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Report
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
Market Report I 2024-01-30 I 142 Pages I IMARC Group
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?
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
9.2 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
9.3 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
9.4 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
9.5 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
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
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
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