Internet of Cars

Internet of Cars

Global Internet of Cars Market to Reach US$865.7 Billion by 2030

The global market for Internet of Cars estimated at US$274.6 Billion in the year 2023, is expected to reach US$865.7 Billion by 2030, growing at a CAGR of 17.8% over the analysis period 2023-2030. Internet of Cars Services, one of the segments analyzed in the report, is expected to record a 17.8% CAGR and reach US$458.9 Billion by the end of the analysis period. Growth in the Internet of Cars Software segment is estimated at 18.5% CAGR over the analysis period.

The U.S. Market is Estimated at US$75.8 Billion While China is Forecast to Grow at 16.9% CAGR

The Internet of Cars market in the U.S. is estimated at US$75.8 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$130.0 Billion by the year 2030 trailing a CAGR of 16.9% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 15.8% and 15.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 13.0% CAGR.

Global Internet of Cars Market - Key Trends & Drivers Summarized

What Is the Internet of Cars and Why Is It Revolutionizing the Automotive Industry?

The Internet of Cars, also known as the connected car ecosystem, refers to the integration of internet connectivity, data analytics, and digital technologies into vehicles, enabling them to communicate with other vehicles, infrastructure, and cloud services. This connectivity is revolutionizing the automotive industry by transforming vehicles into smart, data-driven platforms that offer enhanced safety, convenience, and efficiency. Through the Internet of Cars, vehicles can access real-time traffic updates, receive remote diagnostics, and enable advanced driver assistance systems (ADAS), among other capabilities. This interconnected ecosystem is not only improving the driving experience but also paving the way for the development of autonomous vehicles and new business models in mobility services.

How Are Technological Advancements Shaping the Internet of Cars Market?

Technological advancements are significantly shaping the Internet of Cars market, particularly through innovations in vehicle-to-everything (V2X) communication, 5G connectivity, and artificial intelligence. V2X communication, which includes vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), and vehicle-to-cloud (V2C) interactions, is enhancing road safety and traffic management by enabling vehicles to share real-time information with each other and surrounding infrastructure. The rollout of 5G networks is providing the high-speed, low-latency connectivity needed to support the vast amounts of data generated by connected cars, enabling more reliable and responsive interactions. Advances in artificial intelligence and machine learning are powering the development of smart features such as predictive maintenance, personalized in-car experiences, and autonomous driving capabilities. These technological trends are driving the adoption of the Internet of Cars, as automakers and technology companies collaborate to create a more connected and intelligent transportation ecosystem.

Why Is There an Increasing Demand for the Internet of Cars Across the Automotive Industry?

The demand for the Internet of Cars is increasing across the automotive industry due to the growing consumer expectation for connected and smart vehicles, as well as the industry`s push towards greater safety, efficiency, and automation. Consumers are increasingly seeking vehicles that offer seamless integration with their digital lives, including features like in-car entertainment, navigation, and remote access through mobile apps. The automotive industry is also leveraging the Internet of Cars to enhance vehicle safety through the development of advanced driver assistance systems (ADAS) that rely on real-time data and connectivity. Additionally, the rise of shared mobility and ride-hailing services is driving demand for connected cars that can optimize fleet management and provide real-time tracking and diagnostics. As the automotive industry continues to evolve towards autonomous driving and smart mobility solutions, the demand for the Internet of Cars is expected to grow.

What Factors Are Driving the Growth in the Internet of Cars Market?

The growth in the Internet of Cars market is driven by several factors related to technological advancements, consumer demand, and the automotive industry`s transformation. One of the primary drivers is the increasing adoption of connected vehicle technologies, which offer enhanced safety, convenience, and entertainment features that appeal to modern consumers. The development of 5G networks is also a significant growth factor, as it provides the necessary infrastructure to support the high-speed data transmission required for real-time vehicle communication and autonomous driving. The automotive industry`s focus on developing advanced driver assistance systems (ADAS) and autonomous vehicles is further propelling the market, as these technologies rely heavily on connectivity and data analytics. Additionally, the growing trend towards shared mobility and the rise of smart cities are creating new opportunities for the Internet of Cars, as connected vehicles become integral to the future of urban transportation. As these trends continue to shape the automotive landscape, the Internet of Cars market is expected to experience sustained growth, driven by the need for more connected, intelligent, and efficient transportation solutions.

Select Competitors (Total 11 Featured) -

• Bosch Software Innovations GmbH
• Cisco Systems, Inc.
• General Electric Company
• Google LLC
• IBM Corporation
• Infineon Technologies AG
• Microsoft Corporation
• Oracle Corporation
• SAP SE
• Symantec Corporation
• Tesla Motors, Inc.

Please note: Reports are sold as single-site single-user licenses. Electronic versions require 24-48 hours as each copy is customized to the client with digital controls and custom watermarks. The Publisher uses digital controls protecting against copying and printing is restricted to one full copy to be used at the same location.

The latest version of Adobe Acrobat Reader is required to view the report. Upon ordering an electronic version, the Publisher will provide a link to download the purchased report.

Prior to fulfillment of an order, the client will be required to sign a document detailing the purchase terms for a publication from this publisher.