Global Internet of Vehicles Market Report and Forecast 2024-2032

Global Internet of Vehicles Market Outlook

The global Internet of Vehicles market would likely grow at a CAGR of 21.4% during 2024-2032. 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. 

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

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

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

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

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

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