Internet Of Vehicle Market
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PUBLISHED: 2022 ID: SMRC22016
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Internet of Vehicle Market Forecasts to 2028 - Global Analysis By Component (Hardware, Service and Software), Networking Technology (Bluetooth, Cellular, Wi-Fi and Other Networking Technologies), Communication Type and By Geography

4.3 (15 reviews)
4.3 (15 reviews)
Published: 2022 ID: SMRC22016

This report covers the impact of COVID-19 on this global market
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Years Covered

2020-2028

Estimated Year Value (2022)

US $117.89 BN

Projected Year Value (2028)

US $414.27 BN

CAGR (2022 - 2028)

23.3%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

North America

Fastest Growing Market

Asia Pacific


According to Stratistics MRC, the Global Internet of Vehicle Market is accounted for $117.89 billion in 2022 and is expected to reach $414.27 billion by 2028 growing at a CAGR of 23.3% during the forecast period. The Internet of Vehicles (IoV) is a network that integrates three networks; a vehicular mobile internet network, an intra-vehicle network, and an inter-vehicle network. IoV is characterized as a vast dispersed system for information exchange & wireless connection between vehicle2X based on the idea of fusing different networks into one (where X includes internet, roads, people, and vehicles, among others). It employs customary data exchange and communication protocols. Intelligent traffic management, intelligent dynamic information service, and intelligent vehicle control are all provided by this integrated system.

According to the National Highway Traffic Safety Administration (NHTSA), the average commuter in the U.S. spends thirty-eight hours annually stuck in traffic. It collectively leads to 5.5 billion extra hours of travel and the purchase of an additional 2.9 billion gallons of fuel. This wasted fuel and time cost the U.S. economy around US$ 121 billion every year.



Market Dynamics:

Driver:

Safety and Economic Savings

The Internet of Things (IoT) and Automotive & Transportation Policy Principles were the subject of a report issued by Intel in 2019. It was discovered that more than 90% of collisions in the US are the result of human mistake. Crash rates can be significantly reduced by connected autonomous vehicles functioning in an IoT system that, in some situations, can navigate without human input. For instance, if only 10% of vehicles were autonomous, 1,100 road fatalities may be avoided in the United States each year, saving around USD 38 billion. Similarly, if 90% of vehicles were autonomous, USD 447 billion could be saved and 21,700 traffic fatalities might be avoided. Therefore, during the time of the forecast, these factors will propel the market's expansion.

Restraint:

Security and Privacy Concerns

The internet of vehicles establishes a network of interconnected devices and integrates various services, technologies, and communication protocols, posing information security concerns. The system becomes susceptible to several kinds of malicious interference, including distributed denial-of-service (DDoS) assaults. They can be aimed at different places, such the vehicle itself or the network that transmits the data. In the Internet of Vehicles; its components including the accelerator, steering wheel, brakes, GPS, and alarms can all be accessible remotely, and a successful breach or hack could result in fatalities. These problems will therefore prevent consumers from adopting the internet of automobiles.

Opportunity:

Implementation in traffic control

Traffic management is a major revenue source for the internet of vehicles, with applications ranging from smart traffic lights that may optimise traffic flow by evaluating the present road situation to adaptable lighting systems that take weather conditions into consideration. Additionally, sensors and beacons can direct cars to open parking spaces, and real-time information from CCTV cameras can instantly alert rescue personnel when a driver is involved in an accident. As a result, the market will rise due to the growing use of IoV in traffic and parking management.

Threat:

Huge amounts of information to process

Big data is a benefit of IoV technology, but managing the continuous influx of data presents serious difficulties for providers. One gigabyte of data is processed by connected vehicles every second, and as more infrastructure items become online and require connectivity, this amount is certain to rise. Cloud computing can be hampered and the system damaged by insufficient storage or slow network speeds.

Covid-19 Impact

COVID-19 has Influenced Telecommunications and Connected Infrastructure Policy. Despite the pandemic's detrimental effects, particularly with regard to funding for R&D in autonomous driving, testing activities have persisted, and expectations are optimistic. Significant regulatory adjustments are being enacted, particularly in the U.S. and China, as Wi-Fi demand rises during the pandemic. China has allocated specific bandwidth for the use of C-V2X on the 5.9 GHz spectrum starting in 2020. During the predicted period, the nation also plans to deploy the system on 90% of the main roads and localities. Although adopting such policies would take a lot of time, it will encourage and reassure important parties to invest in an IoV network. As a result, COVID-19's regulatory changes will have an impact on the market's expansion.

The service segment is expected to be the largest during the forecast period

The service segment is estimated to have a lucrative growth, as the service model generates regular revenues and, more crucially, long-term customer relationships. For instance, Volkswagen's Car-Net service costs USD 200 per year or USD 18 per month and offers consumers navigation tools, security features, and maintenance support, among other features. Therefore, these elements are to blame for this segment's supremacy.

The Wi-Fi segment is expected to have the highest CAGR during the forecast period

The Wi-Fi segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the successful data exchange for both low and high frequency connections, with a failure rate of less than 1%. Furthermore, in-car Wi-Fi allows for on-the-go networking through mobile hotspots and eliminates the need for cellular services. The expansion of this market segment is attributed to these factors.

Region with highest share:

North America is projected to hold the largest market share during the forecast period owing to the National Highway Traffic Safety Administration (NHTSA) estimates that the typical American commuter wastes 38 hours per year in traffic. It results in an overall increase in travel time of 5.5 billion hours and fuel purchases of an extra 2.9 billion gallons. The U.S. economy suffers a yearly loss of about US$121 billion due to this squandered fuel and time. With better traffic management and self-driving cars, the internet of vehicles network can increase productivity and efficiency. These elements will fuel the market's expansion in this area.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period. In Japan, supportive regulatory measures are being put in place to facilitate IoV architectural testing and expand engineering capability. China is also the world leader in 5G networking in terms of adoption rate and implementation due to the country's early launch. Additionally, the nation is swiftly developing new IoV technological standards and federal-level regulations. As a result, these elements are to blame for the market's quick expansion in this area.



Key players in the market

Some of the key players profiled in the Internet of Vehicle Market include Apple Inc., Audi AG, Cisco Systems, Inc., Cloud Your Car, Google LLC, Ford Motor Company, IBM Corporation, Intel Corporation, NXP Semiconductors, Texas Instruments, SAP SE, Veniam, Volkswagen

Key Developments:

In February 2021, Ford and Google announced a unique six-year strategic partnership to reinvent the connected car/vehicle experience. From 2023, millions of future Ford and Lincoln vehicles at all price points will be powered by Android, with Google apps and services built-in.

In November 2020, NXP Semiconductors announced a strategic relationship with Amazon Web Services (AWS). The collaboration aims to deliver a secure, edge-to-cloud compute solution for next-generation vehicles that can enable new cloud-powered services.

Components Covered:
• Hardware
• Service
• Software

Networking Technologies Covered:
• Bluetooth
• Cellular
• Wi-Fi
• Other Networking Technologies

Communication Types Covered:
• Vehicle-to-Infrastructure (V2I)
• Vehicle-to-Vehicle (V2V)
• Other Communication Types

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary

2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions

3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Emerging Markets
3.7 Impact of Covid-19

4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry

5 Global Internet of Vehicle Market, By Component
5.1 Introduction
5.2 Hardware
5.3 Service
5.4 Software

6 Global Internet of Vehicle Market, By Networking Technology
6.1 Introduction
6.2 Bluetooth
6.3 Cellular
6.4 Wi-Fi
6.5 Other Networking Technologies

7 Global Internet of Vehicle Market, By Communication Type
7.1 Introduction
7.2 Vehicle-to-Infrastructure (V2I)
7.3 Vehicle-to-Vehicle (V2V)
7.4 Other Communication Types

8 Global Internet of Vehicle Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa

9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies

10 Company Profiling
10.1 Apple Inc.
10.2 Audi AG
10.3 Cisco Systems, Inc.
10.4 Cloud Your Car
10.5 Google LLC
10.6 Ford Motor Company
10.7 IBM Corporation
10.8 Intel Corporation
10.9 NXP Semiconductors
10.10 Texas Instruments
10.11 SAP SE
10.12 Veniam
10.13 Volkswagen

List of Tables
1 Global Internet of Vehicle Market Outlook, By Region (2020-2028) ($MN)
2 Global Internet of Vehicle Market Outlook, By Component (2020-2028) ($MN)
3 Global Internet of Vehicle Market Outlook, By Hardware (2020-2028) ($MN)
4 Global Internet of Vehicle Market Outlook, By Service (2020-2028) ($MN)
5 Global Internet of Vehicle Market Outlook, By Software (2020-2028) ($MN)
6 Global Internet of Vehicle Market Outlook, By Networking Technology (2020-2028) ($MN)
7 Global Internet of Vehicle Market Outlook, By Bluetooth (2020-2028) ($MN)
8 Global Internet of Vehicle Market Outlook, By Cellular (2020-2028) ($MN)
9 Global Internet of Vehicle Market Outlook, By Wi-Fi (2020-2028) ($MN)
10 Global Internet of Vehicle Market Outlook, By Other Networking Technologies (2020-2028) ($MN)
11 Global Internet of Vehicle Market Outlook, By Communication Type (2020-2028) ($MN)
12 Global Internet of Vehicle Market Outlook, By Vehicle-to-Infrastructure (V2I) (2020-2028) ($MN)
13 Global Internet of Vehicle Market Outlook, By Vehicle-to-Vehicle (V2V) (2020-2028) ($MN)
14 Global Internet of Vehicle Market Outlook, By Other Communication Types (2020-2028) ($MN)
15 North America Internet of Vehicle Market Outlook, By Country (2020-2028) ($MN)
16 North America Internet of Vehicle Market Outlook, By Component (2020-2028) ($MN)
17 North America Internet of Vehicle Market Outlook, By Hardware (2020-2028) ($MN)
18 North America Internet of Vehicle Market Outlook, By Service (2020-2028) ($MN)
19 North America Internet of Vehicle Market Outlook, By Software (2020-2028) ($MN)
20 North America Internet of Vehicle Market Outlook, By Networking Technology (2020-2028) ($MN)
21 North America Internet of Vehicle Market Outlook, By Bluetooth (2020-2028) ($MN)
22 North America Internet of Vehicle Market Outlook, By Cellular (2020-2028) ($MN)
23 North America Internet of Vehicle Market Outlook, By Wi-Fi (2020-2028) ($MN)
24 North America Internet of Vehicle Market Outlook, By Other Networking Technologies (2020-2028) ($MN)
25 North America Internet of Vehicle Market Outlook, By Communication Type (2020-2028) ($MN)
26 North America Internet of Vehicle Market Outlook, By Vehicle-to-Infrastructure (V2I) (2020-2028) ($MN)
27 North America Internet of Vehicle Market Outlook, By Vehicle-to-Vehicle (V2V) (2020-2028) ($MN)
28 North America Internet of Vehicle Market Outlook, By Other Communication Types (2020-2028) ($MN)
29 Europe Internet of Vehicle Market Outlook, By Country (2020-2028) ($MN)
30 Europe Internet of Vehicle Market Outlook, By Component (2020-2028) ($MN)
31 Europe Internet of Vehicle Market Outlook, By Hardware (2020-2028) ($MN)
32 Europe Internet of Vehicle Market Outlook, By Service (2020-2028) ($MN)
33 Europe Internet of Vehicle Market Outlook, By Software (2020-2028) ($MN)
34 Europe Internet of Vehicle Market Outlook, By Networking Technology (2020-2028) ($MN)
35 Europe Internet of Vehicle Market Outlook, By Bluetooth (2020-2028) ($MN)
36 Europe Internet of Vehicle Market Outlook, By Cellular (2020-2028) ($MN)
37 Europe Internet of Vehicle Market Outlook, By Wi-Fi (2020-2028) ($MN)
38 Europe Internet of Vehicle Market Outlook, By Other Networking Technologies (2020-2028) ($MN)
39 Europe Internet of Vehicle Market Outlook, By Communication Type (2020-2028) ($MN)
40 Europe Internet of Vehicle Market Outlook, By Vehicle-to-Infrastructure (V2I) (2020-2028) ($MN)
41 Europe Internet of Vehicle Market Outlook, By Vehicle-to-Vehicle (V2V) (2020-2028) ($MN)
42 Europe Internet of Vehicle Market Outlook, By Other Communication Types (2020-2028) ($MN)
43 Asia Pacific Internet of Vehicle Market Outlook, By Country (2020-2028) ($MN)
44 Asia Pacific Internet of Vehicle Market Outlook, By Component (2020-2028) ($MN)
45 Asia Pacific Internet of Vehicle Market Outlook, By Hardware (2020-2028) ($MN)
46 Asia Pacific Internet of Vehicle Market Outlook, By Service (2020-2028) ($MN)
47 Asia Pacific Internet of Vehicle Market Outlook, By Software (2020-2028) ($MN)
48 Asia Pacific Internet of Vehicle Market Outlook, By Networking Technology (2020-2028) ($MN)
49 Asia Pacific Internet of Vehicle Market Outlook, By Bluetooth (2020-2028) ($MN)
50 Asia Pacific Internet of Vehicle Market Outlook, By Cellular (2020-2028) ($MN)
51 Asia Pacific Internet of Vehicle Market Outlook, By Wi-Fi (2020-2028) ($MN)
52 Asia Pacific Internet of Vehicle Market Outlook, By Other Networking Technologies (2020-2028) ($MN)
53 Asia Pacific Internet of Vehicle Market Outlook, By Communication Type (2020-2028) ($MN)
54 Asia Pacific Internet of Vehicle Market Outlook, By Vehicle-to-Infrastructure (V2I) (2020-2028) ($MN)
55 Asia Pacific Internet of Vehicle Market Outlook, By Vehicle-to-Vehicle (V2V) (2020-2028) ($MN)
56 Asia Pacific Internet of Vehicle Market Outlook, By Other Communication Types (2020-2028) ($MN)
57 South America Internet of Vehicle Market Outlook, By Country (2020-2028) ($MN)
58 South America Internet of Vehicle Market Outlook, By Component (2020-2028) ($MN)
59 South America Internet of Vehicle Market Outlook, By Hardware (2020-2028) ($MN)
60 South America Internet of Vehicle Market Outlook, By Service (2020-2028) ($MN)
61 South America Internet of Vehicle Market Outlook, By Software (2020-2028) ($MN)
62 South America Internet of Vehicle Market Outlook, By Networking Technology (2020-2028) ($MN)
63 South America Internet of Vehicle Market Outlook, By Bluetooth (2020-2028) ($MN)
64 South America Internet of Vehicle Market Outlook, By Cellular (2020-2028) ($MN)
65 South America Internet of Vehicle Market Outlook, By Wi-Fi (2020-2028) ($MN)
66 South America Internet of Vehicle Market Outlook, By Other Networking Technologies (2020-2028) ($MN)
67 South America Internet of Vehicle Market Outlook, By Communication Type (2020-2028) ($MN)
68 South America Internet of Vehicle Market Outlook, By Vehicle-to-Infrastructure (V2I) (2020-2028) ($MN)
69 South America Internet of Vehicle Market Outlook, By Vehicle-to-Vehicle (V2V) (2020-2028) ($MN)
70 South America Internet of Vehicle Market Outlook, By Other Communication Types (2020-2028) ($MN)
71 Middle East & Africa Internet of Vehicle Market Outlook, By Country (2020-2028) ($MN)
72 Middle East & Africa Internet of Vehicle Market Outlook, By Component (2020-2028) ($MN)
73 Middle East & Africa Internet of Vehicle Market Outlook, By Hardware (2020-2028) ($MN)
74 Middle East & Africa Internet of Vehicle Market Outlook, By Service (2020-2028) ($MN)
75 Middle East & Africa Internet of Vehicle Market Outlook, By Software (2020-2028) ($MN)
76 Middle East & Africa Internet of Vehicle Market Outlook, By Networking Technology (2020-2028) ($MN)
77 Middle East & Africa Internet of Vehicle Market Outlook, By Bluetooth (2020-2028) ($MN)
78 Middle East & Africa Internet of Vehicle Market Outlook, By Cellular (2020-2028) ($MN)
79 Middle East & Africa Internet of Vehicle Market Outlook, By Wi-Fi (2020-2028) ($MN)
80 Middle East & Africa Internet of Vehicle Market Outlook, By Other Networking Technologies (2020-2028) ($MN)
81 Middle East & Africa Internet of Vehicle Market Outlook, By Communication Type (2020-2028) ($MN)
82 Middle East & Africa Internet of Vehicle Market Outlook, By Vehicle-to-Infrastructure (V2I) (2020-2028) ($MN)
83 Middle East & Africa Internet of Vehicle Market Outlook, By Vehicle-to-Vehicle (V2V) (2020-2028) ($MN)
84 Middle East & Africa Internet of Vehicle Market Outlook, By Other Communication Types (2020-2028) ($MN)

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