(MENAFN- IMARC Group)
IMARC Group's report titled“ Internet of Vehicles (IoV) Market by Component (Hardware, Software, Service), Technology (Wi-Fi, Bluetooth, Cellular, and Others), Communication Type (Vehicle-to-Vehicle, Vehicle-to-Infrastructure, and Others), and Region 2024-2032′′ . The global internet of vehicles (IoV) market size reached US$ 143.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 743.4 Billion by 2032, exhibiting a growth rate (CAGR) of 19.4% during 2024-2032.
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Factors Affecting the Growth of the Internet of Vehicles (IoV) Industry:
Advancements in Connectivity Technologies:
Innovations in communication technologies, such as fifth generation (5G), are propelling the market growth. With faster and more reliable connections, the Internet of Vehicles (IoV) can leverage real time data exchange between vehicles, infrastructure, and central systems. This facilitates advanced features like vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication, essential for enhancing road safety, traffic management, and overall driving experience. In addition, IoV applications are increasingly becoming feasible and attractive to individuals due to the introduction of high quality communication technologies.
Rising Demand for Vehicle Connectivity:
People are increasingly seeking vehicles that are equipped with advanced connectivity features. These include navigation systems, infotainment services, and remote diagnostic capabilities. The desire for seamless integration with smartphones and other advanced devices is catalyzing the demand for IoV. As a result, automakers are integrating more connectivity features into their vehicles to meet the diverse expectations of individuals and remain competitive in the market. Furthermore, rising preferences for connected vehicles among individuals across the globe are impelling the growth of the market.
Innovations in Autonomous Driving Technologies:
Autonomous vehicles rely on the IoV for seamless communication between vehicles, infrastructure, and central systems. IoV technologies enable critical capabilities, such as real time sensor data sharing, coordination between autonomous vehicles, and interaction with traffic management systems. Furthermore, machine learning (ML) and artificial intelligence (AI) techniques play a pivotal role in autonomous driving by enabling vehicles to learn from data, adapt to changing environments, and improve over time. In addition, the rising need for advanced IoV solutions for enhanced experience is bolstering the market growth.
Leading Companies Operating in the Global Internet of Vehicles (IoV) Industry:
AT&T Inc. Cisco Systems Inc. Ford Motor Company Google LLC (Alphabet Inc.) International Business Machines Corporation Nexar Inc. NXP Semiconductors N.V. Texas Instruments Incorporated Verizon Communications Inc. Volkswagen AG
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Internet of Vehicles (IoV) Market Report Segmentation:
By Component:
Hardware Software Service
Service represents the largest segment as it ensures the smooth operation of IoV systems.
By Technology:
Wi-Fi Bluetooth Cellular Others
Wi-Fi holds the biggest market share on account of the rising focus on high data transfer rates.
By Communication Type:
Vehicle-to-Vehicle Vehicle-to-Infrastructure Others
Vehicle-to-vehicle accounts for the largest market share due to the increasing need for enhanced safety.
Regional Insights:
North America (United States, Canada) Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others) Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others) Latin America (Brazil, Mexico, Others) Middle East and Africa
North America enjoys a leading position in the internet of vehicles (IoV) market, which can be attributed to the thriving automotive sector.
Global Internet of Vehicles (IoV) Market Trends:
Governing agencies of various countries are implementing regulations and safety standards to improve road safety and reduce traffic congestion. These regulations encourage the adoption of IoV technologies, such as V2V and V2I communication systems. These technologies enable features like collision avoidance, emergency vehicle alerts, and traffic flow optimization, contributing to safer and more efficient transportation systems. Compliance with these regulations and standards incentivizes automakers to integrate IoV capabilities into their vehicles.
Moreover, the rising focus on reducing emissions and improving fuel efficiency in vehicles is propelling the market growth. IoV technologies enable solutions, such as eco-driving assistance and smart traffic management, which can help reduce fuel consumption and minimize environmental impact.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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