USD 95.62 billion
Report ID: SQMIG50C2013 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 91 | Figures: 76
Global Internet Of Vehicle Market size was valued at USD 95.62 billion in 2021 and is poised to grow from USD 115.81 billion in 2022 to USD 351.71 billion by 2030, growing at a CAGR of 21.3% in the forecast period (2023-2030).
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.
Global Market Size
USD 95.62 billion
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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.
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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.
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Internet Of Vehicle Market Driver
Implementation of Traffic Management to Drive Market Growth
Internet Of Vehicle Market Restraint
Rising Security Concerns
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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
Internet Of Vehicle Market Recent Developments
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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.
|Market size value in 2021||USD 95.62 billion|
|Market size value in 2030||USD 115.81 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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For the Global 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 Global 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.
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