Pune, India, Oct. 06, 2021 (GLOBE NEWSWIRE) -- The “global internet of vehicles market” is set to gain impetus from the rapid inclination of companies towards a cloud-based electrical/electronic (E/E) vehicle architecture because of the on-going developments in the field of 5G network. Qualcomm, for instance, launched the new Car-to-cloud service in 2020.
It is capable of supporting on-demand services & features and over-the-air vehicle updates. This information is published by Fortune Business Insights™ in a report, titled, “Internet of Vehicles Market, 2021-2028.” As per the report, the market size is projected to grow from USD 95.62 billion in 2021 to USD 369.60 billion in 2028 at a CAGR of 21.3% in the forecast period. It stood at USD 85.12 billion in 2020.
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COVID-19 Pandemic: Significant Regulatory Changes in China and U.S. to Aid Growth
The ongoing COVID-19 pandemic has impacted fundings required for testing efforts and research & development activities in the automotive sector. But, it has surged the demand for Wi-Fi, which, in turn, has resulted in various crucial regulatory changes in China and the U.S.
In November 2020, for instance, the U.S. Federal Communications Commission (FCC) announced its plan to shift towards Cellular V2X (C-V2X) protocols from Dedicated Short-range Communications (DSRC) for automotive communications. Such significant changes would positively affect the demand for internet of vehicles amid the pandemic.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 21.3% |
| 2028 Value Projection | USD 369.60 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 85.12 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 200 |
| Segments covered | Component, Networking Technology, Communication Type, Vehicle-to-Infrastructure. |
| Growth Drivers | Advancement of the 5G network. |
| The U.S. Federal Communications Commission (FCC) announced its plan to shift towards Cellular V2X (C-V2X) protocols from Dedicated Short-range Communications (DSRC) for automotive communications. Such significant changes would positively affect the demand for internet of vehicles amid the pandemic. |
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Segments-
Hardware Segment Held 22.08% Share in 2020: Fortune Business Insights™
Based on the communication type, the market is segregated into vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), and others. By networking technology, it is divided into Wi-Fi, Bluetooth, cellular, and others. Based on the component type, it is classified into hardware, software, and service. Out of these, the hardware segment earned 22.08% in terms of the internet of vehicles market share in 2020.The service segment earned the highest share in 2020 because of the ability of this model to offer a long-term relationship with customers, as well as recurring revenues.
Report Coverage-
Our detailed research reports offer a comprehensive coverage of the internet of vehicles industry, ensuring a deep and holistic understanding of the market. It also provides granular and actionable data. We strive to ensure that you receive the best strategies for increasing sales of your products. Our key mission is service orientation. We also conduct extensive primary and secondary research to help you track the latest innovations, regulatory developments, and competitive landscape.
Drivers & Restraints-
Rising Cases of Car Crashes Worldwide to Bolster Growth
The rising number of car crashes across the globe is expected to drive the internet of vehicles market growth in the near future. As per Intel’s 2019 study about Automotive & Transportation Policy Principles and the Internet of Things (IoT), in the U.S., more than 90% of car crashes occur because of human errors. At the same time, approximately 21,700 traffic death scan be avertedand around USD 447 billion can be saved in terms of maintenance cost if at least 90% of vehicles were autonomous worldwide. However, the internet for vehicles is prone to distributed denial-of-service (DDoS) attacks, which may hamper growth.
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Regional Insights-
Surging Traffic and Cost of Fuel in U.S. to Help North America Remain in Leading Position
Geographically, North America procured USD 31.66 billion in 2020 in terms of revenue. It is set to remain at the forefront in the near future. In the U.S., for instance, an average commuter spends around 38 hours every year in traffic. Collectively, it leads to the purchase of USD 2.9 billion gallons of fuel and 5.5 billion extra hours of travel. The internet of vehicles can reduce this wasted cost and time by enhancing productivity and efficiency. In Asia Pacific, on the other hand, the marketwould grow exponentially with a high CAGR backed by the rapid implementation of 5G networks in China.
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Competitive Landscape-
Key Players Focus on Launching Innovative Products to Strengthen Their Positions
The markethouses a large number of reputed companies that are majorly focusing on partnerships and new product launches for strengthening their positions globally. A few others are trying to keep up with the high demand for autonomous vehicles by unveiling innovative software solutions. Below are the two crucial industry developments:
- February 2021:Ford and Googlejoined hands to develop unique capabilities and services for Lincoln and Ford customers. This six-year-old partnership would enable the company to power millions of future Lincoln and Ford vehicles by Android with Google services and applications. At the same time, it would help Ford to boost its transformation plan.
- April 2020:Transatel introduceda global cellular connectivity platform called IoV Connect best suited for the motorized vehicle sector. It is capable of solving challenges of vehicle manufacturers and can provide on-board infotainment.
A list of renowned manufacturers present in the global market:
- NXP Semiconductors (Eindhoven, Netherlands)
- Intel Corporation (California, US)
- IBM Corporation (New York, US)
- Apple Inc. (California, US)
- Google LLC (California, US)
- Cisco Systems, Inc. (California, US)
- Volkswagen (Wolfsburg, Germany)
- Ford Motor Company (Michigan, US)
- Cloud Your Car (California, US)
- Veniam (California, US)
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