With the rapid increase in car ownership, road capacity has become saturated in many cities, leading to growing concerns about traffic safety, travel efficiency, and environmental impact. As a key area where information technology and industrialization converge, the Internet of Vehicles (IoV) plays a crucial role in driving the integration and upgrading of the automotive, transportation, and communication industries. It also reshapes industrial ecosystems and value chains, paving the way for a smarter future.
The "horn" of the smart car network is signaling a transformation in how we travel. A decade ago, cars were simply seen as "four wheels plus two sofas." Having gone through the mechanical 1.0 and electronic 2.0 eras, vehicles are now rapidly entering the intelligent 3.0 era. Consumers are increasingly expecting personalized and humanized experiences from their vehicles. However, with the rising number of IoT-connected cars, companies face challenges such as evolving business models and practical implementation issues. What impact will the Internet of Vehicles have on the automotive industry?
China's car networking market already accounts for 26% of the global market, and its growth is expected to accelerate in the coming years. By 2020, it was valued at $33.8 billion, and by 2025, it is projected to reach $216.2 billion, reflecting a compound annual growth rate of 208.5%. With the expansion of smartphone integration and advancements in embedded systems, car networking products are set to become widespread in households.
As market demands diversify, the use of new energy vehicles as a platform for networking technology has attracted significant attention from the auto industry. While the concept of the Internet of Vehicles has existed for years, technological limitations and R&D constraints have hindered major breakthroughs. Despite growing interest and early investments, progress has been slow.
In the age of intelligence, Chinese consumers show higher expectations for car networking features such as navigation, infotainment, and driving assistance. The large consumer base and strong demand provide a solid foundation for the development of China’s car networking industry.
After years of growth, China’s electric vehicle sector has developed a comprehensive independent R&D, design, and manufacturing system, with some areas reaching world-leading levels. Against this backdrop, the domestic auto market is positioning itself to lead the new energy vehicle revolution. The intelligent vehicle networking ecosystem, integrating all players across the supply chain, is seen as a key vision for the future.
Despite the hype around the concept, it's still too early for car networking products to fully penetrate the market. According to recent data from U.S. automotive research firms, 31% of American consumers are unaware of connected car technology, while 20% of new car owners have never used advanced connectivity features. Only 21% of new car buyers are willing to purchase customized networking services.
This trend is also evident in China, where the car networking and intelligent transportation industry is still in its early stages. Car-to-car communication and vehicle-road coordination are emerging as key trends. Currently, most car networking systems are limited to in-vehicle navigation and entertainment with basic connectivity, allowing vehicles to access services like navigation via public networks or vehicle backends.
Looking ahead, the Smart Vehicle Network, as an integrated system combining transportation, information, and smart grid technologies, has the potential to revolutionize how people travel, interact with information, and consume energy. In the future, wireless short-range communication could enable real-time information exchange between vehicles and roads, helping to predict accident risks and improve traffic safety and efficiency. Companies that have invested early in operating systems, driver assistance, sensors, and chips are likely to gain a competitive edge.
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