Vehicle-to-Vehicle (V2V) Communication Market to Generate Revenue Worth $77.1 Billion by 2030
- Published: March 2020
The rising demand for improved safety features in vehicles, increasing adoption of connected vehicles, and existence of supportive government regulations are the key factors that positively impact the growth of the global V2V communication market. Due to these factors, the market is expected to generate $77.1 billion revenue by 2030, advancing at a CAGR of 16.6% during the forecast period (2020–2030).
Passenger Car Category to Hold the Largest Share in the Market throughout the Forecast Period
On the basis of vehicle type, the V2V communication market is bifurcated into passenger cars and commercial vehicles. The passenger car category is expected to maintain its dominance during the forecast period. Even after the recent slowdown in the automotive industry, the global sales of new passenger cars were over 68 million in 2018. With the continuously evolving government regulations and launch of advanced products by the key players, the market for V2V communication is projected to keep advancing during the forecast period.
Based on connectivity type, cellular-based technology dominated the V2V communication market during the historical period. Factors such as the easy signal jamming and deception disadvantages and low commitment toward dedicated short-range communication (DSRC) by automakers will boost the growth in the cellular-based technology category revenue.
Globally, the V2V communication market in Asia-Pacific (APAC) is expected to witness strong growth, as a result of the rising focus toward passenger and vehicle safety, coupled with the surging demand for fleet management solutions in countries such as India and China. The market in APAC is expected to see an increase in strategic alliances in the forecast period, between automotive and communication technology companies, aimed at creating an advanced communication infrastructure and meeting the government regulatory requirements for vehicle data security.
Partnership is the Strongest Strategic Measure Taken by the Players in the Market
Players in the V2V communication market are building partnerships with each other to enhance their market presence. For instance, in January 2019, Valeo SA entered into a partnership with Mobileye NV, with the intention to develop and promote a new autonomous vehicle safety standard, based on Mobileye NV’s mathematical safety model, responsibility-sensitive safety (RSS). Both the companies will collaborate on policies and the technologies needed to support the adoption of the RSS-based technology standard in Europe, the U.S. and China.
Browse report overview with detailed TOC on "Vehicle-to-Vehicle (V2V) Communication Market Research Report: By Vehicle Type (Passenger Car, Commercial Vehicle), Connectivity Type (Cellular Based Technology, Dedicated Short-Range Communication), Deployment Type (OEM Devices, Aftermarket Devices) – Industry Share, Size, Growth and Demand Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/vehicle-to-vehicle-communication-market
Similarly, in February 2020, The American Center for Mobility (ACM) and AT&T Inc. extended their partnership until 2023. AT&T Inc. has worked exclusively with ACM since 2017 to provide a 4G/LTE network, covering an expansive 500-acre test arena, at the Ypsilanti Township, in Southeast Michigan (U.S.). This is expected to speed up the development of connected and automated vehicle technologies and support services for V2V communication technologies.
The prominent players operating in the global V2V communication market are BMW AG, Audi AG, Daimler AG, Zhejiang Geely Holding Group, QUALCOMM Inc., Cisco Systems Inc., Delphi Automotive PLC, Autotalks Ltd., DENSO CORPORATION, Lear Corporation, Infineon Technologies AG, HARMAN International Industries Inc., Savari Inc., and Kapsch TrafficCom AG.