Internet of Vehicles (IoV) Market

Market Overview:

The global internet of vehicles (IoV) market size reached US$ 143.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 743.4 Billion by 2032, exhibiting a growth rate (CAGR) of 19.4% during 2024-2032. 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.

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:

IMARC Group 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 2024-2032. Our report has categorized the market based on component, technology, and communication type.

Component Insights:

• Hardware
• Software
• Service
   

The report has provided a detailed breakup and analysis of the internet of vehicles (IoV) market based on the component. This includes hardware, software, and service. According to the report, service represented the largest segment.

Technology Insights:

• Wi-Fi
• Bluetooth
• Cellular
• Others
   

A detailed breakup and analysis of the internet of vehicles (IoV) market based on the technology has also been provided in the report. This includes Wi-Fi, bluetooth, cellular, and others. According to the report, Wi-Fi accounted for the largest market share.

Communication Type Insights:

• Vehicle-to-Vehicle
• Vehicle-to-Infrastructure
• Others
   

The report has provided a detailed breakup and analysis of the internet of vehicles (IoV) market based on the communication type. This includes vehicle-to-vehicle, vehicle-to-infrastructure, and others. According to the report, vehicle-to-vehicle represented the largest segment.

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
   

The report has also provided a comprehensive analysis of all the major regional markets that include North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa. According to the report, North America was the largest market for internet of vehicles (IoV). Some of the factors driving the North America internet of vehicles (IoV) market included increasing sales of AVs, stringent policies by governing agencies, the integration of advanced technologies, etc.

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. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

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?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the internet of vehicles (IoV) market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global internet of vehicles (IoV) market.
• The study maps the leading as well as the fastest growing regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the internet of vehicles (IoV) industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.