Internet of Vehicles Market Size to Record 24.65% CAGR over 2023-2030; Rising Adoption of Vehicle Telematics to Support Market Development

The global Internet of Vehicles market size touched USD 124.82 billion in 2022 and is predicted to reach USD 145.24 billion in 2023. The market is anticipated to touch USD 678.94 billion by 2030, recording a CAGR of 24.65% over 2023-2030.

Fortune Business Insights™ presents this information in its latest report titled “Internet of Vehicles Market Size, Share & COVID-19 Impact Analysis, By Solution (On-Vehicle and IoV Management Center), By Networking Technology (Wi-Fi, Bluetooth, and Cellular Network), By Communication Type (Vehicle-to-Vehicle (V2V), Vehicle-to-Infrastructure (V2I), Vehicle-to-Pedestrian (V2P), Vehicle-to-Cloud (V2C), and Others), and Regional Forecast, 2023-2030”.

Road fatalities have been on a constant rise every year due to factors such as poor road infrastructure and lack of access to proper transport communication solutions. The introduction of Internet of Vehicles (IoV) technology can be useful in this case as the concept of connected vehicles is gaining immense traction among customers. The IoV technology integrates various networks to transmit information and facilitate wireless communication between vehicles and other components, both internal and external. These features will fuel the Internet of Vehicles market growth in the coming years.

COVID-19 Accelerated Development of IoT and Cloud-based Solutions for Vehicles Despite Closure of Vehicle Production

The COVID-19 pandemic forced several governments to impose restrictions, such as lockdowns and closure of production facilities of various industries, to restrict the spread of the virus. However, the testing of advanced technologies on vehicles increased during this period as the demand for Wi-Fi grew drastically to facilitate this testing. Moreover, governments of countries, such as the U.S. and China, had made regulatory changes to promote the production of connected vehicles and improve the driving experience of their customers. Therefore, the pandemic had a positive impact on the market.

Rising Adoption of Vehicle Telematics to Support Market Development

Vehicle telematics refers to an onboard communication technology that is incorporated into the most recent vehicle models to allow them to share valuable data. This includes information regarding a component’s health, its dysfunctionality, and predictive maintenance. Telematics also enables cars to receive information from different sources and convey it to the user on its Head Unit Display. This technology also plays a vital role in tracking vehicles, which will drive its adoption in different commercial and passenger vehicles. This factor will also boost the market growth.

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https://www.fortunebusinessinsights.com/internet-of-vehicles-market-105345

Competitive Landscape

Technological Innovations to be Introduced by Key Market Players to Enhance their Market Positions

Some of the most well-established companies are involved in this market, thereby indicating that this industry is highly competitive. However, Volkswagen has held a leading position in this market as its Internet of Vehicles solutions have gained immense popularity among customers. These solutions include Volkswagen Connect and Car-Net. Moreover, these key players have already started incorporating 5G technology into their upcoming vehicle models to offer a strong and efficient exchange of valuable data among vehicles.

Notable Industry Development:

• September 2022 – AWS introduced its automotive IoT service, which enables vehicle manufacturers and fleet management operators to gather, study, and process automotive data in real-time. Major companies, such as Bridgestone, Hyundai, LG CNS, and Renesas Electronics, are among the early adopters of this technology.

List of the Companies Profiled in the Report:

• NXP Semiconductors (Netherlands)
• Intel Corporation (U.S.)
• IBM Corporation (U.S.)
• Google LLC (U.S.)
• Cisco Systems, 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.)
• Samsung Electronics (South Korea)

Further Report Findings

• Asia Pacific accounted for the largest Internet of Vehicles market share as the region is witnessing a notable growth in its average vehicle production rate every year. The regional governments are also rolling out favorable policies to support the development of related infrastructure to accelerate the development of IoV technology.
• The market in North America held a small share in the global market, but is expected to grow at a commendable rate during the forecast period as the adoption rate of innovative automotive technologies has risen substantially over the years.
• The on-vehicle segment held the largest market share in 2022 and is predicted to maintain its dominance in the market during the forecast period due to rising integration of connected vehicle technology and vehicle telematics in upcoming vehicle models.

Table of Segmentation