The latest research study “Internet of Vehicles (IoV) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that the global internet of vehicles (IoV) market size reached US$ 118.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 383.6 Billion by 2028, exhibiting a growth rate (CAGR) of 21.1% during 2023-2028.
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The internet of vehicles (IoV) represents a network of automobiles equipped with Bluetooth, Wi-Fi, a global positioning system (GPS), internet connectivity, and sensors to collect and transmit data regarding speed, location, and other information. It assists in enhancing road safety by allowing cars to communicate with each other and infrastructures to improve traffic flow and avoid collisions. The internet of vehicles (IoV) also increases the efficiency of transportation methods by enabling automobiles to connect with traffic management systems and optimize ways to lower fuel consumption. In addition to this, it provides drivers with real-time information to make trips more convenient.
Internet of Vehicles (IoV) Market Trends and Drivers:
The inflating need for improving driver and passenger safety, on account of the rising number of fatal road accidents, is among the primary factors driving the internet of vehicles (IoV) market. Besides this, the implementation of stringent regulations by government bodies across countries to reduce carbon emissions and enhance public transportation systems, owing to the growing consumer environmental concerns, is further augmenting the market growth. Moreover, the introduction of the vehicle to everything (V2X) communication to communicate with various devices and systems is also catalyzing the global market. Apart from this, the widespread adoption of the vehicle as a service (VaaS) that facilitates individuals to pay on a subscription basis is acting as another significant growth-inducing factor. Furthermore, the increasing integration of cloud computing, Artificial Intelligence (AI), Machine Learning (ML), blockchain, and fifth-generation (5G) technology with this network to analyze data from connected automobiles and improve their performance and capabilities is expected to bolster the internet of vehicles (IoV) market in the coming years
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Who are the key players in the Internet of Vehicles (IoV) Market?
- 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, etc.
Component Insights:
- Hardware
- Software
- Service
Technology Insights:
- Wi-Fi
- Bluetooth
- Cellular
- Others
Communication Type Insights:
- Vehicle-to-Vehicle
- Vehicle-to-Infrastructure
- Others
Breakup by Region:
- 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
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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