Automotive IoT - Ghana | Statista Market Forecast

The Automotive IoT market in Ghana is expected to witness a significant growth in revenue, reaching an estimated value of US$131.40m in 2024.
This projection indicates a promising future for the country's automotive sector.
Furthermore, the market is anticipated to exhibit a compound annual growth rate (CAGR) of 4.88% from 2024 to 2029, resulting in a substantial market volume of US$166.70m by 2029.
This growth trajectory demonstrates the increasing importance of IoT technologies in the automotive industry, presenting opportunities for both local and international players in Ghana.
When comparing the global market, it is noteworthy that United States is expected to generate the highest revenue in the Automotive IoT market sector.
With an estimated revenue of US$91.62bn in 2024, United States remains a dominant player in the global market.
This further emphasizes the potential for growth and investment in the Automotive IoT market industry, not only in Ghana but also worldwide.
Automotive IoT is gaining traction in Ghana, with the increasing adoption of connected vehicle technology for improved safety and efficiency on the country's roads.

Definition:

The Automotive IoT market refers to the use of Internet of Things (IoT) technologies in the automotive industry. This includes the use of connected devices, sensors, and software to improve vehicle performance, safety, and efficiency. Integration of IoT components into vehicles made them a part of the network, enabling them to “communicate” with each other (Vehicle-to-vehicle or V2V), with the pedestrians (vehicle-to-pedestrian or V2P), infrastructure (vehicle-to-infrastructure or V2I) resulting in vehicle-to-everything (V2X) network.

Additional information:

The Internet of Things market compromise of revenue and revenue growth as the key performance indicators. The market consists of pure IoT revenues generated through the sale of hardware (such as sensors, chips, and other hardware), platforms (IoT platforms, security software and other software), connectivity (cellular, LoRa, SigFox and other connectivity) and services (integration &maintenance of equipment & systems). As an example, the pure IoT revenue for a smart security camera is only the component that makes the camera "smart" and connected, not the full product price. Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Some of the key players include Tesla, TomTom, Bosch and Qualcomm.

For more information on data displayed, use the info button right next to the boxes.

Vehicle-to-everything (v2x) communication devices
Fleet management systems
Connected car platforms
Telematics devices
Infotainment systems
Advanced Driver Assistance Systems (ADAS)

Supply chain optimization devices

One of the fastest growing Internet of Things’ markets has been the Automotive IoT as more manufacturers are entering the race of delivering the first completely autonomous car available for commercial sales. Technology used for Advanced Driver Assistance Systems (ADAS) has been developed and introduced to newer vehicles, and governments, such as the EU countries, have been introducing legal framework for mandatory ADAS features to improve road safety.

Vehicle telematics have become widely available and affordable, and the advancements in technology including more sophisticated sensors and advanced analytics tools are fueling the demand. The sensors and analytics tool have especially seen a high adoption in fleet telematics as providing real-time tracking and monitoring of vehicles yields great results in improving operational efficiency and reducing costs.

Connected vehicles are also becoming part of smart cities with systems such as the vehicle-to-infrastructure (V2I) and the data communicated helps in improving road safety and reduce congestion. The more vehicles are connected, the better results are.

Data coverage

The data encompasses B2B, B2C and B2G revenues. The revenue only refers to the spending share of the Internet of Things components.

Modeling approach/ Market size:

The segment size is determined through a combination of top-down and bottom-up approaches. We use annual financial reports of the market-leading companies and industry associations, as well as third-party studies and reports to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as consumer spending, internet penetration, 4G coverage, and current and historical developments. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques but primarily exponential smoothing. The selection of forecasting techniques is based on the behavior of the relevant market. The main drivers are the GDP and the level of digitization.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

In the realm of technology, few concepts have captured imaginations quite like the Internet of Things (IoT). Coined in 1999 by British technologist Kevin Ashton, IoT envisioned a future where a vast network of interconnected objects would collect and analyze data, enabling them to perform tasks autonomously. While the idea seemed more like science fiction at the time, today, IoT is no longer a hypothetical concept but a rapidly unfolding reality. Thanks to the development of communication technologies such as 5G and data analytics using artificial intelligence (AI) and machine learning, IoT has applications varying from smartwatches to city infrastructure (smart cities).