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Automotive IoT Market is Estimated to Reach USD 635.48 Billion by 2031 Owing to Growing Connected Car Fleets | SkyQuest Technology

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WESTFORD, Mass., June 28, 2024 /PRNewswire/ — According to SkyQuest, the global Automotive IoT Market size was valued at USD 102.3 billion in 2022 and is poised to grow from USD 125.32 billion in 2023 to USD 635.48 billion by 2031, growing at a CAGR of 22.5% in the forecast period (2024-2031).

Internet of Things (IoT) devices and solutions used in the automotive industry are known as automotive IoT solutions. Surging popularity of connected cars and the growing use of advanced technologies in vehicles are projected to promote the demand for automotive IoT. The global automotive IoT market is segmented into offering, connectivity communication, application, and region.

Download a detailed overview:
https://www.skyquestt.com/sample-request/automotive-iot-market

Automotive IoT Market Overview: 

Report Coverage 

Details 

Market Revenue in 2023 

$ 125.32 billion 

Estimated Value by 2031 

$ 635.48 billion 

Growth Rate 

Poised to grow at a CAGR of 22.5% 

Forecast Period 

2024–2031 

Forecast Units 

Value (USD Billion) 

Report Coverage 

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends 

Segments Covered 

Offering, Connectivity, Communication and Application

Geographies Covered 

North America, Europe, Asia Pacific, Middle East & Africa, Latin America

Report Highlights 

Updated financial information / product portfolio of players 

Key Market Opportunities 

Rising Use of Connected Vehicle Technology

Key Market Drivers 

Demand for Intelligent Transport System

Segments covered in Automotive IoT Market are as follows:

OfferingHardware (Semiconductor Components {Microcontrollers, Field Programmable Gate Arrays [FPGAs], Digital Signal Processor, Memory Chips}), Connectivity Technology ICS (cellular, Wi-Fi, Bluetooth, Others), Software (Platforms {Device Management Platform, Application Management Platform, Network Management Platform}, Solutions {Real Time Streaming Analysis, Security Solutions, Data Management, Remote Monitoring Systems, Network Bandwidth Management}), and Services (Deployment and Integration Services, Support And Maintenance Services)ConnectivityEmbedded, Tethered, IntegratedCommunicationIn Vehicle Communication, Vehicle to Vehicle Communication, Vehicle to Infrastructure CommunicationApplicationNavigation (TomTom navigation SDK powered by PTV groups, Real Time Data Capture, Road and Vehicle Monitoring), Telematics (Fleet and Asset Management, Intelligent Traffic System, Collision Avoidance, Parking Management System, Passenger Information System, Emergency Vehicle Notification, Predictive Maintenance, Remote Monitoring and Diagnostics), Infotainment (Entertainment, Communication)

Request Free Customization of this report:
https://www.skyquestt.com/speak-with-analyst/automotive-iot-market

Navigation Helping Automotive IoT Market Reach New Destinations

Growing demand for accurate and advanced navigation systems and solutions in vehicles around the world is projected to bolster automotive IoT market growth. Integration of IoT technology with navigation systems to provide better navigation capabilities is helping automotive IoT market players maintain their high revenue generation scope. Increasing traffic congestion around the world and the need for better navigation connectivity in remote areas are all pushing automotive IoT companies to invest in this segment.

The rising disposable income of the general population around the world has resulted in evolving consumer preferences. These new preferences are uplifting the demand for advanced and better infotainment systems in vehicles thereby promoting automotive IoT demand outlook. Better connectivity and enhanced user experience are some key qualities that automotive IoT companies need to focus on if they want to push market growth via this segment.

View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/automotive-iot-market

Vehicle-to-Vehicle Communication to Hold Sway in Revenue Generation Going Forward

At present, automotive IoT providers are targeting in-vehicle communication to get the best returns on their investment. Growing demand for better infotainment and navigation is slated to help this segment bring in major revenue for automotive IoT companies. Better connectivity of IoT devices will further enhance the functionality of all in-vehicle communication systems and facilitate a better driving experience.

The growing popularity of connected cars and rapidly expanding connected car fleets around the world are providing new opportunities for automotive IoT companies targeting vehicle-to-vehicle communication sub-segment. Increasing emphasis on improving the safety of connected vehicles and rising demand for autonomous vehicles are also slated to help this segment create more opportunities for market players. Rising utilization of intelligence transportation systems and high investments integration of advanced technologies are also estimated to help market growth via this segment in the long run.

Cellular Connectivity Technology to Keep Automotive IoT Connected

Cellular connectivity technologies are projected to be widely used for almost all kinds of automotive IoT solutions. Advancements in cellular connectivity technologies and the launch of 4G and 5G networks are all pushing automotive IoT companies to target this segment over the coming years. A high range of connectivity and better reliability as compared to other types of connectivity technologies help this segment maintain a high share in the automotive IoT market. Moreover, cellular connectivity is faster, cost-effective, and requires no additional investments in infrastructure development like most other advanced connectivity technologies.

In summary, any automotive IoT company looking to enter to dominate the global automotive IoT market should utilize cellular technology. Infotainment and navigation segments are projected to offer highly lucrative opportunities for automotive IoT providers in the long run. The rising popularity of autonomous vehicles and expanding connected car fleets are projected to make this market highly opportune for automotive IoT companies around the world.

Related Reports:

Internet Of Things (IoT) Market

Internet Of Things (IoT) Professional Services Market

IoT Security Market

5G IoT Market

IoT Sensors Market

About Us:

SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific. 

Contact:
Mr. Jagraj Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/

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Industry leaders to join forces to scale hydrogen mobility

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Volvo Group

For the first time in Europe, Germany is bringing together the full ecosystem needed to scale the deployment of hydrogen trucks by 2030, combining supportive policy frameworks, a strong OEM offering and an integrated hydrogen supply chain and infrastructure.Volvo Group, Daimler Truck, Toyota Motor Corporation, Bosch, Air Liquide, TotalEnergies, TEAL Mobility, MB Energy, and more companies accelerate the commercialization of hydrogen-powered mobility and build the ecosystem needed to scale it along the whole value chain, with vehicles, infrastructure and supply. The activities include the deployment of hydrogen refueling stations along key strategic corridors in Europe, in synchronization with the hydrogen-powered truck fleets as well as a competitive hydrogen price. This will enable customers to operate hydrogen-powered vehicles with a competitive total cost of ownership. Full details will be unveiled at a CEO-led press event during IAA Transportation in Hanover on 15 September.

GOTHENBURG, Sweden, Sept. 3, 2026 /PRNewswire/ — Leading companies from the transport, energy and industrial sectors, together with German policymakers, are collaborating to establish a benchmark for a fully integrated hydrogen mobility ecosystem for heavy-duty transport. They reflect a shared ambition to scale hydrogen with a focus on customer-oriented refueling infrastructure and competitively priced hydrogen fuel.

Delivering a comprehensive hydrogen ecosystem that complements battery-electric solutions requires coordinated development across the entire value chain with focus on commercializing competitive vehicles, deploying strategically located refueling infrastructure aligned with customer needs, and ensuring reliable access to hydrogen at viable price levels. Together, these elements can create the conditions for a competitive total cost of ownership and position hydrogen as a practical, scalable solution for zero-emission transport.

Further details will be announced on September 15 at IAA Transportation 2026.

Volvo Group, Daimler Truck, Toyota Motor Corporation, Bosch, Air Liquide, TotalEnergies, TEAL Mobility, MB Energy

September 3, 2026

Journalists wanting further information, please contact:
Claes Eliasson, Head of Media Relations
+46 76 553 7229
press@volvo.com

For more information, please visit volvogroup.com
For frequent updates, follow us on LinkedIn

The Volvo Group drives prosperity through transport and infrastructure solutions, offering trucks, buses, construction equipment, power solutions for marine and industrial applications, financing and services that increase our customers’ uptime and productivity. Founded in 1927, the Volvo Group is committed to shaping the future landscape of sustainable transport and infrastructure solutions. The Volvo Group is headquartered in Gothenburg, Sweden, employs almost 100,000 people and serves customers in almost 180 markets. In 2025, net sales amounted to SEK 479 billion (EUR 43 billion). Volvo shares are listed on Nasdaq Stockholm.

This information was brought to you by Cision http://news.cision.com.

https://news.cision.com/ab-volvo/r/industry-leaders-to-join-forces-to-scale-hydrogen-mobility,c4391363

The following files are available for download:

https://mb.cision.com/Main/39/4391363/4249230.pdf

Press release — Industry leaders to join forces to scale hydrogen mobility

https://news.cision.com/ab-volvo/i/1860×1050-iaa-pr,c3561719

1860×1050 IAA PR

 

View original content:https://www.prnewswire.com/news-releases/industry-leaders-to-join-forces-to-scale-hydrogen-mobility-302868716.html

SOURCE AB Volvo

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CFD Broker Mitrade EU Introduces Excess-of-Loss Insurance Protection for Its Clients

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LIMASSOL, Cyprus, Sept. 3, 2026 /PRNewswire/ — CFD broker Mitrade has arranged additional insolvency insurance for eligible clients onboarded under its CySEC licence. The initiative reflects a broader focus on strengthening client confidence and investor protection.

This excess-of-loss policy supplements protections CySEC already mandates. CySEC-authorised investment firms are required to segregate client funds and contribute to the Investor Compensation Fund. Beyond those statutory safeguards, Mitrade EU Limited’s discretionary insurance coverage has been arranged through Lloyd’s of London and funded by Mitrade. It is automatically available to eligible clients without an opt-in requirement or additional client charge.

Should Mitrade EU Limited become insolvent, the policy may cover eligible claims, subject to its terms, conditions and exclusions, up to a maximum aggregate amount of €1 million across all claims combined. It does not cover trading losses or losses caused by market movements.

“Regulation sets the baseline; we decide how much further to go for clients,” said Timur Konsky, CEO of Mitrade EU. “That is why we put additional insurance in place with Lloyd’s of London. Our approach is to identify where clients can be protected and take steps to reduce those risks. Transparency and safety should not be marketing language; they should be demonstrated through the safeguards a broker chooses to put in place. We want our clients to judge us by our actions, and this policy is another concrete example of that commitment.”

Mitrade EU’s excess-of-loss insurance cover takes effect from 1 September 2026.

About Mitrade 

Mitrade is a CFD trading platform operating in eligible EEA markets through Mitrade EU Limited, a CySEC-authorised investment firm (CIF438/23). Other legally separate entities within the international group are independently authorised and regulated in their respective jurisdictions by ASIC (AFSL398528), CIMA (SIB1612446), FSCA (FSP54842), FSC (GB20025791), and CMA (20200000397). 

Globally, the brand connects 7M+ traders to 1,000+ CFDs on indices, forex, commodities, shares, ETFs and more. The platform is designed to provide fast execution, flexible leverage on a per-position basis, competitive spreads and an intuitive interface accessible across multiple devices. 

Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. 

Visit https://www.mitrade.eu for more information.

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Aurra Markets Receives ‘Most Transparent Broker’ Award in Mumbai

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Aurra Markets wins the ‘Most Transparent Broker’ award at Money Expo Mumbai 2026. Read about our MT5 infrastructure and Aurra Wallet.

MUMBAI, India, Sept. 3, 2026 /PRNewswire/ — Aurra Markets Wins ‘Most Transparent Broker’ Award at Money Expo Mumbai

Aurra Markets, a multi-asset CFD broker, received the ‘Most Transparent Broker’ award at Money Expo Mumbai 2026. Participating as a Diamond Sponsor at the Jio World Convention Centre, the brokerage presented its institutional-grade trading infrastructure and partnership models to the Indian financial community.

Direct Market Access and Tier-1 Liquidity

Receiving this award reflects the company’s focus on maintaining secure trading conditions. In active financial markets, reliability is a primary requirement for retail and institutional traders. By integrating direct Tier-1 liquidity and holding fully segregated client funds, Aurra Markets provides a stable environment for trading forex, precious metals, and indices. The team demonstrated its MetaTrader 5 (MT5) framework at Booth 33, highlighting the 12ms execution speed that supports algorithmic and day traders.

Efficient Funding via the Aurra Wallet

The exhibition also served as a platform to detail the company’s advanced funding infrastructure. Clients can manage their capital using the Aurra Wallet. This unified system bridges fiat and digital assets, allowing traders to handle deposits and withdrawals efficiently. Integrating this technology reduces banking delays and provides rapid market access.

Expanding Operations in the Indian Market

“We are honored to receive the Most Transparent Broker award in Mumbai,” a senior spokesperson for Aurra Markets stated. “This recognition validates our infrastructural investments designed to lower trading costs and maintain security. Engaging with affiliates and traders in India confirms the demand for high-performance trading solutions. We provide market participants with the stability needed to trade macroeconomic shifts.”

About Aurra Markets

Aurra Global Markets Limited is authorized and regulated by the Mauritius Financial Services Commission (FSC) under License No. GB25204837. Aurra Markets provides a global community of traders with the direct infrastructure and technical resources needed to operate in dynamic financial markets. For more information, visit www.aurra.markets.

View original content to download multimedia:https://www.prnewswire.com/news-releases/aurra-markets-receives-most-transparent-broker-award-in-mumbai-302868741.html

SOURCE AURRA GLOBAL MARKETS LIMITED

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