Internet of Vehicles Market Status (2016-2020) and Forecast Market Analysis, Regional Outlook, Segment Growth Potential, and Competitive Market Share Analysis, 2021-2027
Report Description
The global Internet of Vehicles market size is estimated at USD 85.66 billion in 2020, expanding at a CAGR 20.6% from 2021-2027 to reach 329.3 billion USD in 2027.
Market Dynamics
The Internet of Vehicles is a network of linked cars, smartphones and wearables, roadside units, and networks within networks. Vehicle-to-vehicle (V2V), vehicle-to-human (V2H), and vehicle-to-infrastructure (V2I) connectivity are key components of the Internet of Vehicles. Every vehicle in an IoV network serves as a hub for both people and various IoT devices that are part of the traffic infrastructure. It has an impact on transportation, manufacturing, energy, software, and other industries. IoV is made up of hardware, software, services, and various network technologies ranging from Bluetooth and cellular to Wi-Fi and 5G, as well as various types of communication (V2V, V2X, etc.).
Governments and individual users benefit from improved city infrastructure and traffic management, as well as safer roads and decision-making based on accurate data collection and analysis. Furthermore, IoV paves the way for greater adoption of carsharing services and autonomous driving, which is a significant cost-cutting measure for both individuals and cities. The rise in demand for vehicle tracking and driver safety, as well as the increased adoption of IoT and cloud services, are the primary factors driving the growth of the internet of vehicles market. However, factors such as inefficiency in determining the precise vehicle position and data loss due to obstacles such as landscapes limit market growth to some extent.
The Asia Pacific is expected to grow at an exponential rate during the forecast period. To support IoV architecture testing and increase engineering capacity, supportive regulatory measures are being implemented in Japan. Furthermore, due to its early adoption, China is the global leader in 5G networking in terms of both adoption rate and implementation. In addition, the country is rapidly evolving new IoV standards and federal-level policies. As a result, these factors are credited with the region's rapid market growth. Europe is also expected to experience significant market growth, with significant investment on the internet of vehicles domain driven by vehicle security, infotainment, and fleet management. Furthermore, investment priorities will be focused on reducing road hazards and increasing situational awareness, with a particular emphasis on V2I and V2V solutions.
The Internet of Vehicles market is fragmented into the components, networking, and communication segments. Based on the Components, the service sector accounted for the lion's share of the market. The service model generates recurring revenue and, more importantly, long-term customer relationships. By networking, the cellular segment is projected to grow at the highest CAGR during the forecast period. By communication, the vehicle-to-vehicle segment is expected to hold the majority of the market share.
The Internet of Vehicles market is highly competitive in nature with the presence of local & international players. Major players in the industry engage in strategic merger & acquisition, partnership, and new product launches to remain competent in the market. For example, in October 2021, Cisco will provide car-to-trackside wireless connectivity at the Indianapolis Motor Speedway's first autonomous car race next month. On October 23, the firm signed on as a sponsor of the Indy Autonomous Challenge (IAC), a new competition with teams from 21 universities and $1.5 million in prizes up for grabs. For critical communications, it employs Fluidmesh-based technology, a proprietary 5G-like mesh system.
The report begins with an overview of the Industry Chain structure, and describes the industry environment, then analyses market size and forecast of Internet of Vehicles by component, networking, and communication. In addition, this report introduces the market competition situation among the vendors and company profile, besides, market price analysis and value chain features are covered in this report.
Company Coverage (Company Profile, Sales Revenue, Price, Gross Margin, Main Products, etc.):
- Ford motor company
- Texas instruments inc.
- Audi ag
- Intel corporation
- SAP
- Nxp semiconductors n.v.
- Apple inc.
- Google inc.
- IBM corporation
- Cisco systems inc.
Component Coverage (Market Size & Forecast, Main Consumer Analysis, etc.):
- Hardware
- Software
- Service
Networking Coverage (Market Size & Forecast, Main Consumer Analysis, etc.):
- Wi-Fi
- Bluetooth
- Cellular
- Others
Communication Coverage (Market Size & Forecast, Main Consumer Analysis, etc.):
- Vehicle-To-Vehicle (V2V)
- Vehicle-To-Infrastructure (V2I)
Region Coverage (Regional Consumption, Demand & Forecast by Countries, etc.):
- North America (U.S., and Canada)
- Europe (Germany, U.K., France, Italy, Spain, etc.)
- Asia-Pacific (China, India, Japan, Indonesia, Malaysia, Australia, South Korea, etc.)
- South America (Brazil, Mexico, Argentina, etc.)
- Middle East & Africa (Saudi Arabia, Kuwait, UAE, South Africa, etc.)
Table Of Content
TABLE OF CONTENT
1. Internet of Vehicles Market Overview
1.1. Product Overview and Scope of Internet of Vehicles
1.2. Global Market Growth Prospects and Revenue Estimates
1.3. Global Internet of Vehicles Market Size Growth Rate Analysis by Component 2020 VS 2027
1.3.1. Hardware
1.3.2. Software
1.3.3. Service
1.4. Global Internet of Vehicles Consumption Comparison by Networking: 2020 VS 2027
1.4.1. Wi-Fi
1.4.2. Bluetooth
1.4.3. Cellular
1.4.4. Others
1.5. Global Internet of Vehicles Consumption Comparison by Communication: 2020 VS 2027
1.5.1. Vehicle-To-Vehicle (V2V)
1.5.2. Vehicle-To-Infrastructure (V2I)
1.6. Global Internet of Vehicles Market Size Estimates and Forecasts by Region: 2020 VS 2027
1.6.1. North America Internet of Vehicles Estimates
1.6.2. Europe Internet of Vehicles Estimates
1.6.3. China Internet of Vehicles Estimates
1.6.4. Japan Internet of Vehicles Estimates
2. Market Competition by Manufacturers
2.1. Global Internet of Vehicles Revenue Market Share by Manufacturers (2020)
2.2. Internet of Vehicles Market Share by Company Component (Tier 1, Tier 2 and Tier 3)
2.3. Global Internet of Vehicles Average Price by Manufacturers (2016-2021)
2.4. Manufacturers Internet of Vehicles Production Sites, Area Served, Product Types
2.5. Internet of Vehicles Market Competitive Situation and Trends
2.5.1. Internet of Vehicles Market Concentration Rate
2.5.2. Mergers & Acquisitions, Expansion
3. Global Internet of Vehicles Consumption by Region (2016-2021)
3.1. Global Internet of Vehicles Consumption by Region
3.2. Global Internet of Vehicles Consumption Market Share by Region
3.2.1. North America
3.2.2. North America Internet of Vehicles Consumption Growth Rate (2016-2021)
3.2.3. North America Internet of Vehicles Consumption, Price and Gross Margin (2016-2021)
3.2.4. North America Internet of Vehicles Consumption by Country
3.2.4.1. U.S.
3.2.4.2. Canada
3.2.5. Europe
3.2.6. Europe Internet of Vehicles Consumption Growth Rate (2016-2021)
3.2.7. Europe Internet of Vehicles Consumption, Price and Gross Margin (2016-2021)
3.2.8. Europe Internet of Vehicles Consumption by Country
3.2.8.1. Germany
3.2.8.2. U.K.
3.2.8.3. France
3.2.8.4. Italy
3.2.8.5. Spain
3.2.9. Asia Pacific
3.2.10. Asia Pacific Internet of Vehicles Consumption Growth Rate (2016-2021)
3.2.11. Asia Pacific Internet of Vehicles Consumption, Price and Gross Margin (2016-2021)
3.2.12. Asia Pacific Internet of Vehicles Consumption by Country
3.2.12.1. China
3.2.12.2. India
3.2.12.3. Japan
3.2.12.4. Indonesia
3.2.12.5. Malaysia
3.2.12.6. Australia
3.2.12.7. South Korea
3.2.13. South America
3.2.14. South America Internet of Vehicles Consumption Growth Rate (2016-2021)
3.2.15. South America Internet of Vehicles Consumption, Price and Gross Margin (2016-2021)
3.2.16. South America Internet of Vehicles Consumption by Country
3.2.16.1. Brazil
3.2.16.2. Mexico
3.2.16.3. Argentina
3.2.17. Middle East and Africa
3.2.18. Middle East and Africa Internet of Vehicles Consumption Growth Rate (2016-2021)
3.2.19. Middle East and Africa Internet of Vehicles Consumption, Price and Gross Margin (2016-2021)
3.2.20. Middle East and Africa Internet of Vehicles Consumption by Country
3.2.20.1. Saudi Arabia
3.2.20.2. Kuwait
3.2.20.3. UAE
3.2.20.4. South Africa
4. Global Internet of Vehicles Consumption by Component (2016-2021)
4.1. Global Internet of Vehicles Price by Component (2016-2021)
4.2. Global Internet of Vehicles Revenue Market Share by Component (2016-2021)
4.2.1. Hardware
4.2.2. Software
4.2.3. Service
5. Global Internet of Vehicles Consumption by Networking (2016-2021)
5.1. Global Internet of Vehicles Price by Networking (2016-2021)
5.2. Global Internet of Vehicles Revenue Market Share by Networking (2016-2021)
5.2.1. Wi-Fi
5.2.2. Bluetooth
5.2.3. Cellular
5.2.4. Others
6. Global Internet of Vehicles Consumption by Communication (2016-2021)
6.1. Global Internet of Vehicles Price by Communication (2016-2021)
6.2. Global Internet of Vehicles Revenue Market Share by Communication (2016-2021)
6.2.1. Vehicle-To-Vehicle (V2V)
6.2.2. Vehicle-To-Infrastructure (V2I)
7. Key Companies Profiled
7.1. Ford Motor Company
7.1.1. Ford Motor Company Internet of Vehicles Corporation Information
7.1.2. Ford Motor Company Internet of Vehicles Product Portfolio
7.1.3. Ford Motor Company Internet of Vehicles Consumption, Price and Gross Margin (2016-2021)
7.1.4. Ford Motor Company Main Business and Markets Served
7.1.5. Ford Motor Company Recent Developments/Updates
7.2. Texas instruments inc.
7.3. Audi ag
7.4. Intel corporation
7.5. SAP
7.6. Nxp semiconductors n.v.
7.7. Apple inc.
7.8. Google inc.
7.9. IBM corporation
7.10. Cisco systems inc.
8. Marketing Channel, Distributors, and Customers
8.1. Marketing Channel
8.2. Internet of Vehicles Distributors List
8.3. Internet of Vehicles Customers
9. Market Dynamics
9.1. Internet of Vehicles Industry Trends
9.2. Internet of Vehicles Growth Drivers
9.3. Internet of Vehicles Market Challenges
9.4. Internet of Vehicles Market Restraints
10. Global Internet of Vehicles Consumption and Demand Forecast, by Region (2022-2027)
10.1. Global Forecasted Demand Analysis of Internet of Vehicles, by Regions and Country
10.1.1. North America Forecasted Consumption of Internet of Vehicles by Country
10.1.2. Europe Market Forecasted Consumption of Internet of Vehicles by Country
10.1.3. Asia Pacific Market Forecasted Consumption of Internet of Vehicles by Region
10.1.4. Latin America Forecasted Consumption of Internet of Vehicles by Country
10.1.5. Middle East and Africa Forecasted Consumption of Internet of Vehicles by Country
11. Global Internet of Vehicles Consumption and Demand Forecast, by Component Segments (2022-2027)
11.1. Global Forecasted Consumption of Internet of Vehicles by Component Segments (2022-2027)
11.2. Global Consumption and Price Forecast by Component Segments (2022-2027)
11.3. Global Forecasted Growth Rate of Internet of Component Segments (2022-2027)
12. Global Internet of Vehicles Consumption and Demand Forecast, by Networking Segments (2022-2027)
12.1. Global Forecasted Consumption of Internet of Vehicles by Networking Segments (2022-2027)
12.2. Global Consumption and Price Forecast by Networking Segments (2022-2027)
12.3. Global Forecasted Growth Rate of Internet of Vehicles by Networking Segments (2022-2027)
13. Global Internet of Vehicles Consumption and Demand Forecast, by Communication Segments (2022-2027)
13.1. Global Forecasted Consumption of Internet of Vehicles by Communication Segments (2022-2027)
13.2. Global Consumption and Price Forecast by Communication Segments (2022-2027)
13.3. Global Forecasted Growth Rate of Internet of Communication Segments (2022-2027)
14. Research Finding and Conclusion
15. Methodology and Data Source
15.1. Methodology/Research Approach
15.1.1. Research Programs/Component
15.1.2. Market Size Estimation
15.1.3. Market Breakdown and Data Triangulation
15.2. Data Source
15.2.1. Secondary Sources
15.2.2. Primary Sources
15.3. Author List
15.4. Disclaimer
Research Methodology
Our research studies are primarily performed in five phases which include Secondary Research, Primary Research, Subject Matter Expert Advice, Quality Check, and Final Review. The process opted for conducting thorough research to make authentic business reports is briefly described below-
Secondary Research-
- Based on the understanding of requirements, we conducted secondary research to identify the Segment specifications, qualitative and quantitative data along with the factors responsible for the growth of the market.
- The secondary sources referred for the study include press releases, company annual reports, and research papers related to the industry.
- Various sources such as industry magazines, trade journals, government websites, and associations were also reviewed for gathering precise analysis on opportunities for business expansions in the market.
- Moreover, quantitative as well as qualitative data were also extracted from paid databases, which included Reuters, Factiva, Bloomberg, One Source, and Hoovers, which proved to be useful for in-depth technical study of the market.
Primary Research-
- The research carried out during the desk research was verified by primary interviews. Primary research was scheduled with a number of industry experts for conducting telephonic interviews, and also our team send questionnaires through their official emails.
- The secondary data collected was then verified by various industry participants which included Segment managers, marketing managers, VPs, CEOs, purchasing managers, subject matter experts.
- An interview with the mentioned participants aids invalidation of our research findings regarding the Segment.
- It helps in the provision of first-hand data on factors such as market size, growth, regional trends, market trends, and competition in the industry. This approach makes our findings precise in order to help our clients in strategic decision-making processes.
Subject Matter Advice-
- The secondary and primary research key findings were then validated by the in-house subject matter experts having extensive experience in the market research industry.
- Specific requirements of the clients were reviewed by the experts to check for completion of the market study. Experts help in channelizing the representation skills of the analyst in terms of providing data that can be easily understood by our customers.
Quality Check-
- The analysis done by the research team was further reviewed to check for data accuracy provided to suit the clients’ specific requirements.
- This revision was done in various phases to check the data authenticity and to remove negligible errors in the final compilation.
Final Review-
- After the quality check, a final review of the report was done to look after the presentation, formatting, and to recheck if all the requirements of the clients were addressed. The next phase remains dispatch of the report to the client.
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