21.1% CAGR Internet of Vehicles (IoV) Market Size To Cross US$ 383.6 Billion by 2028

PRESS RELEASE

Published March 7, 2023

The latest research study “Internet of Vehicles (IoV) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that the global internet of vehicles (IoV) market size reached US$ 118.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 383.6 Billion by 2028, exhibiting a growth rate (CAGR) of 21.1% during 2023-2028.

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The internet of vehicles (IoV) represents a network of automobiles equipped with Bluetooth, Wi-Fi, a global positioning system (GPS), internet connectivity, and sensors to collect and transmit data regarding speed, location, and other information. It assists in enhancing road safety by allowing cars to communicate with each other and infrastructures to improve traffic flow and avoid collisions. The internet of vehicles (IoV) also increases the efficiency of transportation methods by enabling automobiles to connect with traffic management systems and optimize ways to lower fuel consumption. In addition to this, it provides drivers with real-time information to make trips more convenient.

Internet of Vehicles (IoV) Market Trends and Drivers:

The inflating need for improving driver and passenger safety, on account of the rising number of fatal road accidents, is among the primary factors driving the internet of vehicles (IoV) market. Besides this, the implementation of stringent regulations by government bodies across countries to reduce carbon emissions and enhance public transportation systems, owing to the growing consumer environmental concerns, is further augmenting the market growth. Moreover, the introduction of the vehicle to everything (V2X) communication to communicate with various devices and systems is also catalyzing the global market. Apart from this, the widespread adoption of the vehicle as a service (VaaS) that facilitates individuals to pay on a subscription basis is acting as another significant growth-inducing factor. Furthermore, the increasing integration of cloud computing, Artificial Intelligence (AI), Machine Learning (ML), blockchain, and fifth-generation (5G) technology with this network to analyze data from connected automobiles and improve their performance and capabilities is expected to bolster the internet of vehicles (IoV) market in the coming years.

Internet of Vehicles (IoV) Market 2023-2028 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Who are the key players in the Internet of Vehicles (IoV) Market?

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.

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The report has segmented the market on the basis of

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.

Breakup by Region:

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

Key highlights of the report:

Market Performance (2017-2022)
Market Outlook (2023- 2028)
Porter's Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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