Westford, USA, Aug. 24, 2022 (GLOBE NEWSWIRE) -- Internet of Vehicles Market to Hit Sales of 448.16 billion by 2028 | Internet-connected vehicles to Save Up to $8.4 Billion in Manufacturing Costs Over the Next 10 Years | SkyQuest
Global internet of vehicles market was valued at USD 95.62 billion in 2021, and it is expected to reach a value of USD 448.16 billion by 2028, at a CAGR of 21.3% over the forecast period (2022–2028).
Modern automobiles come with plenty of features, but the ability to stay connected to the Internet is something that often falls by the wayside. However, that is starting to change as more and more drivers take advantage of in-car technology to stay connected while on the go.
The automotive industry is starting to take notice of the growing adoption of the internet of vehicles market. Recent studies by SkyQuest have shown that over 50% of drivers worldwide now use some form of electronic device while driving, and this number is only going to increase. This statistics highlights some of the key reasons why the automotive industry is starting to shift away from traditional vehicles and towards internet-connected vehicles.
The study found that most automotive OEMs plan to have at least one model that is wholly or partly autonomous by 2025. This suggests that they are convinced of the benefits of internet-connected vehicles.
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Today, global players in the internet of vehicles market are eyeing to expand their market. Traditional automakers are slowly starting to wake up to this fact, and are consequently investing in R&D&F (research and development, engineering, and manufacturing) programs to develop their own internet-connected vehicle technologies. In 2021, Qualcomm announced that private carmakers controlled around 43% of global sales volume - up from just 8% today. This means that there’s a lot of money to be made by developing innovative technologies that can cater to this new market segment.
SkyQuest has done a detailed analysis of the global internet of vehicles market and published a report. The reports provide deeper insights on industrial evolution, changing market dynamics, changing consumer behavior, and top players in the market and their growth analysis. In addition to this, the report offers substantial data on market share analysis, competitive landscape, technology landscape, porter five, and value chain analysis. The report would help the market players in completely understanding the market, its future forecast, current dynamics and what other players are doing in the market. For more information.
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SkyQuest Survey Revealed More than 50% Automotive Companies have Already Deployed Internet of Vehicles and Rest are Planning Deploy them by 2023
There are many different types of internet-connected vehicles currently in development. Some examples include connected cars, autonomous cars, and driverless cars.
There are now a greater number of automotive models equipped with internet of vehicles (IoT) due to the evolving capabilities and benefits of this technology. The top five manufacturers that have launched products with this capability are Tesla, Audi, BMW, Ford, and General Motors. These five companies alone have sold over 1.8 million IoT-capable vehicles in 2021. GM plans to have 20% of its fleet be IoT-ready by the end of 2022.
According to a recent report published by SkyQuest on global internet of vehicles market, the adoption of Internet of Vehicles (IoV) is growing rapidly. The study found that more than 50% of companies surveyed have already deployed or are in the process of deploying IoV solutions. Tesla, Audi, Ford, GM, Honda, Hyundai, Nvidia, Toyota and Volkswagen Group are among those who have already developed a strong IoV presence. This large-scale deployment of IoV solutions is fueling the growth of new industries and creating jobs across many sectors.
SkyQuest’s study found that car manufacturers, technology providers, and other IoV ecosystem stakeholders are all playing an important role in accelerating the growth of this market. The car manufacturers are leading the way in deploying IoV solutions, as they see the potential for increased sales and market share. They are also investing in research and development to ensure that their vehicles are fully compatible with IoV technologies.
Internet of vehicles market is rapidly becoming the future of transportation. Nearly every automotive company has announced plans to deploy some form of internet-connected vehicle by the end of 2023. The main reason for this rapid adoption is the huge potential for internet-connected vehicles to improve safety, efficiency, and customer experience. Internet of vehicles can help reduce traffic congestion, increase travel time, and improve the overall commute experience. In addition, it can help to eliminate parking shortages and reduce pollution levels.
SkyQuest Study Suggests At least 68% Consumers Want Internet of Vehicles for Parking Management, Managing their Vehicles, and Navigation
The internet of vehicles is a growing trend as more and more people are interested in using technology to manage their vehicles. The internet of vehicles can allow drivers to access vehicle information, track the location of their vehicles, and control various functions of their vehicles from a remote location.
A recent survey by SkyQuest on global internet of vehicles market that included over 10,000 participants found that 93% of respondents are interested in using the internet of vehicles to manage their vehicle. This interest is likely due to the variety of benefits that can be gained from using the internet of vehicles. For example, using the internet of vehicles allows drivers to access vehicle information, track the location of their vehicles, and control various functions of their vehicles from a remote location.
This survey also found that 75% of respondents would also like to use the internet of vehicles for parking management. This is likely due to the fact that using the internet of vehicles can allow drivers to reserve a parking spot near their destination before they arrive. Additionally, using the internet of vehicles can allow drivers to pay for parking using mobile apps or online platforms.
It was also observed that that 60% of respondents would like to use the internet of Vehicles for navigation purposes.
Some other findings from the survey on global internet of vehicles market:
- 81% of drivers surveyed say they have used the internet of their vehicle at least once in the past month
- 55% say they have used the social media integration on their vehicle in the past month
- 59% have used apps on their car in the past
– 84% of respondents said that they expect increased efficiency from IoV systems
– 48% of respondent said that IoV systems will lead to reduced vehicle operating costs
SkyQuest has published a report on global internet of vehicles market. The report covers a detailed understanding about the consumers behaviors and what they want from the internet of vehicles. This would help the market participants in identifying the potential and incorporating the features into their vehicles. Moreover, the report provides a detailed market analysis that provides quantitative and qualitative data on consumer behavior, market dynamics, market trends, opportunities, challenges, and pricing analysis, among others. For more information, please.
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Top Players in Global Internet of Vehicles Market
- NXP Semiconductors (Netherlands)
- Intel Corporation (US)
- IBM Corporation (US)
- Apple Inc. (US)
- Google LLC (US)
- Cisco Systems, Inc. (US)
- Volkswagen (Germany)
- Ford Motor Company (US)
- Cloud Your Car (US)
- Veniam (US)
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