USD 95.62 billion
Internet Of Vehicle Market Size, Share, Growth Analysis, By Component(Hardware, Software, Service), By Networking Technology(Wi-Fi, Bluetooth, Cellular, Others), By Communication Type(Vehicle-to-Vehicle (V2V), Vehicle-to-Infrastructure (V2I), Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG50C2013 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|Tables:
91
|Figures:
78
Internet Of Vehicle Market Insights
Global Internet Of Vehicle Market size was valued at USD 95.62 billion in 2019 and is poised to grow from USD 115.81 billion in 2023 to USD 351.71 billion by 2031, growing at a CAGR of 21.3% in the forecast period (2024-2031).
Due to concerns over vehicle security and safety, which are key factors in the expansion of the internet of vehicles market, the demand for GID, a key component of that market, has significantly expanded. In previous years, the market was led by the Wi-Fi segment, and this trend is predicted to continue. Additionally, the entire internet of vehicles market share was controlled by the vehicle-to-vehicle communication category in the same year. The market for the internet of vehicles is expanding as a result of rising demand for driver and vehicle tracking, as well as increased IoT and cloud service usage. However, limitations like the difficulty in pinpointing the precise location of the vehicle and data loss as a result of impediments like terrain limit market expansion to some extent. In addition to safer roads and decision-making based on precise data collection and analysis, improved city infrastructure and traffic management also benefit governments and individual users. IoV also prepares the way for a wider uptake of autonomous driving and carsharing, which is a significant cost-saving solution for both people and cities. The key reasons propelling the growth of the internet of vehicles market are the rise in demand for vehicle tracking and driver safety, as well as the rising usage of IoT and cloud services. Market expansion is, however, somewhat constrained by issues like the difficulty in detecting the precise vehicle position and data loss as a result of barriers like terrain.
US Internet Of Vehicle Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
V2V
Fastest Growth
V2V
Growth Rate
21.3% CAGR
Global Internet of Vehicle Market 2021-2028 ($ Bn)
Country Share for Asia-Pacific Region- 2021 (%)
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Internet Of Vehicle Market Segmental Analysis
The Global internet of the vehicle market is segmented based on component, networking technology, communication type, and Region. Based on components, the market is segmented into hardware, software, and service. Based on networking technology, the market is segmented into Wi-Fi, Cellular, Bluetooth, and others. Based on the communication type, the market is segmented into Vehicle-to-vehicle (V2V), Vehicle-to-infrastructure (V2I), and others. Based on region, the global market is segmented into North America, Europe, Asia-Pacific, Latin America, and MEA.
Internet Of Vehicle Market Analysis by Component
The internet of vehicles market's largest portion belonged to the service sector. In addition to offering regular income, the service model also fosters long-term relationships with its clients. For instance, Volkswagen's car net service charges USD 200 per year or USD 18 per month and offers customers navigation capabilities, security features, and maintenance help, among other benefits. Therefore, these elements are to blame for this segment's supremacy. Future CAGR figures are anticipated to be higher for the software sector. The expansion of this market is being fueled by factors like the rising number of automakers using their proprietary software platforms to fully control customer data.
Internet Of Vehicle Market Analysis by Networking technology
The market's largest share belonged to the WIFI sector. With a failure rate of less than 1%, WIFI offers successful data exchange for both low and high frequencies of transmission. Additionally, in-vehicle WiFi allows for mobile hotspot connectivity on the road, negating the need for cellular services. The expansion of this market segment is attributed to these factors. Future predictions for the cellular industry predict exponential growth. This is due to the growing adoption of 5G-based internet of vehicles, which, in comparison to current communication networks, offer dependability, exceptionally high bandwidth & data transfer rates, and very low latency.
Internet Of Vehicle Market Analysis by communication type
The V2V section ruled the market. V2V offers low put-off time and reliability alternate of information, along with situational recognition messages and map data. Furthermore, V2V is a complementary generation anticipated to guide and decorate the operation of self-sufficient vehicles. Hence, those elements will gasoline the dominance of this section in the future. The V2I section is anticipated to develop at a quicker tempo for the duration of the forecast period. The growing implementation in visitors controls machine in which it can be used on excessive visitors’ highways to optimize car go with the drift and maximize gasoline financial system is attributed to using the increase of this section.
Global Internet of Vehicle Market by Communication Type, 2021 (%)
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Internet Of Vehicle Market Regional Insights
Asia Pacific is anticipated to hold the largest Internet Of Vehicles Market share. Supportive regulatory measures are being implemented in Japan to facilitate IoV architecture testing and boost engineering capability. China is also the world leader in 5G networking in terms of adoption rate and implementation due to its early deployment. Federal policies and new IoV standards are being developed quickly nationwide. These elements are therefore considered responsible for the area's quick market expansion. With major investments in the internet of cars sector, driven by vehicle security, infotainment, and fleet management, Europe is also predicted to witness significant market growth. Priorities for investment will be on lowering risks associated with driving and raising situational awareness, with a focus on V2I and V2V solutions.
Global Internet of Vehicle Market By Geography, 2021 - 2028
- Largest
- Fastest
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Internet Of Vehicle Market Dynamics
Internet Of Vehicle Market Driver
Implementation of Traffic Management to Drive Market Growth
- Traffic management is generating significant revenue for the internet of vehicles market, with applications that range from smart traffic lights that can optimize traffic flow by assessing the current road situation to weather-adaptable lighting systems. Furthermore, sensors can guide drivers to open parking spaces, and beacons and rescue services can be automatically notified when drivers are involved in an accident via CCTV cameras that provide real-time data. As a result, the increasing use of IoV in traffic and parking management will drive market growth.
Internet Of Vehicle Market Restraint
Rising Security Concerns
- The internet of vehicles establishes a network of connected devices and integrates various services, technologies, and communication protocols, raising concerns about information security. It exposes the system to various forms of malicious interference, such as distributed denial-of-service (DDoS) attacks. They can be directed at various levels, such as the vehicle or the communication network that is transferring the data. In IoV, vehicle components including steering wheel, brakes, GPS, accelerator, and alarms can be remotely accessed, and a successful breach or hack can result in fatalities.
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Internet Of Vehicle Market Competitive Landscape
The Global internet of the vehicle market is relatively fragmented, with a high level of competition. Few large players, like Ford Motor Company, Texas Instruments Inc., Audi AG, Intel Corporation, SAP, Apple Inc., Google Inc., IBM Corporation, and Cisco Systems Inc., now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other enterprises to enhance their market share and profitability.
Top Players in Global Internet of Vehicle Market are
- Cisco Systems
- AT&T
- Microsoft Corporation
- IBM Corporation
- Intel Corporation
- TomTom International BV
- General Motors
- Ford Motor Company
- Tesla, Inc.
- BMW AG
- Daimler AG
- Audi AG
- Toyota Motor Corporation
- Volvo Cars
- Honda Motor Co., Ltd.
- Volkswagen AG
- Nissan Motor Co., Ltd.
- BlackBerry Limited
- Harman International Industries, Inc.
- Continental AG
Internet Of Vehicle Market Recent Developments
- In June 2022, Intel reaffirmed its intention to employ technology to improve Indian roads' safety. The Union Minister for Road Transport and Highways, Shri Nitin Gadkari, inaugurated the Safety Pioneers Conference in New Delhi, where Intel brought together top businesses like technology and transportation providers, automakers, and academic institutions, and the government to work together and develop solutions to issues relating to road safety. The partnership will serve as a catalyst to promote regional ideas in addition to saving lives on the roads. The business highlighted Intel Onboard Fleet Services ("Solution"), an AI-powered fleet safety solution for commercial vehicles, as part of its commitment to employing technology to improve road safety.
- In February 2021, Ford and Google joined hands to develop unique capabilities and services for Lincoln and Ford customers. This six-year-old partnership would enable the company to power millions of future Lincoln and Ford vehicles by Android with Google services and applications. At the same time, it would help Ford to boost its transformation plan.
Internet Of Vehicle Key Market Trends
- Manufacturers hope to transition to a cloud-based electrical/electronic (E/E) vehicle architecture as the 5G network develops. Image processing and other tasks that require a lot of computing power can be moved to the cloud. Among other advantages, it improves optional efficiency and processing capacities, both of which are important to meet future mobility demands.
- The Emergence of Global Identification (GID)
- Increase in Government Funds for Better Traffic Management, Safety Assurance, Energy Savings, and The Development of Connected Vehicles
Internet Of Vehicle Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our Internet Of Vehicles Market analysis, the market for connected automobiles is anticipated to increase quickly due to the rising number of automotive accidents around the world. The market for the internet of vehicles is expanding as a result of rising demand for driver and vehicle tracking, as well as increased IoT and cloud service usage. However, limitations like the difficulty in pinpointing the precise location of the vehicle and data loss as a result of impediments like terrain limit market expansion to some extent. A vehicle GID functions as a communication gateway and is connected to the worldwide universal network. North America appears to be the market's largest contributor and consumer at the moment. This might be a result of improved infrastructure development and supply for this product. A significant factor is the region's growing acceptance of electric vehicles by the general public. The Asia Pacific region has a great deal of potential to quickly challenge North America as the world's top IoV consumer.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 95.62 billion |
| Market size value in 2031 | USD 351.71 billion |
| Growth Rate | 21.3% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Internet Of Vehicle Market Recent Developments
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Internet Of Vehicle Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Internet Of Vehicle Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Internet Of Vehicle Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Internet Of Vehicle Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Internet Of Vehicle Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Internet Of Vehicle Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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