Global Internet of Vehicle Market: An Overview

The internet of vehicle (IoV) market offers a platform for smart infrastructure including IoT enabled vehicles, traffic management and cities. The internet of vehicle market encompasses hardware, software, and communication services which aim at bringing together vehicles, drivers, and traffic flow in a seamless manner. In the near future, vehicles would be able to connect to adjacent vehicles and smart city infrastructure such as poles via internet. Advancements in automobile related IoT devices as well as cloud platforms are expected to unveil the complete potential of the internet of vehicle market.

The internet of vehicle market faces a long road ahead in its quest to unify the scope and concepts of IoV from various diverse perspectives. Hence, private and public initiatives around the world are essential to be considered from a nationwide perspective to help the growth of the market.  

The Transparency Market Research (TMR) report provides an intelligent analysis of the global internet of vehicle market, which includes an in-depth analysis of growth indicators and demand constraints that could influence its growth. Key market parameters such as demand drivers and challenges of the global internet of vehicle market are discussed at length in this report. 

Global Internet of Vehicle Market: Key Trends 

The global internet of vehicle market will create ample opportunities for vehicles to connect with humans, sensors, and traffic management systems. However, in order to do so, next-generation vehicles would require a vehicular global ID, also known as GID. The ID opens a communication gateway to identify a vehicle and interact with it seamlessly. It works similar to an IP address on a computer. One of the primary concern driving the internet of vehicle market is traffic management and reduction in road accidents. As GIDs are expected to improve secure communication for vehicles, it is expected to register major growth during the forecast period (2018 – 2026).       

Furthermore, Wi-Fi-enabled IoT devices and automobiles are also expected to drive the market during the forecast period. Wi-Fi signals can establish connection with a server under one-tenth of a second. Moreover, Wi-Fi operation does not mandate devices to rely on batteries. Hence, the global internet of vehicle market is expected to witness a rise in demand for Wi-Fi enabled-devices.     

Similarly, demand for IoT devices that transfer signals quickly, reduce data loss, and provide access to cost-effective cloud storage is expected to drive growth of the internet of vehicle market.  

The internet of vehicle market also faces challenges in its long road ahead. Lack of a holistic understanding of the bigger picture, high costs associated with IoT devices, and innovation in general are expected to pose a challenge to the growth of the market.  

Global Internet of Vehicle Market: Regional Outlook 

The internet of vehicle market in North America is expected to grow significantly during the forecast period. Establishment of large vendors in the region, large investments in research and development, and positive reception by the US government presents an ideal environment for growth for the internet of vehicle market 

The internet of vehicle market in Asia Pacific is expected to register promising growth during 2018 - 2026. The increasing sales of automobiles, growing interest in IoT devices and a rapidly growing IT industry in large economies such as India and China are expected to drive the internet of vehicle market. 

Global Internet of Vehicle Market: Competitive Dynamics 

The global internet of vehicle market continues to see innovation led by key players. Some of the prominent players in the internet of vehicle market are Ford Motor Co., Texas Instruments Inc., Audi AG, Intel Corporation, SAP, and NXP semiconductors.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market   

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Internet Of Vehicle Market

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