Internet of Vehicles Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Internet of Vehicles Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Internet of Vehicles Market

The Internet of Vehicles market size was valued at USD 145.24 billion in 2023, and the market is now projected to grow from USD 173.90 billion in 2024 to USD 972.59 billion by 2032, exhibiting a CAGR of 24% during the forecast period of 2024-2032.

The COVID-19 pandemic created significant opportunities on the Internet of Vehicles market growth as curbing coronavirus outbreak was prioritized. Since production facilities were closed, automakers focused on integrating software program solutions into their products at some stage in the lockdown period, consisting of using Over-the-Air (OTA) software updates in cars to improve clients’ driving enjoyment.

The Internet of Vehicles market share globally has been contributed due to the need for effective traffic and transportation solutions. The essential factors contributing to the fast improvement of Internet of Vehicles technology are demand for sturdy automobile protection functions and better avenue infrastructure.

Furthermore, there’s been a notable trend of rising adoption of cloud-based architecture and connected car technology. With the advancement of the 5G community, manufacturers aim to shift to a cloud-primarily based electrical/digital (E/E) car architecture. Processor-extensive duties, inclusive of street circumstance commentary and photo processing, may be shifted to the cloud.

Comprehensive Analysis of Internet of Vehicles Market

The Internet of Vehicles market and automotives industry is rising at an exponential rate due to its market segmentation. These segmentations are methodically segregated by types of solution, networking technology, and communication. The solution types include, On-Vehicle and IoV Management Center. However, the networking technology, are such as Wi-Fi, Bluetooth, and Cellular Network.

The Asia Pacific region is conducive to the global Internet of Vehicles market, leading to a recall of USD 56.57 billion owing to high production rate of vehicles. Asia Pacific held a vast market proportion and outsized the marketplace percentage of other regions owing to the better charge of manufacturing linked motors and growing infrastructure within the location.

The top players in the market play a crucial role in the automotives industry assuring industrial prospectus growth and setting market standards. These players include, NXP Semiconductors (Netherlands), Intel Corporation (U.S.), IBM Corporation (U.S.), Google LLC (U.S.), Cisco System, Inc. (U.S.), Volkswagen (Germany), Ford Motor Company (U.S.), Veniam (U.S.), Audi (Germany), BMW (Germany), Robert Bosch (Germany), Qualcomm (U.S.), Ford (U.S.), Tata Communications (India), CarIQ (U.S.), AT&T (U.S.), Verizon Technologies Inc. (U.S.), General Motors (U.S.), Microsoft (U.S.), and Samsung Electronics (South Korea) these market players provide a level-playing competitive landscape.

In December 2023, Virtual Internet, one of the main players inside the software 5G technology, introduced its broadband generation, Virtual 5G, which has all started distribution for Android vehicles. Through this integration, the users will be able to carry out various functions from within the cabin at plenty higher speeds.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 24% from 2024 to 2032

Unit Value (USD Billion)

Segmentation By Solution

On-Vehicle

IoV Management Center

By Networking Technology

Wi-Fi

Bluetooth

Cellular Network

By Communication Type

Vehicle-to-Vehicle (V2V)

Vehicle-to-Infrastructure (V2I)

Vehicle-to-Pedestrian (V2P)

Vehicle-to-Cloud (V2C)

Others

By Geography

North America (By Solution, Application, Networking Technology, and Communication Type)

- U.S. (By Communication Type)

- Canada ( By Communication Type)

- Mexico ( By Communication Type)

Europe (By Solution, Application, Networking Technology, and Communication Type)

- Germany ( By Communication Type)

- U.K. ( By Communication Type)

- France ( By Communication Type)

- Rest of Europe (By Communication Type)

Asia Pacific (By Solution, Application, Networking Technology, and Communication Type)

- China (By Communication Type)

- Japan (By Communication Type)

- India (By Communication Type)

- South Korea (By Communication Type)

- Rest of Asia Pacific (By Communication Type)

Rest of the World (By Solution, Application, Networking Technology, and Communication Type)


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