Market Insights Technology Internet of Things

Automotive IoT - Luxembourg

Luxembourg

in Luxembourg, a country known for its strong economy and technological advancements, is also set to benefit from the promising growth in the Automotive IoT market.
By 2024, the projected revenue for this market segment is expected to reach a substantial amount of US$126.50m.
This impressive figure is a testament to the increasing demand for IoT solutions in the automotive industry.
Looking ahead, the market is anticipated to experience a steady annual growth rate of 9.33% from 2024 to 2029.
This positive trend will result in a significant expansion of the market volume, reaching a remarkable US$197.60m by the end of 2029.
Such growth potential presents lucrative opportunities for businesses operating in the Automotive IoT market sector.
In a global context, it is worth noting that in the United States will continue to dominate the market, generating the highest revenue among all countries.
In 2024 alone, the projected revenue for the United States is estimated to be a staggering US$91.62bn.
This emphasizes the strong presence and influence of the American automotive industry in embracing IoT technologies.
Amidst this booming market, in Luxembourg is well-positioned to leverage its expertise in technology and innovation to capture a share of the Automotive IoT market.
With its strategic location, highly skilled workforce, and commitment to digital transformation, in Luxembourg has the potential to become a key player in this industry.
As businesses in Luxembourg embrace the opportunities offered by Automotive IoT market, the country can further strengthen its position as a leader in the global market.
Luxembourg's automotive IoT market is booming, as the country's strong focus on technology and innovation attracts global players and drives adoption of smart connected vehicles.

Key regions: Germany, Canada, United Kingdom, Australia, India

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Analyst Opinion

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.

Methodology

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.