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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