PUBLISHER: IMARC | PRODUCT CODE: 1422979
PUBLISHER: IMARC | PRODUCT CODE: 1422979
Internet of Vehicles (IoV) Market by Component (Hardware, Software, Service), Technology (Wi-Fi, Bluetooth, Cellular, and Others), Communication Type (Vehicle-to-Vehicle, Vehicle-to-Infrastructure, and Others), and Region 2024-2032
Abstract
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.
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?
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Internet of Vehicles (IoV) Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Component
- 6.1 Hardware
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Software
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 6.3 Service
- 6.3.1 Market Trends
- 6.3.2 Market Forecast
7 Market Breakup by Technology
- 7.1 Wi-Fi
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Bluetooth
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
- 7.3 Cellular
- 7.3.1 Market Trends
- 7.3.2 Market Forecast
- 7.4 Others
- 7.4.1 Market Trends
- 7.4.2 Market Forecast
8 Market Breakup by Communication Type
- 8.1 Vehicle-to-Vehicle
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Vehicle-to-Infrastructure
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 Others
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
9 Market Breakup by Region
- 9.1 North America
- 9.1.1 United States
- 9.1.1.1 Market Trends
- 9.1.1.2 Market Forecast
- 9.1.2 Canada
- 9.1.2.1 Market Trends
- 9.1.2.2 Market Forecast
- 9.1.1 United States
- 9.2 Asia-Pacific
- 9.2.1 China
- 9.2.1.1 Market Trends
- 9.2.1.2 Market Forecast
- 9.2.2 Japan
- 9.2.2.1 Market Trends
- 9.2.2.2 Market Forecast
- 9.2.3 India
- 9.2.3.1 Market Trends
- 9.2.3.2 Market Forecast
- 9.2.4 South Korea
- 9.2.4.1 Market Trends
- 9.2.4.2 Market Forecast
- 9.2.5 Australia
- 9.2.5.1 Market Trends
- 9.2.5.2 Market Forecast
- 9.2.6 Indonesia
- 9.2.6.1 Market Trends
- 9.2.6.2 Market Forecast
- 9.2.7 Others
- 9.2.7.1 Market Trends
- 9.2.7.2 Market Forecast
- 9.2.1 China
- 9.3 Europe
- 9.3.1 Germany
- 9.3.1.1 Market Trends
- 9.3.1.2 Market Forecast
- 9.3.2 France
- 9.3.2.1 Market Trends
- 9.3.2.2 Market Forecast
- 9.3.3 United Kingdom
- 9.3.3.1 Market Trends
- 9.3.3.2 Market Forecast
- 9.3.4 Italy
- 9.3.4.1 Market Trends
- 9.3.4.2 Market Forecast
- 9.3.5 Spain
- 9.3.5.1 Market Trends
- 9.3.5.2 Market Forecast
- 9.3.6 Russia
- 9.3.6.1 Market Trends
- 9.3.6.2 Market Forecast
- 9.3.7 Others
- 9.3.7.1 Market Trends
- 9.3.7.2 Market Forecast
- 9.3.1 Germany
- 9.4 Latin America
- 9.4.1 Brazil
- 9.4.1.1 Market Trends
- 9.4.1.2 Market Forecast
- 9.4.2 Mexico
- 9.4.2.1 Market Trends
- 9.4.2.2 Market Forecast
- 9.4.3 Others
- 9.4.3.1 Market Trends
- 9.4.3.2 Market Forecast
- 9.4.1 Brazil
- 9.5 Middle East and Africa
- 9.5.1 Market Trends
- 9.5.2 Market Breakup by Country
- 9.5.3 Market Forecast
10 Drivers, Restraints, and Opportunities
- 10.1 Overview
- 10.2 Drivers
- 10.3 Restraints
- 10.4 Opportunities
11 Value Chain Analysis
12 Porters Five Forces Analysis
- 12.1 Overview
- 12.2 Bargaining Power of Buyers
- 12.3 Bargaining Power of Suppliers
- 12.4 Degree of Competition
- 12.5 Threat of New Entrants
- 12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
- 14.1 Market Structure
- 14.2 Key Players
- 14.3 Profiles of Key Players
- 14.3.1 AT&T Inc.
- 14.3.1.1 Company Overview
- 14.3.1.2 Product Portfolio
- 14.3.1.3 Financials
- 14.3.1.4 SWOT Analysis
- 14.3.2 Cisco Systems Inc.
- 14.3.2.1 Company Overview
- 14.3.2.2 Product Portfolio
- 14.3.2.3 Financials
- 14.3.2.4 SWOT Analysis
- 14.3.3 Ford Motor Company
- 14.3.3.1 Company Overview
- 14.3.3.2 Product Portfolio
- 14.3.3.3 Financials
- 14.3.3.4 SWOT Analysis
- 14.3.4 Google LLC (Alphabet Inc.)
- 14.3.4.1 Company Overview
- 14.3.4.2 Product Portfolio
- 14.3.4.3 SWOT Analysis
- 14.3.5 International Business Machines Corporation
- 14.3.5.1 Company Overview
- 14.3.5.2 Product Portfolio
- 14.3.5.3 Financials
- 14.3.5.4 SWOT Analysis
- 14.3.6 Nexar Inc.
- 14.3.6.1 Company Overview
- 14.3.6.2 Product Portfolio
- 14.3.7 NXP Semiconductors N.V.
- 14.3.7.1 Company Overview
- 14.3.7.2 Product Portfolio
- 14.3.7.3 Financials
- 14.3.7.4 SWOT Analysis
- 14.3.8 Texas Instruments Incorporated
- 14.3.8.1 Company Overview
- 14.3.8.2 Product Portfolio
- 14.3.8.3 Financials
- 14.3.8.4 SWOT Analysis
- 14.3.9 Verizon Communications Inc.
- 14.3.9.1 Company Overview
- 14.3.9.2 Product Portfolio
- 14.3.9.3 Financials
- 14.3.9.4 SWOT Analysis
- 14.3.10 Volkswagen AG
- 14.3.10.1 Company Overview
- 14.3.10.2 Product Portfolio
- 14.3.10.3 Financials
- 14.3.10.4 SWOT Analysis
- 14.3.1 AT&T Inc.
List of Figures
- Figure 1: Global: Internet of Vehicles Market: Major Drivers and Challenges
- Figure 2: Global: Internet of Vehicles Market: Sales Value (in Billion US$), 2018-2023
- Figure 3: Global: Internet of Vehicles Market Forecast: Sales Value (in Billion US$), 2024-2032
- Figure 4: Global: Internet of Vehicles Market: Breakup by Component (in %), 2023
- Figure 5: Global: Internet of Vehicles Market: Breakup by Technology (in %), 2023
- Figure 6: Global: Internet of Vehicles Market: Breakup by Communication Type (in %), 2023
- Figure 7: Global: Internet of Vehicles Market: Breakup by Region (in %), 2023
- Figure 8: Global: Internet of Vehicles (Hardware) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 9: Global: Internet of Vehicles (Hardware) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 10: Global: Internet of Vehicles (Software) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 11: Global: Internet of Vehicles (Software) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 12: Global: Internet of Vehicles (Service) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 13: Global: Internet of Vehicles (Service) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 14: Global: Internet of Vehicles (Wi-Fi) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 15: Global: Internet of Vehicles (Wi-Fi) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 16: Global: Internet of Vehicles (Bluetooth) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 17: Global: Internet of Vehicles (Bluetooth) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 18: Global: Internet of Vehicles (Cellular) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 19: Global: Internet of Vehicles (Cellular) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 20: Global: Internet of Vehicles (Other Technologies) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 21: Global: Internet of Vehicles (Other Technologies) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 22: Global: Internet of Vehicles (Vehicle-to-Vehicle) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 23: Global: Internet of Vehicles (Vehicle-to-Vehicle) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 24: Global: Internet of Vehicles (Vehicle-to-Infrastructure) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 25: Global: Internet of Vehicles (Vehicle-to-Infrastructure) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 26: Global: Internet of Vehicles (Other Communication Types) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 27: Global: Internet of Vehicles (Other Communication Types) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 28: North America: Internet of Vehicles Market: Sales Value (in Million US$), 2018 & 2023
- Figure 29: North America: Internet of Vehicles Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 30: United States: Internet of Vehicles Market: Sales Value (in Million US$), 2018 & 2023
- Figure 31: United States: Internet of Vehicles Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 32: Canada: Internet of Vehicles Market: Sales Value (in Million US$), 2018 & 2023
- Figure 33: Canada: Internet of Vehicles Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 34: Asia-Pacific: Internet of Vehicles Market: Sales Value (in Million US$), 2018 & 2023
- Figure 35: Asia-Pacific: Internet of Vehicles Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 36: China: Internet of Vehicles Market: Sales Value (in Million US$), 2018 & 2023
- Figure 37: China: Internet of Vehicles Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 38: Japan: Internet of Vehicles Market: Sales Value (in Million US$), 2018 & 2023
- Figure 39: Japan: Internet of Vehicles Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 40: India: Internet of Vehicles Market: Sales Value (in Million US$), 2018 & 2023
- Figure 41: India: Internet of Vehicles Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 42: South Korea: Internet of Vehicles Market: Sales Value (in Million US$), 2018 & 2023
- Figure 43: South Korea: Internet of Vehicles Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 44: Australia: Internet of Vehicles Market: Sales Value (in Million US$), 2018 & 2023
- Figure 45: Australia: Internet of Vehicles Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 46: Indonesia: Internet of Vehicles Market: Sales Value (in Million US$), 2018 & 2023
- Figure 47: Indonesia: Internet of Vehicles Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 48: Others: Internet of Vehicles Market: Sales Value (in Million US$), 2018 & 2023
- Figure 49: Others: Internet of Vehicles Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 50: Europe: Internet of Vehicles Market: Sales Value (in Million US$), 2018 & 2023
- Figure 51: Europe: Internet of Vehicles Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 52: Germany: Internet of Vehicles Market: Sales Value (in Million US$), 2018 & 2023
- Figure 53: Germany: Internet of Vehicles Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 54: France: Internet of Vehicles Market: Sales Value (in Million US$), 2018 & 2023
- Figure 55: France: Internet of Vehicles Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 56: United Kingdom: Internet of Vehicles Market: Sales Value (in Million US$), 2018 & 2023
- Figure 57: United Kingdom: Internet of Vehicles Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 58: Italy: Internet of Vehicles Market: Sales Value (in Million US$), 2018 & 2023
- Figure 59: Italy: Internet of Vehicles Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 60: Spain: Internet of Vehicles Market: Sales Value (in Million US$), 2018 & 2023
- Figure 61: Spain: Internet of Vehicles Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 62: Russia: Internet of Vehicles Market: Sales Value (in Million US$), 2018 & 2023
- Figure 63: Russia: Internet of Vehicles Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 64: Others: Internet of Vehicles Market: Sales Value (in Million US$), 2018 & 2023
- Figure 65: Others: Internet of Vehicles Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 66: Latin America: Internet of Vehicles Market: Sales Value (in Million US$), 2018 & 2023
- Figure 67: Latin America: Internet of Vehicles Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 68: Brazil: Internet of Vehicles Market: Sales Value (in Million US$), 2018 & 2023
- Figure 69: Brazil: Internet of Vehicles Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 70: Mexico: Internet of Vehicles Market: Sales Value (in Million US$), 2018 & 2023
- Figure 71: Mexico: Internet of Vehicles Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 72: Others: Internet of Vehicles Market: Sales Value (in Million US$), 2018 & 2023
- Figure 73: Others: Internet of Vehicles Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 74: Middle East and Africa: Internet of Vehicles Market: Sales Value (in Million US$), 2018 & 2023
- Figure 75: Middle East and Africa: Internet of Vehicles Market: Breakup by Country (in %), 2023
- Figure 76: Middle East and Africa: Internet of Vehicles Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 77: Global: Internet of Vehicles Industry: Drivers, Restraints, and Opportunities
- Figure 78: Global: Internet of Vehicles Industry: Value Chain Analysis
- Figure 79: Global: Internet of Vehicles Industry: Porter's Five Forces Analysis
List of Tables
- Table 1: Global: Internet of Vehicles Market: Key Industry Highlights, 2023 & 2032
- Table 2: Global: Internet of Vehicles Market Forecast: Breakup by Component (in Million US$), 2024-2032
- Table 3: Global: Internet of Vehicles Market Forecast: Breakup by Technology (in Million US$), 2024-2032
- Table 4: Global: Internet of Vehicles Market Forecast: Breakup by Communication Type (in Million US$), 2024-2032
- Table 5: Global: Internet of Vehicles Market Forecast: Breakup by Region (in Million US$), 2024-2032
- Table 6: Global: Internet of Vehicles Market: Competitive Structure
- Table 7: Global: Internet of Vehicles Market: Key Players
