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Valued at $14.5 billion in 2019, the global vehicle-to-vehicle (V2V) communication market is projected to advance with a CAGR of 16.6% during the forecast period (2020–2030). The market is further estimated to generate a revenue of $77.1 billion, in 2030.
Geographically, Latin America, Middle East, and Africa (LAMEA) is expected to be the fastest growing region in the Vehicle-to-Vehicle (V2V) Communication market, during the forecast period. This is mainly due to increased integration of telematics systems in passenger cars coupled with the rising awareness and concerns of fleet companies for safety of drivers and vehicle tracking and diagnostics.
Fundamentals Governing Vehicle-to-Vehicle (V2V) Communication Market
One of the major trends witnessed in the V2V communication market is the advent of autonomous vehicle technology. The market has already witnessed advanced driver-assistance system (ADAS) solution which has changed the face of driving experience. For instance, Autotalks Ltd., provides vehicle-to-vehicle solutions for safety and mobility applications. Through this, vehicle shares drive information such as speed, location, path prediction to other vehicles on road. Thus, allowing vehicles to communicate and analyze decisions in complex traffic situations.
The growing concern for safety and security among the OEMs, end users, and the governments is one of the major factors driving the vehicle-to-vehicle communication market. According to National Highway Traffic Safety Administration (NHTSA), these V2V communication messages have a range of more than 300m and can detect dangers obscured by traffic, terrain, or weather. V2V communication extends and enhances currently available crash avoidance systems that use radars and cameras to detect collision threats. Such technologies help reduce traffic rule violation, in turn causing a decline in the road accidents.
Vehicle-to-Vehicle (V2V) Communication Market Segmentation Analysis
The commercial vehicle category is expected to witness the faster growth in the V2V communication market, during the forecast period. Factors like stringent government regulations and rise in adoption of cloud-based fleet management telematics solutions in developed countries is expected to drive the market, globally.
The original equipment manufacturer (OEM) devices category dominated the vehicle-to-vehicle communication market, during the historical period. This is mainly because almost all the vehicle manufacturers provide in-built systems in their vehicles. Moreover, it offers continuous network connectivity and highly precise information using in-vehicle infotainment (IVI) and other systems.
Geographical Analysis of V2V Communication Market
North America was the largest market for V2V communication during the historical period, led by the U.S. Factors like increased government regulations coupled with higher penetration of advance technologies like telematics and ADAS is expected to boost the market during the forecast period. Moreover, the U.S. has accounted for a major portion of the market revenue in the region till now, due to considerable investments by government and private organizations, in addition to favorable policy frameworks.
However, LAMEA and APAC regions are expected to witness strong growth during the forecast period. Developing countries like China, India, Brazil, and Mexico are expected to witness rise in number of vehicles equipped with V2V communication technology in forecasted period (2020-2030). Therefore, fueling growth in V2V communication market.
Competitive Landscape of Vehicle-to-Vehicle (V2V) Communication Market
The global V2V communication market is consolidated in nature, with few major players operating independently in the different countries and cities across the world. BMW AG, AUDI AG, Daimler AG, and Zhejiang Geely Holding Group are major automobile manufacturers who are focusing into vehicle to vehicle communication market. Kapsch TrafficCom AG, QUALCOMM Inc., Cisco Systems Inc., Delphi Automotive PLC, Autotalks Ltd., and DENSO CORPORATION are some other major service providers.
Recent Strategic Developments of Major Vehicle-to-Vehicle (V2V) Communication Market
In recent years, major players in the market have taken several strategic measures such as product launches, partnership and facility expansions to gain a competitive edge in the industry. For instance, in November 2019, Visteon Corp. entered into a partnership with Tata Communications Ltd., in order to receive digital infrastructure from Tata Communications. The partnership would allow Visteon Corp. to develop more secured and flexible telematics solutions for automobiles as well as assist it in geographical expansion.
Moreover, General Motors Company introduced V2V with Cadillac’s CTS performance sedan. Company’s V2V solution uses dedicated short-range communications (DSRC) and global positioning system (GPS) that can handle 1,000 messages per second from vehicles up to nearly 1,000 feet away.
Vehicle-to-Vehicle (V2V) Communication Market Size Breakdown by Segment
The Vehicle-to-Vehicle (V2V) Communication Market report offers comprehensive market segmentation analysis along with market estimation for the period 2015–2030.
Based on Vehicle Type
Based on Connectivity Type
Based on Deployment Type
Based on Geographical Analysis