Westford, U.S., Aug. 24, 2022 (GLOBE NEWSWIRE) — Internet of Vehicles market is projected to reach $448.16 billion in revenue by 2028 | Internet-connected vehicles projected to save up to $8.4 billion in manufacturing costs over the next 10 years | SkyQuest
The global Internet of Vehicles market was valued at US$95.62 billion in 2021 and is expected to reach US$448.16 billion by 2028, at a CAGR of 21.3% in the forecast period (2022–2028).
Modern cars are packed with features, but the ability to stay connected to the internet often falls by the wayside. However, that is starting to change as more drivers take advantage of in-car technology to stay connected on the go.
The automotive industry is beginning to notice the increasing acceptance of the Internet of the vehicle market. Recent studies by SkyQuest have shown that over 50% of the world’s drivers now use some form of electronic device while driving, and this number is only set to increase. This statistic highlights some of the key reasons why the automotive industry is beginning to shift from traditional vehicles to vehicles connected to the internet.
The study found that most automotive OEMs plan to have at least one fully or partially autonomous model by 2025. This indicates that they believe in the benefits of connected vehicles.
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Today, global players in the Internet of Vehicles market are striving to expand their market. Traditional automakers are beginning to realize this and are consistently investing in R&D (research and development, engineering and manufacturing) programs to develop their own internet-enabled vehicle technologies. In 2021, Qualcomm announced that private automakers control around 43% of global sales volume — up from just 8% today. This means that there is a lot of money to be made in developing innovative technologies for this new market segment.
SkyQuest has conducted a detailed analysis of the global Internet of Vehicles market and published a report. The reports provide deeper insights into industrial development, changing market dynamics, changing consumer behavior and the top players in the market along with their growth analysis. Additionally, the report provides extensive data on market share analysis, competitive landscape, technology landscape, porter five, and value chain analysis. The report would help market players to fully understand the market, its future projection, current dynamics and what other market players are doing. For more informations.
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SkyQuest survey found that more than 50% of automotive companies have already adopted the Internet of Vehicles and others plan to deploy it by 2023
Many different types of internet-connected vehicles are currently under development. Some examples are connected cars, autonomous cars and driverless cars.
Due to the evolving capabilities and advantages of this technology, there are now a greater number of automobile models equipped with the Internet of Vehicles (IoT). The top five manufacturers that have released products with this capability are Tesla, Audi, BMW, Ford and General Motors. These five companies alone sold over 1.8 million IoT-enabled vehicles in 2021. GM plans to have 20% of its fleet IoT-enabled by the end of 2022.
According to a recent SkyQuest report on the global Internet of Vehicles market, adoption of the Internet of Vehicles (IoV) is growing rapidly. The study found that more than 50% of the companies surveyed have already implemented IoV solutions or are in the process of deploying them. Tesla, Audi, Ford, GM, Honda, Hyundai, Nvidia, Toyota and Volkswagen Group are among those who have already built a strong IoV presence. This large-scale deployment of IoV solutions fuels the growth of new industries and creates jobs in many industries.
SkyQuest’s study found that automakers, technology providers, and other stakeholders in the IoV ecosystem all play important roles in accelerating the growth of this market. Automakers are leading the way in deploying IoV solutions as they see the potential for increased revenue and market share. They also invest in R&D to ensure their vehicles are fully compatible with IoV technologies.
The Internet of Vehicles market is fast becoming the future of transportation. Almost every car company has announced plans to deploy some form of internet-connected vehicle by the end of 2023. The main reason for this rapid adoption is the huge potential for internet-connected vehicles to improve safety, efficiency and the customer experience. The Internet of Vehicles can help reduce traffic congestion, increase travel time and improve the overall commuting experience. In addition, it can help eliminate parking shortages and reduce pollution.
SkyQuest study suggests that at least 68% of consumers want an Internet of Vehicles for parking management, vehicle management and navigation
The Internet of Vehicles is a growing trend as more and more people are interested in using technology to manage their vehicles. The Internet of Vehicles may allow drivers to access vehicle information, track the location of their vehicles, and control various functions of their vehicles from a remote location.
A recent SkyQuest survey of the global IoT market, with over 10,000 participants, found that 93% of respondents are interested in using the IoT to manage their vehicle. This interest is likely due to the variety of benefits that can be gained from using the Internet of Vehicles. For example, using the Internet of Vehicles allows drivers to access vehicle information, track the location of their vehicles, and control various functions of their vehicles from a remote location.
This survey also revealed that 75% of respondents would also like to use the Internet of Vehicles for parking management. This is likely because the use of the Internet by vehicles can allow drivers to reserve a parking space near their destination before they arrive. In addition, the use of the internet by vehicles can enable drivers to pay for parking via mobile apps or online platforms.
It has also been observed that 60% of respondents would like to use the Internet of Vehicles for navigation purposes.
Some Other Findings of the Global Internet of Vehicles Market Survey:
– 81% of drivers surveyed say they have used their vehicle’s internet at least once in the past month
– 55% say they have used social media integration in their vehicle in the past month
– 59% have used apps for their car in the past
– 84% of respondents said they expect IoV systems to be more efficient
– 48% of respondents indicated that IoV systems will result in reduced vehicle operating costs
SkyQuest has released a report on the global Internet of Vehicles market. The report includes a detailed understanding of consumer behavior and what they expect from the Internet of Vehicles. This would help market participants to see the potential and integrate the features into their vehicles. Additionally, the report provides a detailed market analysis that includes quantitative and qualitative data on consumer behavior, market dynamics, market trends, opportunities, challenges, pricing analysis, among others. For more information please.
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Major players in the global Internet of Vehicles market
- NXP Semiconductors (Netherlands)
- Intel Corporation (US)
- IBM Corporation (USA)
- Apple Inc. (US)
- Google LLC (USA)
- Cisco Systems, Inc. (USA)
- Volkswagen (Germany)
- Ford Motor Company (USA)
- Cloud Your Car (USA)
- Venice (USA)
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SkyQuest Technology is a leading growth consulting firm providing market intelligence, commercialization and technology services. It has more than 450 satisfied customers worldwide.
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