The global internet of vehicles (IoV) market size reached US$ 143.9 billion in 2023. The market is projected to reach US$ 743.4 billion by 2032, exhibiting a growth rate (CAGR) of 20% during 2023-2032. The increasing sales of autonomous vehicles (AVs), rising focus on driver and passenger safety, and the growing adoption of the vehicle as a service (VaaS) represent some of the key factors driving the market.
The internet of vehicles (IoV) is a network of vehicles equipped with a global positioning system (GPS), Bluetooth, WiFi, cellular networks, internet connectivity, and sensors to collect and transmit data about location, speed, and other information. They assist in improving road safety by allowing vehicles to communicate with each other and infrastructure to avoid collisions and improve traffic flow. They also enhance the efficiency of transportation systems by enabling vehicles to connect with traffic management systems and optimize routes to reduce fuel consumption. They provide drivers with real time information about traffic conditions, parking availability, and other information to make trips more convenient.
The internet of vehicles (IoV) is a network of vehicles equipped with a global positioning system (GPS), Bluetooth, WiFi, cellular networks, internet connectivity, and sensors to collect and transmit data about location, speed, and other information. They assist in improving road safety by allowing vehicles to communicate with each other and infrastructure to avoid collisions and improve traffic flow. They also enhance the efficiency of transportation systems by enabling vehicles to connect with traffic management systems and optimize routes to reduce fuel consumption. They provide drivers with real time information about traffic conditions, parking availability, and other information to make trips more convenient.
Internet of Vehicles (IoV) Market Trends
The increasing sales of autonomous vehicles (AVs) and the rising awareness about their benefits currently represent one of the major factors driving the demand for IoV around the world. In addition, the rising focus on driver and passenger safety on account of the increasing number of fatal road accidents is catalyzing the demand for IoV to minimize the severity of injuries and collisions with other vehicles. Apart from this, due to the growing environmental concerns, governing agencies of numerous countries are implementing stringent policies to reduce carbon emissions and adopting measures to improve public transportation systems. They are also undertaking initiatives to spread awareness about the importance of road safety. Furthermore, the advent of the vehicle to everything (V2X) communication to communicate with numerous devices and systems is bolstering the growth of the market. Besides this, there is an increase in the integration of artificial intelligence (AI), machine learning (ML), cloud computing, blockchain, and fifth-generation (5G) technology in IOV to analyze data from connected vehicles and improve their performance and capabilities. These advanced technologies also help store vast amount of data by the vehicles and provide access to this data for analysis and decision making. Additionally, the growing adoption of the vehicle as a service (VaaS) that facilitates consumers to pay for the use of a vehicle on a subscription basis is creating a positive outlook for the market. Moreover, rapid urbanization, and inflating income levels are influencing the market positively.Key Market Segmentation:
The report provides an analysis of the key trends in each segment of the global internet of vehicles (IoV) market, along with forecasts at the global, regional, and country level from 2023-2032. The report has categorized the market based on component, technology, and communication type.Component Insights:
- Hardware
- Software
- Service
Technology Insights:
- Wi-Fi
- Bluetooth
- Cellular
- Others
Communication Type Insights:
- Vehicle-to-Vehicle
- Vehicle-to-Infrastructure
- Others
Regional Insights:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape
The report has also provided a comprehensive analysis of the competitive landscape in the global internet of vehicles (IoV) market. Detailed profiles of all major companies have also been provided. Some of the companies covered include AT&T Inc., Cisco Systems Inc., Ford Motor Company, Google LLC (Alphabet Inc.), International Business Machines Corporation, Nexar Inc., NXP Semiconductors N.V., Texas Instruments Incorporated, Verizon Communications Inc., Volkswagen AG, etc.Key Questions Answered in This Report:
- How has the global internet of vehicles (IoV) market performed so far and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global internet of vehicles (IoV) market?
- What are the key regional markets?
- Which countries represent the most attractive internet of vehicles (IoV) markets?
- What is the breakup of the market based on the component?
- What is the breakup of the market based on the technology?
- What is the breakup of the market based on the communication type?
- What is the competitive structure of the global internet of vehicles (IoV) market?
- Who are the key players/companies in the global internet of vehicles (IoV) market?
Table of Contents
1 Preface3 Executive Summary11 Value Chain Analysis13 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Internet of Vehicles (IoV) Market
6 Market Breakup by Component
7 Market Breakup by Technology
8 Market Breakup by Communication Type
9 Market Breakup by Region
10 Drivers, Restraints, and Opportunities
12 Porters Five Forces Analysis
14 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- AT&T Inc.
- Cisco Systems Inc.
- Ford Motor Company
- Google LLC (Alphabet Inc.)
- International Business Machines Corporation
- Nexar Inc.
- NXP Semiconductors N.V.
- Texas Instruments Incorporated
- Verizon Communications Inc.
- Volkswagen AG
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 142 |
| Published | January 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 143.9 Billion |
| Forecasted Market Value ( USD | $ 743.4 Billion |
| Compound Annual Growth Rate | 20.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
