How big is the Internet of Cars Market?

The Internet of Cars Market size is expected to reach USD 161.51 billion in 2024 and grow at a CAGR of 16.38% to reach USD 344.82 billion by 2029. Read More

What is the current Internet of Cars Market size?

In 2024, the Internet of Cars Market size is expected to reach USD 161.51 billion. Read More

Who are the key players in Internet of Cars Market?

Cisco Systems Inc., IBM Corporation, Bosch Software Innovations GmbH., Waymo LLC (Alphabet Inc.) and Tesla Motors. Inc. are the major companies operating in the Internet of Cars Market. Read More

Which is the fastest growing region in Internet of Cars Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Internet of Cars Market?

In 2024, the North America accounts for the largest market share in Internet of Cars Market. Read More

What years does this Internet of Cars Market cover, and what was the market size in 2023?

In 2023, the Internet of Cars Market size was estimated at USD 138.78 billion. The report covers the Internet of Cars Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Internet of Cars Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Internet Of Cars Market Trends

Statistics for the 2023 & 2024 Internet Of Cars market trends, created by Mordor Intelligence™ Industry Reports. Internet Of Cars trend report includes a market forecast to 2029 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

Market Trends of Internet Of Cars Industry

Automotive Sector to Witness the Growth

Embedded technology in automobiles allows them to link to the internet, devices, and even other vehicles or systems. Drivers will benefit from a faster, safer, and more engaging driving experience thanks to IoT in automobiles. Driving information such as traffic, road conditions, fuel consumption, car diagnostics, driving behavior, and more are now accessible to drivers.
The adoption of IoT in the automobile industry has increased quickly due to technological advancements, developing trends in Machine to Machine (M2M), and big data analytics. Together with other technologies, the continuously expanding connected automobile trend significantly drives the industry.
These connected features communicate real-time data for the user's comfort, security, entertainment, and safety. IoT-connected automobiles are currently available from some automakers, including BMW, Mercedes, Ford, General Motors, and others.
Also, connected cars' reliable connectivity can support telemetry, proactive maintenance, and accident avoidance. The development of 5G and V2X (vehicle to everything) connectivity, which will offer a new driving experience, will enable autonomous driving.

Understand The Key Trends Shaping This Market

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North America to Register the Fastest Growth During the Forecast Period

The development of information technology and the rising use of IoT in automotive applications have given corporate operations in this area a new dimension.
Automotive companies can build and manage an operational process with the aid of the deployment of smarter functional systems based on IoT approaches. Along with the rise in electronics content, notably in vehicle management systems, the expansion of electric vehicles in North America also creates a long-term growth opportunity for the industry, enabling it to expand emission control and enhance safety features in automobiles.
The market for connected automobiles is growing due to factors such as expanding internet penetration, linked device growth, the increased presence of automation solutions in the automotive industry, and the rollout of Logistics4.0.
Many businesses and individuals are embracing the Internet of cars because it makes tracking fleet vehicles easier. IoV employs sensors, currently accessible mobile phones, and other technology to increase mobility. Additionally, cloud services offer the necessary platform as moving cars communicate a lot of data while on the road. This, in turn, encourages the region to adopt the internet of automobiles.