The ‘Global Internet of Vehicles Market Share, Size, Growth, Analysis, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global internet of vehicles market, assessing the market on the basis of its segments like components, technologies, communication types, and major regions.
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 21.4%
Rapid digitalisation and advancements in the automotive industry are leading to a revolution in vehicles, which is in turn is generating a steady demand for intelligent and connected cars. The increasing application of internet of vehicles in smart cities is further adding to the market growth. Growing improvements and rising understanding of internet of things (IoT) technologies such as Bluetooth, Wi-Fi, and WLAN, among others, is further escalating the internet of vehicles market growth.
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The increasing importance of internet of vehicles in automotive cybersecurity is propelling their demand. Internet of vehicles are equipped with features such as analysis, storage, and fast decision making, which enhances security across sensitive areas.
Moreover, internet of vehicle provides advantages such as remote car access, superior infotainment systems, and quick response to crashes or accidents, which are likely to boost the popularity of this product in the forecast period. Additionally, the growing reliability of technologies such as vehicle guidance and efficient risk management, among others, are likely to provide impetus to the internet of vehicles market in the coming years.
Internet of Vehicles Industry Definition and Major Segments
Internet of vehicle is a type of vehicle which operates on an intelligent wireless network. Internet of vehicles enable communication between vehicles which facilitates the trading of information, data about safety and security, and real-time positions. Internet of vehicle offers updates on embedded codes which increases the revenue in aftermarket.
Based on component, the market can be segmented into:
• Hardware
• Software
• Service
On the basis of technology, the market has been classified into:
• Bluetooth
• Wi-Fi
• Cellular
• Others
By communication type, the market has been segmented into:
• Vehicle-to-Vehicle
• Vehicle-to-Infrastructure
• Others
On the basis of region, the market can be categorised into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Internet of Vehicles Market Trends
The key trends in the global internet of vehicles market include technological advancements in the automotive industry which are spearheading the development of smart sensors, smart terminals, and Wi-Fi equipped automobile components. The growing availability of high-speed internet, which is further being supported by emergence of 5G technology, is another crucial driving factor of the internet of vehicles market.
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In terms of regions, North America holds a significant share in the market. The strong foothold of major automotive players across strong economies such as the United States, is leading to innovative technological developments. Moreover, the increasing investments and favourable policies by governments in the region aimed towards automating vehicular infrastructure are anticipated to expand the market opportunities in the forecast period.
Key Market Players
The major players in the internet of vehicles market report are
• 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
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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