The Global Internet Of Vehicle Market is estimated to reach USD 289.84 Billion in 2028, growing at a CAGR of 11.9% over the forecast period. The Internet of Vehicles (IoV) supports the usage of data created by connected cars and vehicular ad hoc networks (VANETs). IoV is a distributed network, and it enables vehicles to communicate with roadside infrastructure, pedestrians, human drivers, other vehicles, and fleet management systems in real time.
Increasing demand for automation in the automotive industry, combined with the increasing use of electric vehicles, will fuel the global Internet of vehicle market during the forecast period. It is expected that the global internet of vehicle market will generate ample avenues for vehicles to interact with humans, sensors, and traffic management systems. However, for this, the next-generation vehicles would require a Global Vehicle ID, which is also known as GID.
The growth of the IoV internet of vehicle market will also be propelled by factors such as the increasing demand for IoT devices that transmit signals promptly, limit data loss, and provide access to cost-effective cloud storage. The Internet of Vehicle market is, however, facing a number of issues such as lack of a holistic view of the big picture and high expenditures linked to IoT devices and innovations. These issues can present serious challenges to market growth in the coming days.
(IoV) Internet of Vehicle Market, By Component:
By component, the software market will be the largest market over the forecast period. Software platforms and solutions support the functioning of IoT in automobiles. Software solutions help simplify the interoperability challenges that arise due to the large volume of data, their security and privacy, and other connected heterogeneous devices. Factors such as the evolution of high-speed networking technologies and increasing adoption of connected cars have led to the adoption of IoT software solutions in recent times.
(IoV) Internet of Vehicle Market, By Technology:
The WiFi segment will lead the technology segment over the forecast period. WiFi provides the ability to turn vehicles into a mobility solution. It can stream, browse, share, and do many other activities, as it is designed for comfort. The WiFi-hotspots integrated with the Internet-of-Things (IoT) technology platform enables drivers to track driving habits, trace vehicle location, and allows logistics companies to manage their fleet. For instance, on 29 Aug 2019, Altron and Vodacom and Toyota South Africa Motors (TSAM) collaborated to provide in-mobility WiFi-connected services and introduced Toyota Connect, a cloud-based Internet-connected intelligence platform.
(IoV) Internet of Vehicle Market, By Communication Type:
The market for vehicle-to-vehicle will register the highest growth over the forecast period. Vehicle-to-vehicle is fast as well as reliable, and it provides real-time alerts to drivers. It helps eliminate the problem of vehicle shadowing, enabling communication with the roadside infrastructure to alert the small vehicle about the location and speed of the larger vehicle.
Vehicle-to-vehicle Communication enables position tracking and tracking of speed, steering-wheel position, and brake status. It can gather data to notify other vehicles in the vicinity. The factors that are fueling the growth of the vehicle-to-vehicle communication segment include the implementation of safety & security, forward hazard warning, curve speed warning, and overtake vehicle warning.
(IoV) Internet of Vehicle Market, By Region:
The North American market will flourish significantly over the forecast period. The presence of established vendors in the region, heavy investment in research and development, and the U.S. government’s support have created an ideal environment, thereby providing impetus for the growth of the IoV internet of the vehicle market.
During the forecast period, the IoV industry in the Asia Pacific will record promising growth. Increasing automotive sales, increasing interest in IoT technologies, and a growing IT sector are the factors that will steer the IoV internet of vehicle market in major countries of this region, such as India and China. The Middle East is an important emerging market for the Internet of Vehicle.
Some Major Developments in (IoV) Internet of Vehicle Market:
Some Key Findings of the Global (IoV) Internet of Vehicle Market Report Include:
By Communication Type:
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