Internet of Vehicles Market Forecast 2024 - Market Size, Drivers, Trends, And Competitors

The global Internet of Vehicles market size was valued at USD 124.82 billion in 2022 and is expected to be worth USD 145.24 billion in 2023. The market is projected to reach USD 678.94 billion by 2030, recording a CAGR of 24.65% during the forecast period.

Internet of Vehicles (IoV) refers to a technology that brings together three networks - an intra-vehicle network, an inter-vehicle network, and a vehicular mobile internet. IoV is an expansive distributed system to exchange information and facilitate wireless communication between vehicles and everything or V2X. The rising need for more effective and safer road transportation solutions is expected to foster the Internet of Vehicles market growth.

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Internet of vehicles (IoV) involves use of hardware and software automation, and incorporation of technology in all kind of vehicles. In 2017, the vehicle-to-infrastructure segment dominated the market, in terms of revenue, due to increase in investment on automation and infrastructure. North America was the highest revenue contributor to the internet of vehicle market in 2017, accounting for around 43% share, owing to surge in demand for mobility for automation and increase in safety and security concerns.

The key factors that have accelerated the development of Internet of Vehicles (IoV) technology include the need for better road infrastructure and reliable vehicle safety solutions. Technologies, such as V2V and V2I, can allow car owners to transmit and collect information regarding traffic congestion, parking, and route suggestions, which can greatly enhance their on-road safety. The inclusion of safety features, such as ADAS and automotive e-call, can offer important vehicle data in case of an accident, thereby creating a reliable transport network. These factors are expected to fuel the use of IoV solutions. However, data privacy and security concerns associated to this technology can deter customers from incorporating it into their cars, thereby impeding the market growth.

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The report features a competitive scenario of the internet of vehicle market and provides a comprehensive analysis of the key growth strategies adopted by major players. The key players operating in the global internet of vehicle market include Ford Motor Co., Texas Instruments Inc., Audi AG, Intel Corporation, SAP, NXP semiconductors, Apple Inc., Google Inc., IBM Corporation, and Cisco Systems Inc. These players have adopted competitive strategies such as innovation, new product development, and market expansion to boost the internet of vehicle market growth.

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By solution, the market is segmented into on-vehicle and IoV management center. The on-vehicle segment held a leading market share in 2022 and is expected to dominate the market share during the forecast period due to the rising use of connected vehicle technology and vehicle telematics in the latest car variants.

Based on networking technology, the market is segmented into Wi-Fi, Bluetooth, and cellular network. The Wi-Fi segment captured the biggest market share in 2022 as this networking technology offers a failure rate of less than 1% while transferring data during low and high-frequency communication.

Based on communication type, the market is segmented into Vehicle-to-Vehicle (V2V), Vehicle-to-Infrastructure (V2I), Vehicle-to-Pedestrian (V2P), Vehicle-to-Cloud (V2C), and others. The V2V segment dominated the market in 2020 as this technology provides a reliable exchange of information, such as map data and situational awareness, and has low latency, which can enhance the safety of vehicles during heavy traffic. Concerning region, the market covers North America, Europe, Asia Pacific, and the Rest of the World.

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