The Vehicle Internet Market To Show A CAGR And Reach Of 21.3%
Pune, India, October 6, 2021 (GLOBE NEWSWIRE) – The “global vehicle internet market“is poised to take advantage of the rapid shift of businesses towards a cloud-based electric / electronic (E / E) vehicle architecture due to ongoing developments in the 5G network arena. Qualcomm, for example, launched the new Car-to-cloud service in 2020.
It is capable of supporting on-demand services and features and live vehicle updates. This information is published by Fortune Business Insights ™ in a report entitled “Internet of Vehicles Market, 2021-2028”. According to the report, the market size is expected to grow from $ 95.62 billion in 2021 to $ 369.60 billion in 2028 at a CAGR of 21.3% during the forecast period. It stood at $ 85.12 billion in 2020.
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COVID-19 Pandemic: Significant Regulatory Changes in China and the United States to Support Growth
The ongoing COVID-19 pandemic has impacted the funding required for testing efforts and research and development activities in the automotive sector. But, this has driven up demand for Wi-Fi, which, in turn, has led to various crucial regulatory changes in China and the United States.
In November 2020, for example, the United States Federal Communications Commission (FCC) announced plans to move from Cellular V2X (C-V2X) protocols to Dedicated Short Range Communications (DSRC) for automotive communications. Such significant changes would positively affect the demand for the internet of vehicles in the midst of the pandemic.
Scope and segmentation of the report
|Cover of the report||Details|
|Forecast period||2021 to 2028|
|Forecast period 2021 to 2028 CAGR||21.3%|
|2028 value projection||$ 369.60 billion|
|Year of reference||2020|
|Market size in 2020||$ 85.12 billion|
|Historical data for||2017 to 2019|
|Number of pages||200|
|Covered segments||Component, networking technology, type of communication, vehicle to infrastructure.|
|Growth drivers||Advancement of the 5G network.|
|The United States Federal Communications Commission (FCC) has announced plans to move from Cellular V2X (C-V2X) protocols to Dedicated Short Range Communications (DSRC) for automotive communications. Such significant changes would positively affect the demand for the internet of vehicles in the midst of the pandemic.|
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The hardware segment held a 22.08% share in 2020: Fortune Business Insights ™
Based on the type of communication, the market is divided into Vehicle to Vehicle (V2V), Vehicle to Infrastructure (V2I), and others. By networking technology, it is divided into Wi-Fi, Bluetooth, cellular and others. Depending on the type of component, it is classified into hardware, software and service. Among these, the hardware segment gained 22.08% in terms of Vehicle Internet market share in 2020. The service segment obtained the highest share in 2020 due to the capacity of this market. model to offer a long-term relationship with customers, as well as recurring income.
Our detailed research reports provide comprehensive coverage of the Internet of Vehicles, ensuring a deep and holistic understanding of the market. It also delivers granular and actionable data. We strive to make sure that you receive the best strategies to increase the sales of your products. Our key mission is service orientation. We also conduct extensive primary and secondary research to help you keep up with the latest innovations, regulatory developments and the competitive landscape.
Conductors and constraints-
Increase in car crash cases around the world to drive growth
The increasing number of car accidents around the world is expected to drive the growth of the Internet of Vehicles market in the near future. According to Intel’s 2019 Automotive and Transportation Policy Principles and the Internet of Things (IoT) study, in the United States, more than 90% of car crashes occur due to human error. At the same time, around 21,700 road fatalities are expected to be avoided and around US $ 447 billion could be saved in maintenance costs if at least 90% of vehicles were autonomous worldwide. However, the Internet for vehicles is prone to Distributed Denial of Service (DDoS) attacks, which can hamper growth.
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Rising US Traffic and Fuel Costs to Help North America Stay Ahead
Geographically, North America provided $ 31.66 billion in 2020 in terms of revenue. It is expected to remain at the forefront for the foreseeable future. In the United States, for example, the average commuter spends about 38 hours a year in traffic jams. Collectively, this leads to the purchase of 2.9 billion gallons of fuel and 5.5 billion additional travel hours. The Internet of Vehicles can reduce this waste of time and money by improving productivity and efficiency. In Asia Pacific, on the other hand, the market is reportedly growing exponentially with a high CAGR supported by the rapid implementation of 5G networks in China.
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The main players focus on launching innovative products to strengthen their positions
The market is home to a large number of reputable companies that mainly focus on partnerships and new product launches to strengthen their positions globally. A few others are trying to meet the strong demand for autonomous vehicles by unveiling innovative software solutions. Here are the two crucial developments in the industry:
- February 2021: Ford and Google have teamed up to develop unique capabilities and services for Lincoln and Ford customers. The six-year-old partnership would see the company power millions of future Lincoln and Ford vehicles via Android with Google services and apps. At the same time, it would help Ford accelerate its transformation plan.
- april 2020: Transatel presented a global cellular connectivity platform called IoV Connect, best suited to the motor vehicle sector. It is able to solve the challenges of car manufacturers and can provide on-board infotainment.
A list of renowned manufacturers present in the world market:
- NXP Semiconductors (Eindhoven, The Netherlands)
- Intel Corporation (California, United States)
- IBM Corporation (New York, United States)
- Apple Inc. (California, United States)
- Google LLC (California, United States)
- Cisco Systems, Inc. (California, United States)
- Volkswagen (Wolfsburg, Germany)
- Ford Motor Company (Michigan, United States)
- Cloud Your Car (California, United States)
- Veniam (California, United States)
ToC Continue …
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