Internet of Vehicles Market Scope
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 | 2020-2032 |
Base Year | 2024 |
High Growth Market | Asia Pacific |
Largest Market | North America |
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) |
CAGR | 18.0% |
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. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Internet of Vehicles market throughout the predicted period.
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) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Internet of Vehicles market by Type , by Application (Infotainment, Navigation and Telematics) and Region with country level break-up.
On the basis of geography, the market of Internet of Vehicles has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2024. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Leaders and their expansionary development strategies
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
Key Target Audience
Internet of Vehicles Solution Providers, Security System Integrators, Government Agencies, Government Regulatory Bodies, Private Research Organizations and Others