(IoV) Internet of Vehicle Market, By Component (Hardware, Software, Service), By Technology (Bluetoo

Published Date: June 2019 | Report Code : AT2058743


(IoV) Internet of Vehicle Market, By Component (Hardware, Software, Service), By Technology (Bluetooth, Cellular, Wi-Fi, NFC, Zigbee, Other), By Communication Type (Vehicle-to-Vehicle, Vehicle-to-Infrastructure, Other), By Region (North America, Eastern Europe, Western Europe, Asia Pacific, Middle East, Rest of the World) – Market Size & forecasting (2016-2028)

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Domain : Automotive

Report Code : AT2058743

Status : Published June 2019

The Global Internet Of Vehicle Market is estimated to reach USD 289.84 Billion in 2028, growing at a CAGR of 11.9% during the forecast period. Increasing demand for automation in the automotive industry combined with the increasing use of electric vehicles is expected to fuel the internet of vehicle market during the forecast period.

Internet of Vehicle Market

Internet of Vehicle Market

Vehicle Internet (IoV) enables a vehicle to connect via a cellular network to the surrounding vehicle or other traffic infrastructure. The vehicles transmit floating data to the base area at long stretches through this technology. It enables the user to locate both the car as well as the ones surrounding it. Besides that, the vehicles recognize the adjoining vehicle's speed and distance and manage self-speed accordingly. The internet of vehicle market is facing a lengthy challenge ahead in its pursuit to unify IoV's scope and concepts from different perspectives. Private and government projects around the globe are therefore vital to assist the growth of the internet of vehicle market from a global perspective.

The global internet of vehicle market will generate abundant avenues for vehicles to interact with humans, sensors, and traffic management systems. To do this, however, vehicles of the next generation would require a global vehicle ID, also referred to as GID. The ID provides a gateway to detect and communicate seamlessly with a vehicle. It operates analogously to a computer's IP address. One of the main concerns driving the internet of vehicle market is traffic management and road collision prevention. Given that GIDs are supposed to enhance automobile-secure communication, substantial growth of global internet of vehicle market is expected during the forecast period. 

Internet of Vehicle Market

Besides, it is also predicted that Wi-Fi-enabled IoT devices and automobiles will drive the internet of vehicle market during the forecast period. Wi-Fi signals can connect with servers in less than one-tenth of a second. In conjunction with this, Wi-Fi does not necessitate devices to rely on batteries. Therefore, it is expected to be an increase in demand for enabled Wi-Fi devices in the global vehicle market.Similarly, it is projected that demand for IoT devices that transmit signals promptly, limit data loss, and provide access to cost-effective cloud storage which will fuel the growth of IoV internet of vehicle market. In its long journey ahead, the internet of vehicle market also faces issues. It is anticipated that the lack of a holistic view of the big picture, high expenditures linked with IoT devices and innovations, in general, can pose a serious threat to market growth. 

North America's internet of vehicle market is anticipated to flourish significantly over the forecast period. Establishing large vendors in the region, heavily investing in research and development and the US government supporting this positively is an ideal environment for the growth of the IoV internet of vehicle market. During the forecast period, the IoV industry in the Asia Pacific is predicted to record promising growth. Increasing automotive sales, growing interest in IoT technologies and a quickly growing IT sector are anticipated to steer the IoV internet of vehicle market in major countries such as India and China. The Middle East is still emerging in global internet of vehicle market. 

Key Factors Impacting the Growth of Internet of Vehicle Market:
    • Penetration of IoT and cloud services across all major industries
    • Emergence of Global Identification (GID) in the automotive industry
    • Introduction of Logistics4.0 in the global market

Key Developments in Internet of Vehicle Market:

• In 2018, Tesla Inc. introduced a new cellular connectivity package for the Model S, Model X, and Model 3 starting July 1. According to the California-based electric car maker, Tesla owners who order their vehicles from July 1 moving forward will have the option to select between a “Premium Connectivity” package and a “Standard Connectivity” package. The new internet packages would be rolled out to all of Tesla’s markets, including Europe, Australia, and Asia. The Premium Connectivity package includes satellite maps with live traffic visualizations and satellite-view maps. In-car streaming music and media, as well as over-the-air updates via cellular data, are also included in the package, together with other applications and services that are set to be introduced in the future.

• In 2017, Intel Corporation and Mobileye N.V. announced the completion of Intel’s tender offer for outstanding ordinary shares of Mobileye, a global leader in the development of computer vision and machine learning, data analysis, localization and mapping for advanced driver assistance systems and autonomous driving. The acquisition is expected to accelerate innovation for the automotive industry and positions Intel as a leading technology provider in the fast-growing internet of vehicle market for highly and fully autonomous vehicles.

• In 2018. Verizon announced the acquisition of Telogis, a developer of telematics and fleet-logistics systems used by major automakers like Ford, and commercial GPS vehicle tracking firm Fleetmatics.

• In 2016, Cisco completed its acquisition of Jasper, a privately-held company based in Santa Clara, CA. Jasper’s industry-leading cloud-based Internet of Things (IoT) service platform enables companies of all sizes to rapidly and cost-effectively launch, manage and monetize IoT services on a global scale.

What Does This Report Provide? 
This report provides a detailed understanding of the global internet of vehicle market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the Internet of vehicle market during the forecast period and an in-depth analysis of the leading companies operating in the market.

Market Segmentation:
By Component:
    • Hardware
    • Software
    • Service

By Technology:
    • Bluetooth
    • Cellular
    • Wi-Fi
    • NFC
    • Zigbee
    • Other

By Communication Type:
    • Vehicle-to-Vehicle
    • Vehicle-to-Infrastructure
    • Other

By Region:
    • North America
        ◦ By Country (US, Canada, Mexico)
        ◦ By Component
        ◦ By Technology
        ◦ By Communication Type
    • Western Europe
        ◦ By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
        ◦ By Component
        ◦ By Technology
        ◦ By Communication Type
    • Eastern Europe
        ◦ By Country (Russia, Turkey, Rest of Eastern Europe)
        ◦ By Component
        ◦ By Technology
        ◦ By Communication Type
    • Asia Pacific
        ◦ By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
        ◦ By Component
        ◦ By Technology
        ◦ By Communication Type
    • Middle East 
        ◦ By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
        ◦ By Component
        ◦ By Technology
        ◦ By Communication Type
    • Rest of the World
        ◦ By Region (South America, Africa)
        ◦ By Component
        ◦ By Technology
        ◦ By Communication Type

Companies Covered: Major Companies profiled in the report which are key players in the global internet of vehicle market are Ford Motor Company, Texas Instruments Inc., Tesla Inc., Audi AG, Intel Corporation, SAP, NXP Semiconductors N.V., Apple Inc., Google Inc., IBM Corporation, and Cisco Systems Inc.

Reasons to Buy This Report:
    • Market size estimation of the global internet of vehicle market on regional and global basis. 
    • Unique research design for market size estimation and forecast. 
    • Profiling of major companies operating in the internet of vehicle market with key developments.
    • Broad scope to cover all the possible segments helping every stakeholder in the internet of vehicle market.

We provide customization of the study to meet specific requirements:
    • By Segment 
    • By Sub-segment 
    • By Region/Country
For more information, contact: [email protected]

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