Internet of Vehicles IoV Market Report 2024 (Global Edition)

Global Internet of Vehicles IoV Market Report 2024 Market Size Split by Type (On-Vehicle, loV Management Center), by Networking Technology (Wi-Fi, Bluetooth, Cellular Network ), by Communication (Ve...

Internet of Vehicles IoV Market Report Description

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Competitive Landscape of the Internet of Vehicles - IoV Market

Key players deploy strategic initiatives such as product innovations, partnerships, and mergers. Companies prioritize R&D to introduce cutting-edge reagents, ensuring a competitive edge. Robust distribution networks and adherence to quality standards amplify market presence, fostering an environment where agility and innovation define industry leaders.

Internet of Vehicles - IoV Industry News 

In March 2024, Intel announced plans to build two new leading-edge chip factories at its Ocotillo campus in Chandler, Ariz. The new factories will support the growing demand for Intel’s products and provide committed capacity for Intel Foundry customers.

(Source:  https://www.intel.com/content/www/us/en/newsroom/resources/press-kit-intel-builds-arizona.html#gs.69iowc/)

In March 2024, Epson Expanded Its Lineup of 1″ Platform IMUs with a Low-Noise Premium Model. First launched in 2011, Epson's IMUs have been used in an array of customer applications, from precision agriculture (GNSS2), low-earth orbit small satellites3 using consumer industrial components, and EO/IR camera gimbals4 to antenna platform vibration control and stabilization, earning an excellent reputation for outstanding performance and quality.

(Source: https://in.newsroom.ibm.com/Bajaj-Capital-Limited-modernizes-application-monitoring-to-identify-and-fix-issues-in-seconds)

Top Companies Market Share in Internet of Vehicles IoV Industry: (In no particular order of Rank)

• NXP Semiconductors (Netherlands)
• Intel Corporation (U.S.)
• IBM Corporation (U.S.)
• Google LLC (U.S.)
• Cisco System Inc. (U.S.)
• Volkswagen (Germany)
• Ford Motor Company (U.S.)
• Veniam (U.S.)
• Audi (Germany)
• BMW (Germany)
• Robert Bosch (Germany)
• Qualcomm (U.S.)
• Ford (U.S.)
• Tata Communications (India)
• CarIQ (U.S.)
• AT&T (U.5.)
• Verizon Technologies Inc. (U.S.)
• General Motors (U.S.)
• Microsoft (U.S.)
• Samsung Electronics (South Korea) 
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of Internet of Vehicles IoV

Which Region will dominate the Internet of Vehicles IoV Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. This region's leadership position can be attributed to several factors, including robust infrastructure, widespread adoption of advanced automotive technologies, and a thriving ecosystem of automotive manufacturers, technology companies, and telecommunications providers. North America has been at the forefront of IoV innovation, with major automotive hubs in the United States and Canada driving research, development, and commercialization efforts. 

Which Region is Expanding at the Fastest CAGR?

The Asia Pacific region is witnessing an increase in Wi-Fi. With its rapidly growing economies, burgeoning urban populations, and expanding automotive markets, Asia Pacific presents a fertile ground for the proliferation of Wi-Fi-enabled IoV solutions. The region's increasing focus on smart cities, digital infrastructure, and connectivity initiatives is driving the demand for Wi-Fi-enabled IoV applications, such as connected cars, intelligent transportation systems, and vehicle-to-infrastructure communication.

The current report Scope analyzes Internet of Vehicles IoV Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Internet of Vehicles IoV Market

According to Cognitive Market Research, the global Internet of Vehicles - IoV Market size was estimated at USD 125914.2 Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 50365.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 23.2% from 2024 to 2031. In North America, On-Vehicle dominates, attributed to several factors, including the increasing integration of connectivity features directly into vehicles, advancements in automotive technology, and rising consumer demand for connected and autonomous vehicles. On-vehicle IoV solutions encompass a wide range of technologies and functionalities embedded within vehicles, such as telematics systems, in-vehicle infotainment (IVI) systems, advanced driver assistance systems (ADAS), and vehicle-to-everything (V2X) communication modules.

• According to Cognitive Market Research, the U.S. had a major share in the Internet of Vehicles - IoV Market with a market size of USD 39738.52 million in 2024 and is projected to grow at a CAGR of 23.0% during the forecast period. This substantial market size underscores the country's leadership position in driving innovation and adoption within the IoV landscape. 
• The Canadian Internet of Vehicles - IoV Market had a market share of USD 6043.88 million in 2024 and is projected to grow at a CAGR of 24.0% during the forecast period. This robust market share indicates Canada's increasing prominence in the IoV landscape and its commitment to advancing automotive connectivity and smart mobility solutions.
• The Mexico Internet of Vehicles - IoV Market is projected to witness growth at a CAGR of 23.7% during the forecast period, with a market size of USD 4583.28 million in 2024.

Europe Internet of Vehicles IoV Market

According to Cognitive Market Research, with a market value of USD 125914.2 million in 2024, and projected to expand at a compound annual growth rate (CAGR) of 23.5% from 2024 to 2031. Europe accounted for a share of over 30% of the global market size of USD 37774.26 million. In Europe, the On-Vehicle segment maintained its dominance, attributed to several factors, including the increasing integration of connectivity features directly into vehicles, advancements in automotive technology, and rising consumer demand for connected and autonomous vehicles. On-vehicle IoV solutions encompass a wide range of technologies and functionalities embedded within vehicles, such as telematics systems, in-vehicle infotainment (IVI) systems, advanced driver assistance systems (ADAS), and vehicle-to-everything (V2X) communication modules.

• The United Kingdom Internet of Vehicles - IoV Market had a market share of USD 6346.08 million in 2024 and is projected to grow at a CAGR of 24.3% during the forecast period. In the U.K., This substantial market share underscores the U.K.'s leadership position in driving innovation and adoption within the IoV landscape, fueled by its advanced automotive sector, robust digital infrastructure, and supportive regulatory environment. 
• The France Internet of Vehicles (IoV) Market is projected to grow at a CAGR of 22.7% during the forecast period and reach a market size of USD 3475.23 million in 2024.
• According to Cognitive Market Research, the German Internet of Vehicles (IoV) Market was valued at USD 7479.30 million in 2024 and is projected to grow at a CAGR of 23.7% during the forecast period. This robust market valuation underscores Germany's pivotal role in driving innovation and adoption within the IoV landscape, fueled by its renowned automotive industry, technological expertise, and commitment to sustainability.
• The Italy Internet of Vehicles (IoV) Market is projected to grow at a CAGR of   22.9% during the forecast period and reach a market size of USD 3248.59 million in 2024.
• The Russian Internet of Vehicles (IoV) Market is projected to grow at a CAGR of 22.5% during the forecast period, reaching a market size of USD 5855.01 million in 2024.
• The Spain Internet of Vehicles - IoV Market is projected to witness growth at a CAGR of 22.6% during the forecast period, with a market size of USD 3097.49 million in 2024.
• The Luxembourg Internet of Vehicles (IoV) Market is projected to grow at a CAGR of 23.6% during the forecast period, reaching a market size of USD 1171.00 million in 2024.
• The Portugal Internet of Vehicles - IoV Market is projected to witness growth at a CAGR of 23.3% during the forecast period, with a market size of USD 793.26 million in 2024.
• The Greece Internet of Vehicles (IoV) Market is projected to grow at a CAGR of 23.8% during the forecast period, reaching a market size of USD 453.29 million in 2024.
• The Rest of Europe's Internet of Vehicles—IoV Market is projected to grow at a CAGR of 22.2% during the forecast period, reaching a market size of USD 5855.01 million in 2024.

 

Asia Pacific Internet of Vehicles IoV Market

According to Cognitive Market Research, the global Internet of Vehicles - IoV Market size was estimated at USD 125914.2 Million, out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 28960.27 million in 2024 and will grow at a compound annual growth rate (CAGR) of 27.0% from 2024 to 2031. The Asia Pacific region is experiencing growth in Wi-Fi, reflecting its pivotal role in enabling seamless connectivity and communication between vehicles and the surrounding environment. This dominance is driven by several factors, including the widespread adoption of Wi-Fi-enabled devices, the increasing demand for high-speed data transfer, and the versatility of Wi-Fi technology in supporting various IoV applications. Wi-Fi serves as a cornerstone for IoV connectivity, facilitating vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), and vehicle-to-cloud (V2C) communication, as well as enabling in-vehicle connectivity for passengers.

• According to Cognitive Market Research, the China Internet of Vehicles - IoV Market size was valued at USD 13032.12 million in 2024 and is projected to grow at a CAGR of 26.5% during the forecast period. This significant market valuation underscores China's leading position in driving innovation and adoption within the IoV landscape, driven by its massive automotive market, rapid urbanization, and strong emphasis on technological advancement.
• The Japan Internet of Vehicles (IoV) Market is projected to grow at a CAGR of 25.5% during the forecast period and reach a market size of USD 3996.52 million in 2024.
• The India Internet of Vehicles - IoV Market had a market share of USD 3475.23     million in 2024 and is projected to grow at a CAGR of 28.8% during the forecast period. This notable market share reflects India's increasing momentum in adopting and advancing IoV technologies, driven by factors such as rapid urbanization, digital transformation initiatives, and the emergence of a burgeoning automotive market.
• The South Korean Internet of Vehicles (IoV) Market is projected to grow at a CAGR of 26.1% during the forecast period, reaching a market size of USD 2896.03 million in 2024.
• The Australian Internet of Vehicles (IoV) Market is projected to grow at a CAGR of 26.7% during the forecast period, reaching a market size of USD 1505.93 million in 2024.
• The Southeast Asia Internet of Vehicles (IoV) Market is projected to grow at a CAGR of 28.0% during the forecast period and reach a market size of USD 1998.26 million in 2024.
• The Rest of the Asia Pacific Internet of Vehicles—IoV Market is projected to grow at a CAGR of 26.8% during the forecast period, reaching a market size of USD 2056.18 million in 2024.

South America Internet of Vehicles IoV Market

According to Cognitive Market Research, the global Internet of Vehicles - IoV Market size was estimated at USD 125914.2 Million, out of which Latin America market of more than 5% of the global revenue with a market size of USD 6295.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 24.4% from 2024 to 2031. Wi-Fi in Latin America is experiencing growth, reflecting its pivotal role in enabling seamless connectivity and communication between vehicles and the surrounding environment. This dominance is driven by several factors, including the widespread adoption of Wi-Fi-enabled devices, the increasing demand for high-speed data transfer, and the versatility of Wi-Fi technology in supporting various IoV applications. Wi-Fi serves as a cornerstone for IoV connectivity, facilitating vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), and vehicle-to-cloud (V2C) communication, as well as enabling in-vehicle connectivity for passengers.

• According to Cognitive Market Research, the Brazil Internet of Vehicles - IoV Market size was valued at USD 2694.56 million in 2024 and is projected to grow at a CAGR of 25.0% during the forecast period. This substantial market valuation underscores Brazil's growing presence in the IoV landscape, driven by factors such as increasing urbanization, technological adoption, and the expansion of the automotive industry.
• The Argentina Internet of Vehicles - IoV Market had a market share of USD 1057.68 million in 2024 and is projected to grow at a CAGR of 25.3% during the forecast period. This notable market share underscores Argentina's increasing presence in the IoV landscape, driven by factors such as urbanization, technological advancement, and the modernization of transportation infrastructure.
• The Colombia Internet of Vehicles - IoV Market is projected to witness growth at a CAGR of 24.2% during the forecast period, with a market size of USD 560.32 million in 2024.
• The Peru Internet of Vehicles (IoV) Market is projected to grow at a CAGR of  24.6% during the forecast period, reaching a market size of USD 516.25 million in 2024.
• The Chile Internet of Vehicles (IoV) Market is projected to grow at a CAGR of 24.7% during the forecast period and reach a market size of USD 453.29 million in 2024.
• The Rest of Latin America Internet of Vehicles—IoV Market is projected to grow at a CAGR of 23.5% during the forecast period, reaching a market size of USD 1013.61 million in 2024.

Middle East and Africa Internet of Vehicles IoV Market

According to Cognitive Market Research, the global Internet of Vehicles - IoV Market size was estimated at USD 125914.2 Million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 2518.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 24.7% from 2024 to 2031. MEA experiences an upswing in Vehicle-to-Vehicle (V2V), driven by its critical role in enhancing road safety, traffic efficiency, and overall driving experience. V2V communication enables vehicles to exchange real-time data, such as speed, position, and direction, with nearby vehicles, enabling proactive collision avoidance, cooperative maneuvering, and traffic flow optimization. This technology is particularly vital in addressing road safety challenges, as it allows vehicles to alert each other about potential hazards, sudden braking, or dangerous road conditions, thereby reducing the risk of accidents and improving overall road safety.

• According to Cognitive Market Research, the GCC Countries' Internet of Vehicles (IoV) Market was valued at USD 1077.83 million in 2024 and is projected to grow at a CAGR of 25.5% during the forecast period. This substantial market valuation underscores the growing importance of IoV technologies in the Gulf region, driven by factors such as urbanization, economic diversification, and technological innovation.
• The Egypt Internet of Vehicles (IoV) Market is projected to grow at a CAGR of 25.0% during the forecast period and reach a market size of USD 264.42 million in 2024.
• The South African Internet of Vehicles (IoV) Market is projected to grow at a CAGR of 25.7% during the forecast period, with a market size of USD 397.89 million in 2024. This growth reflects South Africa's increasing adoption of IoV technologies, driven by factors such as urbanization, digitalization, and the modernization of transportation infrastructure.
• The Turkey Internet of Vehicles (IoV) Market is projected to grow at a CAGR of 24.2% during the forecast period, reaching a market size of USD 216.57 million in 2024.
• The Nigeria Internet of Vehicles - IoV Market is projected to witness growth at a CAGR of 23.8% during the forecast period, with a market size of USD 264.42 million in 2024.
• The Rest of the MEA Internet of Vehicles—IoV Market is projected to grow at a CAGR of 23.7% during the forecast period, with a market size of USD 297.16 million in 2024. 

Internet of Vehicles IoV Market Analysis

Internet of Vehicles IoV Solution Segment Analysis

According to Cognitive Market Research, On-Vehicle held the major market share over the forecast period. This segment's strong performance can be attributed to several factors, including the increasing integration of connectivity features directly into vehicles, advancements in automotive technology, and rising consumer demand for connected and autonomous vehicles. On-vehicle IoV solutions encompass a wide range of technologies and functionalities embedded within vehicles, such as telematics systems, in-vehicle infotainment (IVI) systems, advanced driver assistance systems (ADAS), and vehicle-to-everything (V2X) communication modules.

loV Management Center is the fastest-growing category over the forecast period. This growth can be attributed to several factors, including the increasing complexity of IoV ecosystems, the proliferation of connected devices, and the need for centralized management and control of IoV operations. IoV Management Centers serve as central hubs for monitoring, analyzing, and optimizing the performance of IoV systems, including connected vehicles, infrastructure, and cloud-based services.

• On-Vehicle
• loV Management Center

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Internet of Vehicles IoV Industry. Request a Free Sample PDF!

Internet of Vehicles IoV Networking Technology Segment Analysis

According to Cognitive Market Research, Wi-Fi holds a prominent market share, reflecting its pivotal role in enabling seamless connectivity and communication between vehicles and the surrounding environment. This dominance is driven by several factors, including the widespread adoption of Wi-Fi-enabled devices, the increasing demand for high-speed data transfer, and the versatility of Wi-Fi technology in supporting various IoV applications. Wi-Fi serves as a cornerstone for IoV connectivity, facilitating vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), and vehicle-to-cloud (V2C) communication, as well as enabling in-vehicle connectivity for passengers.

Bluetooth is the fastest-growing category over the forecast period. This growth is propelled by several factors, including the increasing adoption of Bluetooth technology in automotive applications, advancements in Bluetooth standards, and the rising demand for seamless connectivity solutions in vehicles. Bluetooth technology enables wireless communication between devices over short distances, making it well-suited for IoV applications such as in-car connectivity, hands-free calling, and audio streaming.

• Wi-Fi
• Bluetooth
• Cellular Network 

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Internet of Vehicles IoV Communication Segment Analysis

According to Cognitive Market Research, Vehicle-to-Vehicle (V2V) holds a prominent market share, driven by its critical role in enhancing road safety, traffic efficiency, and overall driving experience. V2V communication enables vehicles to exchange real-time data, such as speed, position, and direction, with nearby vehicles, enabling proactive collision avoidance, cooperative maneuvering, and traffic flow optimization. This technology is particularly vital in addressing road safety challenges, as it allows vehicles to alert each other about potential hazards, sudden braking, or dangerous road conditions, thereby reducing the risk of accidents and improving overall road safety.

Vehicle-to-infrastructure (V2I) is the fastest-growing category over the forecast period. This growth is propelled by several factors, including increasing investments in smart transportation infrastructure, advancements in communication technologies, and the growing emphasis on enhancing traffic management and urban mobility. V2I communication enables vehicles to exchange data with roadside infrastructure such as traffic lights, road signs, and intelligent transportation systems (ITS), enabling real-time information exchange and coordination.

• Vehicle-to-Vehicle (V2V)
• Vehicle-to-Infrastructure (V2I)
• Vehicle-to-Pedestrian (V2P)
• Vehicle-to-Cloud (V2C)
• Others

Author's Detail

Kalyani Raje

Senior Research Analyst at Cognitive Market Research

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An optimistic Senior Research Analyst with years of experience in competitive assessment and business consulting. A seasoned professional and subject-matter expert (SME) in the Automobile & Transportation vertical.

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