Development Status of IoV Industry

Development Status of IoV Industry

May 30, 2024

In recent years, IoV technology has developed rapidly and has become one of the important trends in the automotive industry. IoV can enable cars to achieve intelligent interconnection with the external environment, bringing drivers and passengers a more convenient, safe and comfortable driving experience.


In August 2023, the global IoV market size reached USD235 billion, a year-on-year increase of 21%. Among them, North America and Europe are still the main markets, accounting for about 70% of the global IoV market share. The IoV market in the Asia-Pacific region has also maintained rapid growth, accounting for more than 20%. Leading companies in the industry include Qualcomm, Intel, Baidu, Alibaba, etc.


From a technical perspective, the commercial deployment of 5G networks has brought new development opportunities for the IoV. 5G networks can provide higher bandwidth and lower latency for on-board devices, and support applications such as instant communication and high-definition video transmission between vehicles. At the same time, the advancement of technologies such as artificial intelligence and edge computing is also constantly promoting the intelligent upgrade of on-board systems.


In the next few years, with the continuous advancement of autonomous driving technology and the continuous improvement of policies and regulations, the IoV industry will continue to develop rapidly. It is estimated that by 2025, the global IoV market will exceed USD350 billion. Companies in the industry are actively making plans to seize a larger market share.