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Global Internet of Vehicles Market Share, Analysis, Trends, Growth: By Component: Hardware, Software, Service; By Technology: Bluetooth, Wi-Fi, Cellular, Others; By Communication Type: Vehicle-to-Vehicle, Vehicle-to-Infrastructure, Others; Regional Analysis; Competitive Landscape; Key Trends and Developments in the Market; 2023-2028
Global Internet of Vehicles Market Outlook
The global Internet of Vehicles market would likely grow at a CAGR of 21.4% during 2023-2028. Internet of Things (IoT) is driving the Internet of Vehicles (IoV) evolution. With rapid advances in computation and communication technologies, Internet of Vehicles exhibits significant commercial value; it refers to a network of cars interacting with each other and with roadside units (RSUs), walkers’ handheld devices, and public networks employing vehicle-to-road (V2R), vehicle-to-vehicle (V2V), vehicle-to-sensor (V2S), and vehicle-to-human (V2H) interconnectivity. Asia, North America and Europe are likely to be key markets.
Global Market Likely to be Driven by Advancements in Technology
With vehicles becoming increasingly connected, their transformation into autonomous vehicles is not far from reality, and Internet of Vehicles is playing a vital role in that direction. Internet of Vehicles enables vehicles to efficiently and safely exchange info with others and with infrastructures employing VANETs originating from MANET. Conventional VANET (indicates the network of different things, such as parking lots, roads, vehicles, walkers, and city infrastructure, and offers actual communication among those entities) has evolved into Internet of Vehicles; electronics employed include sensors, GPS, brakes and infotainment systems. However, there is need for superior interconnectivity and communication between vehicles. Such need is expected to boost the global Internet of Vehicles market.
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Internet of Vehicles Enables Superior Vehicle Guidance, Reliability Optimization and Risk Minimization
Internet of Vehicles enables the creation of Social Internet of Vehicle (SIoV). The sensors in vehicles, smart terminals, and platforms range across contemporary urban infrastructure, and communicate safely while collecting info. On the basis of such data, vehicles are directed in actual-time. Also, Internet of Vehicles connectivity enables car producers to recognise defects in products and optimize reliability. Such predictive maintenance minimizes risk of failures or emergencies; Internet of Vehicles also enables car producers to sell enhanced software with novel features. Such advantages are expected to boost the global Internet of Vehicles market.
Important Applications Expected to Boost Market Growth
Applications of Internet of Vehicles include:
Safer Driving – Internet of Vehicles enable safer driving. For example, cooperative collision avoidance systems utilize sensors to detect a possible collision and convey a warning notification to the driver.
Convenience Service – Internet of Vehicles offers the ability to remotely access a car, and makes possible services like remote door lock and recovering a stolen vehicle or “find my vehicle”.
Easier Management of Transportation Systems – Internet of Vehicles is very useful for transportation agencies, improving real-time traffic, parking data, and transit; it makes transportation system management easy.
Sophisticated Infotainment Systems – Connected cars offer online, in-vehicle entertainment options enabling music streaming, media, navigation and other info through the dashboard.
Traffic And Crash Response – Modern, connected cars are capable of automatically sending real-time data related to a crash with vehicle location to emergency response teams. Such capabilities can save lives by enabling timely emergency response.
Other applications include secure navigation, traffic guidance system, intelligent vehicle control, electronic toll collection, crash prevention, traffic flow monitoring, and vehicle autonomy. Such applications are expected to drive the global Internet of Vehicles market.
Market Segmentation
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By component, the market is segmented into:
- Hardware
- Software
- Service
By technology, the market is classified into:
- Bluetooth
- Wi-Fi
- Cellular
- Others
By communication type, the market is divided into:
- Vehicle-to-Vehicle
- Vehicle-to-Infrastructure
- Others
By region, the market is segmented into:
- Europe
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
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Key Industry Players in the Market
The report offers an extensive assessment of major players in the global Internet of Vehicles market; it evaluates their capability, observes latest occurrences such as mergers and acquisitions, capacity expansions, and plant turnarounds:
- Google LLC
- NXP Semiconductors N.V.
- Intel Corporation
- Texas Instruments Incorporated
- IBM Corporation
- Cisco Systems, Inc.
- Nexar Inc.
- Samsung Electronics Co., Ltd.
- AT&T Inc.
- Verizon Communications Inc.,
- Others
Using SWOT analysis and Porter’s Five Forces model, the EMR report offers deep insights into the industry.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Component |
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| Breakup by Technology |
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| Breakup by Communication Type |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Internet of Vehicles Market Analysis
8.1 Key Industry Highlights
8.2 Global Internet of Vehicles Historical Market (2018-2022)
8.3 Global Internet of Vehicles Market Forecast (2023-2028)
8.4 Global Internet of Vehicles Market by Component
8.4.1 Hardware
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Software
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.3 Service
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2022)
8.4.3.3 Forecast Trend (2023-2028)
8.5 Global Internet of Vehicles Market by Technology
8.5.1 Bluetooth
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Wi-Fi
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.5.3 Cellular
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2022)
8.5.3.3 Forecast Trend (2023-2028)
8.5.4 Others
8.6 Global Internet of Vehicles Market by Communication Type
8.6.1 Vehicle-to-Vehicle
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 Vehicle-to-Infrastructure
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.6.3 Others
8.7 Global Internet of Vehicles Market by Region
8.7.1 North America
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2022)
8.7.1.3 Forecast Trend (2023-2028)
8.7.2 Europe
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2022)
8.7.2.3 Forecast Trend (2023-2028)
8.7.3 Asia Pacific
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2018-2022)
8.7.3.3 Forecast Trend (2023-2028)
8.7.4 Latin America
8.7.4.1 Market Share
8.7.4.2 Historical Trend (2018-2022)
8.7.4.3 Forecast Trend (2023-2028)
8.7.5 Middle East and Africa
8.7.5.1 Market Share
8.7.5.2 Historical Trend (2018-2022)
8.7.5.3 Forecast Trend (2023-2028)
9 North America Internet of Vehicle Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2022)
9.1.3 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2022)
9.2.3 Forecast Trend (2023-2028)
10 Europe Internet of Vehicle Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2022)
10.1.3 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2022)
10.2.3 Forecast Trend (2023-2028)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2022)
10.3.3 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2022)
10.4.3 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Internet of Vehicle Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2022)
11.1.3 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2022)
11.2.3 Forecast Trend (2023-2028)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2022)
11.3.3 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2022)
11.4.3 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2022)
11.5.3 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Internet of Vehicle Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2022)
12.1.3 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2022)
12.2.3 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2022)
12.3.3 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Internet of Vehicle Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2022)
13.1.3 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2022)
13.2.3 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2022)
13.3.3 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2022)
13.4.3 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Google LLC
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 NXP Semiconductors N.V.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Intel Corporation
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Texas Instruments Incorporated
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 IBM Corporation
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Cisco Systems, Inc.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Nexar Inc.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Samsung Electronics Co., Ltd.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 AT&T Inc.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Verizon Communications Inc.,
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Internet of Vehicles Market: Key Industry Highlights, 2017 and 2021
2. Global Internet of Vehicles Historical Market: Breakup by Component (USD Million), 2018-2022
3. Global Internet of Vehicles Market Forecast: Breakup by Component (USD Million), 2023-2028
4. Global Internet of Vehicles Historical Market: Breakup by Technology (USD Million), 2018-2022
5. Global Internet of Vehicles Market Forecast: Breakup by Technology (USD Million), 2023-2028
6. Global Internet of Vehicles Historical Market: Breakup by Communication Type (USD Million), 2018-2022
7. Global Internet of Vehicles Market Forecast: Breakup by Communication Type (USD Million), 2023-2028
8. Global Internet of Vehicles Historical Market: Breakup by Region (USD Million), 2018-2022
9. Global Internet of Vehicles Market Forecast: Breakup by Region (USD Million), 2023-2028
10. North America Internet of Vehicles Historical Market: Breakup by Country (USD Million), 2018-2022
11. North America Internet of Vehicles Market Forecast: Breakup by Country (USD Million), 2023-2028
12. Europe Internet of Vehicles Historical Market: Breakup by Country (USD Million), 2018-2022
13. Europe Internet of Vehicles Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Asia Pacific Internet of Vehicles Historical Market: Breakup by Country (USD Million), 2018-2022
15. Asia Pacific Internet of Vehicles Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Latin America Internet of Vehicles Historical Market: Breakup by Country (USD Million), 2018-2022
17. Latin America Internet of Vehicles Market Forecast: Breakup by Country (USD Million), 2023-2028
18. Middle East and Africa Internet of Vehicles Historical Market: Breakup by Country (USD Million), 2018-2022
19. Middle East and Africa Internet of Vehicles Market Forecast: Breakup by Country (USD Million), 2023-2028
20. Global Internet of Vehicles Market Structure
Key Questions Answered in the Report
The market is estimated to grow at a CAGR of 21.4% in the forecast period of 2023-2028.
The major drivers of the market include the rapid digitalisation in the automotive infrastructure, increasing penetration of internet of things (IoT), and growing demand for internet of vehicles in automotive cybersecurity projects.
The increasing availability of high-speed internet, technological advancements in the automotive industry, and emerging 5G technology, are the key trends in the market.
Hardware, software, and service are the different segments of the internet of vehicles market based on component.
Bluetooth, Wi-Fi, and cellular, among others are the various categories based on technology.
Vehicle to infrastructure and vehicle to vehicle, among others, are the primary communication types in the market for internet of vehicles.
Internet of things and internet of vehicles are closely related to each other as both are entities which work on connected wireless connected technologies in order to facilitate communication and data sharing.
While internet of things can interconnect various types of products such as lights, speakers, and other household appliances, internet of vehicles focuses on connectivity with vehicles.
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