In a recent published report, Kenneth Research has updated the Market report for Latin America IoT in Automotive Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Latin America IoT in Automotive Market Products.
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Latin America is one of the emerging markets for IoT in automotive market. The connected car technology is expanding in Latin America very quickly and penetration is expected to nearly be four times of the current size in the next five years. This is expected to drive the adoption of IoT in automotive market in LATAM. Latin American countries like Brazil, Mexico, Colombia, Chile and Argentina are focusing on vehicle connectivity and product differentiation in automotive. Connected value-added services and infotainment, and next-generation human-machine interface are of highest interest to people in the region. According to Netscribes, the Latin America IoT in automotive market is projected to grow at a compound annual growth rate (CAGR) of 22.04% leading to a revenue of USD 6.42 Bn by 2023.
Growth in Gross Domestic Product nd drop in poverty are expected to boost the adoption of high-end IoT enabled cars in the coming years. With Brazil and Argentina coming out of recessions, growth is returning to Latin America region after almost five years of deceleration. Inflation is also controlled at sub-nominal levels, hinting at favorable adoption of IoT in automotive industry. Also, cars are the preferred mode of transportation in this region as public transportation system is moderate. So, there is a demand for in-vehicle media and entertainment. The improved availability of high speed internet is enabling customers to shift towards using integrated IoT connectivity where consumers integrate their smartphone app in the vehicle through IoT.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
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The Latin America IoT in automotive market is classified into three primary segments:
– based on connectivity form: tethered, integrated, embedded
– based on communication type: vehicle to vehicle, in-vehicle, vehicle-to-infrastructure
and based on application: navigation, telematics, and infotainment.
The people in Latin American countries like Brazil prefer to customize their vehicles with aftermarket infotainment options like satellite TVs, cockpits, etc. along with provisions of information like real-time traffic updates. Thus, the infotainment segment, particularly of the integrated type, is growing steadily in the region.
Key growth factors
In Latin American countries like Brazil, Mexico, Colombia, Chile and Argentina, vehicle connectivity is a primary focus for market and product differentiation. Value-added services, infotainment, and human-machine interface are segments in which consumers are the most interested. Additionally, the falling cost of connected devices, sensors and Machine-to-Machine (M2M) modules in the region, clubbed with the fact that needs for investment technology are not adequately met with traditional IT, is allowing IoT investments to accelerate in the region.
Threats and key players
Latin America is expected to face a monetization challenge in the overall IoT adoption. Determining the correct monetization opportunity for the IoT business is a necessary condition for the growth of IoT in the automotive market in Latin America.
Major players in the Latin America IoT in automotive market are Cisco, Ford, IBM, Microsoft, AT & T, etc.
What’s covered in the report?
1. Overview of the Latin America IoT in automotive market.
2. Market drivers and challenges in the Latin America IoT in automotive market.
3. Market trends in the Latin America IoT in automotive market.
4. Historical, current and forecasted market size data for the Latin America IoT in automotive market segmentation by connectivity form (tethered, integrated, embedded) – by revenue (USD Bn).
5. Historical, current and forecasted market size data for the Latin America IoT in automotive market segmentation by communication type (vehicle to vehicle, in-vehicle, vehicle to infrastructure) – by revenue (USD Bn).
6. Historical, current and forecasted market size data for the Latin America IoT in automotive market segmentation by application (navigation, telematics, infotainment) – by revenue (USD Bn).
7. Historical, current and forecasted country-wise (Brazil, Mexico and Argentina) market size data (USD Bn) for the Latin America IoT in automotive market and its segmentations by connectivity form (tethered, integrated, embedded), by communication type (vehicle to vehicle, in-vehicle, vehicle to infrastructure), and by application (navigation, telematics, infotainment).
8. Analysis of the competitive landscape and profiles of major companies operating in the market.
o Understand the demand for IoT in automotive market to determine the viability of the market.
o Determine the developed and emerging markets where IoT for automotive market is provided.
o Identify the challenge areas and address them.
o Develop strategies based on the drivers, trends and highlights for each of the segments.
o Evaluate the value chain to determine the workflow and to get an idea of the current position where you are placed.
o Recognize the key competitors of this market and respond accordingly.
o Knowledge of the initiatives and growth strategies taken up by the major companies and decide on the direction for further growth.
o Define the competitive positioning by comparing the products and services with the key players in the market.
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The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
The Market report answers the following questions:
What is the aim of the report?
- The market report presents the estimated market size of Latin America IoT in Automotive Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Playes
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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