With the emergence and long-term Impact of COVID-19, Global Internet of Vehicles Market to reach USD 727.48 Billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Internet of Vehicles Market points towards a potential rise to USD 727.48 Billion by 2030. The Internet of Vehicles (IoV) refers to a networked system where vehicles are interconnected through the Internet, enabling communication and data exchange between vehicles, infrastructure, and other entities. In an IoV ecosystem, vehicles are equipped with advanced technologies such as sensors, GPS, and communication devices that facilitate real-time data transmission.
This interconnected network allows vehicles to share information about their status, location, and environmental conditions, contributing to enhanced safety, traffic management, and overall efficiency in transportation. The Internet of Vehicles Market is expanding because of factors such as the rise in connected and autonomous vehicles, the emergence of smart cities and rising government initiatives for the adoption of Internet of Vehicles for traffic management.
Geographically, the global Internet of Vehicles market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). Asia Pacific dominated the market in 2022 owing to increased production of connected vehicles and the expanding infrastructure in the region, Asia Pacific is poised to experience substantial growth. The adoption of advanced mobility technologies in significant automotive markets such as China, India, and other Asian countries contributes to the region’s high growth rate. Furthermore, many leading automakers in the market are based in the Asia Pacific region.
Europe is expected to grow significantly over the forecast period, owing to factors such as rising adoption of electric vehicles, rising government support to automotive industry, rising investment for automotive production and integration of Internet of things in the industry.
The global Internet of Vehicles market is highly competitive owing to the presence of several key players such as Google LLC Texas Instruments Inc. Ford Motor Company Cisco Systems Inc. SAP SE International Business Machine Corporation Audi AG Apple Inc. NXP Semiconductors N.V. Intel Corporation, and others.
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Key findings of the study suggest:
- Global Internet of Vehicles Market is anticipated to grow with a healthy growth rate of more than 24.65% over the forecast period 2023-2030.
- In the Solution segment, On-Vehicle emerged out as the leading market segment in 2022.
- Asia Pacific is anticipated to drive regional growth owing to the increased production of connected vehicles and the expanding infrastructure in the region, Asia Pacific is poised to experience substantial growth. The adoption of advanced mobility technologies in significant automotive markets such as China, India, and other Asian countries contributes to the region’s high growth rate.
- North America is expected to grow at higher rate followed by Europe during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
By Solution:
- On-Vehicle
- IoV Management Center
By Networking Technology:
- Wi-Fi
- Bluetooth
- Cellular Network
By Communication Type:
- Vehicle-to-Vehicle (V2V)
- Vehicle-to-Infrastructure (V2I)
- Vehicle-to-Pedestrian (V2P)
- Vehicle-to-Cloud (V2C)
- Others
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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