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Pune, India., July 31, 2023 (GLOBE NEWSWIRE) -- The global Internet of Vehicles market size was valued at USD 124.82 billion in 2022 and is expected to be worth USD 145.24 billion in 2023. The market is projected to reach USD 678.94 billion by 2030, recording a CAGR of 24.65% during the forecast period.

Internet of Vehicles (IoV) refers to a technology that brings together three networks an intra-vehicle network, an inter-vehicle network, and a vehicular mobile internet. IoV is an expansive distributed system to exchange information and facilitate wireless communication between vehicles and everything or V2X. The rising need for more effective and safer road transportation solutions is expected to foster the Internet of Vehicles market growth.

Drivers & Restraints-

Demand for Reliable Transport and Traffic Solutions to Fuel Market Growth

The key factors that have accelerated the development of Internet of Vehicles (IoV) technology include the need for better road infrastructure and reliable vehicle safety solutions. Technologies, such as V2V and V2I, can allow car owners to transmit and collect information regarding traffic congestion, parking, and route suggestions, which can greatly enhance their on-road safety. The inclusion of safety features, such as ADAS and automotive e-call, can offer important vehicle data in case of an accident, thereby creating a reliable transport network. These factors are expected to fuel the use of IoV solutions. However, data privacy and security concerns associated to this technology can deter customers from incorporating it into their cars, thereby impeding the market growth.

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Report Highlights:

Competitive Landscape-

Key Players to Introduce Advanced Technologies to Offer Value-Added Products

Volkswagen is one of the most prominent players in this market as the companys IoV services, such as Volkswagen Connect and Car-Net, are widely popular among customers. The automaker is also a part of the 5G Automotive Association to speed up the development of V2X technology and enhance system standardization. Some of the other players in the market include General Motors, BMW, Robert Bosch, and Audi.

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Segments-

On-Vehicle Solutions to Gain Major Momentum with Growing Demand for Advanced Vehicle Technologies

By solution, the market is segmented into on-vehicle and IoV management center. The on-vehicle segment held a leading market share in 2022 and is expected to dominate the market share during the forecast period due to the rising use of connected vehicle technology and vehicle telematics in the latest car variants.

Advantage of Low Transfer Failure Rate to Boost Adoption of Wi-Fi Technology

Based on networking technology, the market is segmented into Wi-Fi, Bluetooth, and cellular network. The Wi-Fi segment captured the biggest market share in 2022 as this networking technology offers a failure rate of less than 1% while transferring data during low and high-frequency communication.

V2V Communication to be Extensively Used to Offer Robust Safety Solutions in Vehicles

Based on communication type, the market is segmented into Vehicle-to-Vehicle (V2V), Vehicle-to-Infrastructure (V2I), Vehicle-to-Pedestrian (V2P), Vehicle-to-Cloud (V2C), and others. The V2V segment dominated the market in 2020 as this technology provides a reliable exchange of information, such as map data and situational awareness, and has low latency, which can enhance the safety of vehicles during heavy traffic. With respect to region, the market covers North America, Europe, Asia Pacific, and the Rest of the World.

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Regional Insights-

Asia Pacific to Dominate Global Market Due to Growing Vehicle Production

Asia Pacific captured the largest Internet of Vehicles market share in 2022 as the average production rate of connected vehicles is growing across the region at a robust pace every year. The governments are also increasing their investments in the development of supportive infrastructure to promote the production of these vehicles.

Europe also held a major market share as the adoption rate of connected vehicle technologies is rising across the region.

Report Coverage:

The report analyzes the market in detail and highlights key areas such as leading product types, companies, and top applications of the product. The report also provides valuable insights into the latest market trends and covers key industry developments. Besides this, it gives information on several factors that have contributed to the markets growth in recent years.

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A list of prominent Internet of Vehicles manufacturers operating in the global market:

COVID-19 Impact:

IoT and Other Cloud Solutions for Vehicles Gained Traction during COVID-19 Due to Closed Production Facilities

The COVID-19 pandemic had an adverse effect on the funding of various R&D initiatives to improve autonomous driving. However, the testing of these vehicles continued even during the outbreak. The demand for Wi-Fi technology grew considerably during this period, with countries, such as the U.S. and China, making important regulatory changes. Moreover, since the production plants were shut for a temporary period, car manufacturers started integrating advanced software, such as Over-the-Air (OTA), to improve their customers driving experience.

Notable Industry Development:

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Internet of Vehicles Market Size to Hit USD 678.94 Billion by 2030 ... - GlobeNewswire