Automotive Smart Home Integration Market: Introduction
- Technological advancements in information technology and artificial intelligence are expected to drive the global automotive smart home integration market. Numerous automakers across the globe have started integrating personal assistant technologies into their vehicles.
- For instance, automakers including Ford, BMW, and Nissan have incorporated Amazon’s AI assistant, Alexa, into their select models. Smart home integration technology enables control over more than 1,000 different home devices through various platforms including tablets, smartphones, and vehicle dashboards.
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Key drivers of Automotive Smart Home Integration Market
- Rise in demand for luxury features among consumers across the globe is expected to drive the global automotive smart home integration market. Smart home integration technology enables consumers to perform various activities including shopping, controlling home appliances including refrigerators, washing machines, remotely, through internet connection. For instance, Toyota Prius comes with built-in AI Assistant – Alexa and integration of home skills API (Application Programming Interface), which enables consumers to control various functions ranging from ordering grocery deliveries to preheating the oven from inside the vehicle.
- Technological advancements, in terms of IoT (Internet of Things) and connected car technology, are anticipated to propel the global automotive smart home integration market. According to a report, over 90 million vehicles are expected to have connected cars technology by 2024. Major strategies adopted by automakers include investments & expansions, contracts & agreements, and new product launches. Moreover, mergers & acquisitions have emerged as a key strategy among key players, as companies look to strengthen their service offerings and geographic market reach by offering their products. Additionally, major players are anticipated to increase investments toward R&D of Artificial Intelligence (AI).
- For instance, Honda Motors has developed its own smart home concept that produces more electricity than it consumes. This technology aims to provide an electricity surplus that would enable homeowners to charge their electric vehicles. All of this is controlled by a dedicated AI that distributes energy smartly throughout the home appliances.
- However, disruptions in supply chain catering to the automobile industry, owing to the shutdown of production and manufacturing facilities caused by the coronavirus pandemic across the world, is estimated to contract the market in 2024-2021. Consequently, the coronavirus pandemic has hampered the global automotive smart home integration market.
- The global automotive smart home integration market is anticipated to recover by increasing integration of smart home API coupled with a rise in production volume of vehicles in 2024. This, in turn, is projected to offer lucrative opportunity to players operating in the supply chain of the automotive anti-pinch window market during the forecast period.
Automotive Smart Home Integration Market: Restraint
- The smart home integration requires smart home appliances to control them remotely. Additionally, both AI-assistant and smart home appliances require continuous internet connection. Smart appliances are more expensive than traditional appliances and the cost of internet connection is an additional periodic expense. Therefore, the high purchase cost of smart home appliances coupled with high operation cost of the technology is projected to restrain the global automotive smart home integration market.
North America and Europe combined to account for prominent share of global automotive smart home integration market
- In terms of region, the global automotive smart home integration market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa.
- North America and Europe have presence of economically stable countries. These regions are also home to technologically advanced research institutes catering to the development of AI technologies. Additionally, major players have established their technological centers and manufacturing facilities in various countries including the U.S., Germany, the U.K., and France. All the factors mentioned above contributed to the major share held by these regions in the global automotive smart home integration market.
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Key Players Operating in Automotive Smart Home Integration Market
The global automotive smart home integration market is highly concentrated owing to the presence of top manufacturers. A few key players operating in the global automotive smart home integration market are:
- Amazon Inc.
- Apple Inc.
- BMW Motor Company
- Daimler AG
- Ford Motors
- Google Inc.
- Samsung Electronics
- Toyota Motor Company
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