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

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).

The 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. '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', '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.'

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.

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.

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.