Vehicle to Vehicle Communication Market Research Report- Forecast till 2023
Vehicle to Vehicle (V2V) Communication ensures the safety of riders and traffic control by using advanced sensors and technologies. V2V communication helps the driver to gather real-time information around him through the internet and the connected smart devices inside and outside of the car.
According to Market Research Future (MRFR), the global V2V Communication Market Size is poised to create a valuation of USD 24 BN by 2023, growing at 6% CAGR throughout the assessment period (2017-2023). The connectivity provided by the applied information solutions enables the infrastructure to communicate with any cloud-connected vehicles. Technologies such as applied information and TravelSafely smartphone app connect drivers to the infrastructure, providing the first application of connected vehicle technology.
Increasing data from multiple infrastructure sources for day-to-day use by the general public raises the size of the vehicle to vehicle communication market. The rising data within autonomous cars for systems such as telematics, voice recognition, augmented reality, drive recorders, and V2V communications, would change necessary parts in the supply chain. New technologies such as smart mirrors would usher in new regions and suppliers.
New methods of recognition enabled by artificial intelligence (AI) such as facial, voice, gesture, and even human emotions open new avenues to new automotive suppliers, parts, and services.
Attractive advantages of vehicle to vehicle communication technologies such as data transmission between two vehicles through a wireless medium to ensure the riders' traffic control and safety push the market growth. On the other hand, technical issues related to connectivity and networks are significant factors predicted to impede the growth of the market. Nevertheless, the availability of futuristic technologies would support V2V communication market growth throughout the forecasted period.
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The V2V Communication market can be segmented into four key dynamics for the convenience of the report and enhanced understanding;
By Technologies: Big Data Analytics, Smart Sensors, and Cloud Computing among others.
By Types: OEM Devices, Aftermarket Devices and Infrastructure Based Devices
By Applications: Traffic Management System, Intelligent Transport Management System, and Grouptalk Service among others.
By Regions: North America, Europe, APAC, and the Rest-of-the-World.
Global Vehicle to Vehicle Communication Market – Geographical Analysis
North America dominates the global vehicle to vehicle (v2v) communication market. The largest market share attributes to the presence of major industry players such as Qualcomm, Audi, BMW, General Motors, and Toyota Motor Corporation, among others. Besides, the early adoption and rising demand for V2V communication drive the growth of the market.
Moreover, high R&D investments and advancements in technologies, such as big data analytics, smart sensors, cloud computing, and others fuel the market growth. Furthermore, the increasing production of advanced and intelligent vehicles, alongside the burgeoning automotive sector in the region influences the growth of the market. The North American V2V communication market is projected to retain its dominance throughout the estimated period.
Europe stands second in the global vehicle to vehicle (V2V) communication market. Market growth attributes to the increasing purchasing power and the popularity of luxury cars. Moreover, well-established automotive sectors and the proliferating information technology in the region substantiate the growth of the market. The European V2V communication market is expected to create a substantial revenue pocket during the review period.
The Asia Pacific region holds a considerable share in the global vehicle to vehicle (V2V) communication market. Factors such as the strong presence of notable market players and increased adoption of connected OEM devices and infrastructure based devices boost the regional market growth. Besides, advances in big data analytics, smart sensors, and cloud computing push the growth of the regional market.
Australia, Japan, South Korea, China, and India hold significant shares in the regional market due to rapid economic development. The APAC V2V communication market is forecasted to grow at an impressive CAGR during the assessment period.
V2V Communication Market – Competitive Landscape
Highly competitive, the V2V communication market appears fragmented due to the presence of several well-established market players. To gain a competitive share, Industry players adopt strategies such as mergers & acquisitions, expansion, and product launch. They collaborate with other players to develop innovative solutions and cut down development costs and time. Technology providers use a variety of distributions channels and are increasingly engaging social media to generate inbound leads.
Players leading the global vehicle to vehicle communication market Audi (Germany), BMW (Germany), Daimler AG (Germany), Volvo Cars (Sweden), General Motors (US), Toyota Motor Corporation (Japan), Qualcomm Technologies, Inc. (US), Volkswagen (Germany), AutoTalks Ltd (Israel), and Delphi Automotive LLP (UK) among others.
Industry/ Innovation/ Related News:
August 05, 2020 ---- Qualcomm Technologies, Inc. (the US), a leading global semiconductor company, launched the C-V2X direct communications program. C-V2X is a direct communication technology offering vehicles low latency communications for (V2V), Vehicle-to-Pedestrian (V2P), and Vehicle-to-Roadside Infrastructure (V2I), without the involvement of a cellular network, cellular network subscription, operating on designated and harmonized 5.9 GHz ITS spectrum.
Qualcomm is partnering with the Hawaii Department of Transportation (HDOT) and the University Of Hawaii College Of Engineering to work on this program. The pilot program would exclusively implement C-V2X technologies developed by Qualcomm to extend connected vehicle infrastructure across Hawaii.
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Vehicle to Vehicle (V2V) Communication Market, By Technology (Big Data Analytics, Smart Sensors), By Type (OEM Devices, Aftermarket Devices, Infrastructure Based Devices), By Application (Traffic Management System, Grouptalk Service) - Forecast 2023
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