXP
Semiconductors, Audi.
Latin America is one of the rising
markets for Internet of Things (IoT) in automotive market. IOT permits access
of things from a distant place through computing devices and network
infrastructure. It assurances improved efficiency and accuracy to send and
receive data without human interaction that helps accelerating the integration
of the world into computer based system. Additionally, IOT in automotive sector
is used for enabling the vehicles to connect with the exterior world and
enhancing driver with the rider experience.
Mexico, Brazil, Chile, Colombia
and Argentina are some the countries using application of the region, which have
focused on vehicle connectivity and product discrimination in automotive
applications.The need of IOT investment have increased in the region due to the
cost of sensors, connected vehicles and M2M have reduced due to disconnection in
the investment technology and traditional IT infrastructure.
The automotive sector have added
the major growth with applications such as vehicle tracking, fleet management
as well as Original Equipment Manufacturer (OEM) embedded solutions continue to
increase in deployment terms. Apart from drivers, some of the restraints in the
sectors include high maintenance cost & capital expenditure, lack of
infrastructure, additional cost burden on consumers, government regulations and
privacy & security issue etc. The 5G technology use and numerous industries
collaborations have supported IoT development in the automotive sector. The self-driven
cars are expected to transform the IoT-enabled automotive market, followed by
predictive maintenance, rise in demand for smart devices, rise in telematics
mandates further added demand of IoT based automobiles.
By implementing IoT within the ideation
and design phase, there is a prospect to provide improved customer service. The
products developed by the manufacturer offers a better fit for the consumer.
They solve the major consumers concerns and they are instantly beneficial to
the consumer. The real performance requirements and needs make the manufacturer
to produce instant satisfaction, build the brand, and enhance the company’s
long-term opportunities to continue building brand loyalty. However, premium
pricing and lack of cellular connectivity coverage are expected to hinder the
growth of the market.
Nowadays some of new technologies
are developing in country with anti-lock brakes, automated guided vehicle
system, adaptive cruise control, electronic stability control, self parking and
lane-departure warning system, which will be accountable for higher growth
opportunities of this market.
It is expected that penetration
rate will be increased to four times of the present size in the next four to
five years. The connected car technology is growing very
fast in this region. In upcoming years, it is predicted that the adoption of
IOT in automotive market will be boost due to drop in poverty and growth in
gross domestic product. In near future, it is estimated that this market will
be grown increasingly due to improved availability of high speed internet. It is
estimated that this market will be grown at CAGR of 22.0 %, with revenue of USD
6.4 billion by 2023.
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Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
