According to the report, Internet of Vehicles market size is projected to reach USD 369.60 billion in 2028 at a CAGR of 21.3%. Internet of Vehicles Market was stood at USD 85.12 billion in 2020. 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.
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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.
A list of renowned manufacturers presents in the global market:
- NXP Semiconductors
- Intel Corporation
- IBM Corporation
- Apple Inc.
- Google LLC
- Cisco Systems, Inc.
- Ford Motor Company
- Cloud Your Car
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 deaths can be averted and 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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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 market would grow exponentially with a high CAGR backed by the rapid implementation of 5G networks in China. The market houses 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.
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Global Internet of Vehicles Market Segmentation:
By Networking Technology:
By Communication Type:
- Vehicle-To-Vehicle (V2V)
- Vehicle-To-Infrastructure (V2I)
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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