Multimedia oriented Internet of Things (IoT) enables pervasive and real-time communication of video, audio and image data among devices in an immediate surroundings. Today's vehicles have the capability of supporting real time multimedia acquisition. Vehicles with high illuminating infrared cameras and customized sensors can communicate with other on-road devices using dedicated short-range communication (DSRC) and 5G enabled communication technologies. Real time incidence of both urban and highway vehicular traffic environment can be captured and transmitted using vehicle-to-vehicle and vehicle-to-infrastructure communication modes. Video streaming in vehicular IoT (VSV-IoT) environments is in growing stage with several challenges that need to be addressed ranging from limited resources in IoT devices, intermittent connection in vehicular networks, heterogeneous devices, dynamism and scalability in video encoding, bandwidth underutilization in video delivery, and attaining application-precise quality of service in video streaming. In this context, this paper presents a comprehensive review on video streaming in IoT environments focusing on vehicular communication perspective. Specifically, significance of video streaming in vehicular IoT environments is highlighted focusing on integration of vehicular communication with 5G enabled IoT technologies, and smart city oriented application areas for VSV-IoT. A taxonomy is presented for the classification of related literature on video streaming in vehicular network environments. Following the taxonomy, critical review of literature is performed focusing on major functional model, strengths and weaknesses. Metrics for video streaming in vehicular IoT environments are derived and comparatively analyzed in terms of their usage and evaluation capabilities. Open research challenges in VSV-IoT are identified as future directions of research in the area. The survey would benefit both IoT and vehicle industry practitioners and researchers, in terms of augmenting understanding of vehicular video streaming and its IoT related trends and issues.