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Pune, India, June 17, 2021 (Global News Agency)-According to reports, Internet of Vehicles market size It is expected to reach 369.6 billion U.S. dollars by 2028, with a compound annual growth rate of 21.3%. In 2020, the market size of the Internet of Vehicles is 85.12 billion U.S. dollars. The global Internet of Vehicles market will gain momentum due to the company’s rapid shift to cloud-based electrical/electronic (E/E) vehicle architecture due to the development of the 5G network field. For example, Qualcomm launched a new car-to-cloud service in 2020. It can support on-demand services and functions as well as air vehicle updates.
The ongoing COVID-19 pandemic has affected the funding required for testing and R&D activities in the automotive industry. However, it stimulated demand for Wi-Fi, which in turn led to various important regulatory changes in China and the United States. For example, in November 2020, the Federal Communications Commission (FCC) announced plans to switch to the cellular V2X (C-V2X) protocol for automotive communications from dedicated short-range communications (DSRC). During the pandemic, this major change will have a positive impact on the demand for connected cars.
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The hardware sector has a 22.08% share in 2020: Fortune Business Insight™
According to the type of communication, the market is divided into vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), etc. According to the network technology, it is divided into Wi-Fi, Bluetooth, cellular, etc.
According to the component type, it is divided into hardware, software, and service. Among them, the hardware department won 22.08% of the market share of the Internet of Vehicles in 2020. The service sector won the highest share in 2020 because the model can provide long-term relationships with customers as well as recurring income.
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Global car accidents are rising to boost growth
It is expected that in the near future, the increase in the number of car accidents worldwide will promote the growth of the Internet of Vehicles market. According to Intel’s 2019 research on automotive and transportation policy principles and the Internet of Things (IoT), more than 90% of car accidents in the United States are caused by human error.
At the same time, if at least 90% of the world’s vehicles realize autonomous driving, approximately 21,700 traffic fatalities can be avoided and approximately US$447 billion in maintenance costs can be saved. However, the Internet of vehicles is vulnerable to distributed denial of service (DDoS) attacks, which may hinder growth.
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U.S. surge in traffic and fuel costs help North America stay ahead
Geographically, North America’s 2020 revenue is 31.66 billion U.S. dollars. It will remain at the forefront in the near future. For example, in the United States, commuters spend an average of about 38 hours in transportation each year. In total, it resulted in the purchase of $2.9 billion in fuel and 5.5 billion hours of additional travel. The Internet of Vehicles can reduce this wasted cost and time by improving productivity and efficiency. On the other hand, in the Asia-Pacific region, due to the rapid implementation of China’s 5G network, the market will grow exponentially at a high compound annual growth rate.
The market has a large number of well-known companies, these companies mainly focus on partnerships and new product launches to strengthen their global position. Some other companies are trying to meet the high demand for self-driving cars by launching innovative software solutions. The following are two key industry developments:
February 2021: Ford and Google work together to develop unique features and services for Lincoln and Ford customers. This six-year partnership will enable the company to power millions of Lincoln and Ford cars in the future through Android with Google services and apps. At the same time, this will help Ford advance its transformation plan.
April 2020: Transatel launched a global cellular connectivity platform called IoV Connect, which is most suitable for the motor vehicle sector. It can solve the challenges of car manufacturers and can provide in-vehicle infotainment.
List of well-known manufacturers in the global market:
- NXP Semiconductors (Eindhoven, The Netherlands)
- Intel Corporation (California, USA)
- IBM Corporation (New York, USA)
- Apple Inc. (California, USA)
- Google LLC (California, USA)
- Cisco Systems (California, USA)
- Volkswagen (Wolfsburg, Germany)
- Ford Motor Company (Michigan, USA)
- Cloud Your Car (California, USA)
- Me (California, USA)
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Global car networking market segmentation:
By component:
- hardware,
- software
- service
According to network technology:
- wireless online
- Bluetooth
- honeycomb
- other
By communication type:
- Car to car (V2V)
- Vehicle to Infrastructure (V2I)
- other
By geography
- North America (United States and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and other parts of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and other regions in Asia Pacific)
- Latin America (Brazil, Mexico and the rest of Latin America)
- Middle East and Africa (South Africa, Gulf Cooperation Council and the rest of the Middle East and Africa)
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