Industry Background:
The global Internet of Vehicles market is expected to witness high demand in the forecasted period due to rising internet penetration, growth associated with connected devices, increase in the presence of automation solutions in the automotive industry, the introduction of Logistics4.0, drive the internet of vehicle market growth. Navigation, cab services, security, entertainment, and a myriad of other aspects became a staple feature in modern cars. Driverless cars fulfill the need and satisfaction of customers. Implementation of IoT transformed the automotive industry.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | Ford Motor Company (United States), Texas Instruments Inc. (United States), Audi AG (Germany), Intel Corporation (United States), SAP (Germany), NXP Semiconductors N.V. (Netherlands), Apple Inc. (United States), Google Inc. (United States), IBM Corporation (United States) and Cisco Systems Inc. (United States) |
According to AMA, the market for Internet of Vehicles is expected to register a CAGR of 18.0% during the forecast period to 2027. This growth is primarily driven by High Adoption of the Internet of Vehicles due to Track Fleet, Trains, Buses, and Cars and The Upsurge in Adoption of IoT and Cloud Services.
Globally, a noticeable market trend is evident The Emergence of Global Identification (GID)
The Internet Software & Services sector in the North America region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Ford Motor Company (United States), Texas Instruments Inc. (United States), Audi AG (Germany), Intel Corporation (United States), SAP (Germany), NXP Semiconductors N.V. (Netherlands), Apple Inc. (United States), Google Inc. (United States), IBM Corporation (United States) and Cisco Systems Inc. (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. Leading key players are focusing on strategic partnerships to improve their products and services. Companies are focusing on increasing their client base to strengthen market position and to enhance product & service offerings.
Key Developments in the Market:
On 2nd December 2019, Intel Corporation has announced it has completed the sale of the majority of its smartphone modem business to Apple. This transaction, valued at USD1 billion, was announced on July 25, 2019. As previously disclosed, this transaction enables Intel to focus on developing technology for 5G networks while retaining the option to develop modems for non-smartphone applications, such as PCs, internet of things devices and autonomous vehicles.
On 15th July, Texas Instruments (TI) has introduced an ultra-low-power switching regulator with the industry’s lowest operating quiescent current (IQ) at 60 nA – 1/3 that of the nearest competitive device.
Influencing Trend:
The Emergence of Global Identification (GID) and Increase in Government Funds for Better Traffic Management, Safety Assurance, Energy Savings and The Development of Connected Vehicles
Market Growth Drivers:
High Adoption of the Internet of Vehicles due to Track Fleet, Trains, Buses, and Cars and The Upsurge in Adoption of IoT and Cloud Services
Challenges:
Inefficiency in Determining the Exact Vehicle Position and Loss of Floating Data due to Obstacles
Restraints:
The Concern Regarding Lack of Infrastructure and Government Regulations and Additional Cost Burden On Consumers
Opportunities:
The High Growth due to the Advancement of Technology
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Internet of Vehicles Market
- Analysis about New Entrants in Internet of Vehicles Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Internet of Vehicles Study Sheds Light on
The Internet of Vehicles Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Internet of Vehicles industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Internet of Vehicles industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.