The global vehicle to vehicle communication market size is worth US$ 22.99 Bn in 2022. The market is projected to witness a robust CAGR of 16.6% over the forecast period to arrive at a market valuation of US$ 106.77 Bn by 2032. The rapid growth of the market over the forthcoming years can be credited to the emerging trend of connected cars to control traffic congestion and enhance road safety.
The demand for vehicle-to-vehicle communication is predicted to rise over the upcoming years, yielded by the growing awareness regarding its capability to exchange information sans wire about the position and speed of surrounding vehicles to potentially ease traffic congestion, avoid crashes, and better the environment. Moreover, the growing concerted efforts of regulatory bodies, the automotive industry, and academic institutions to provide a safe space for V2V communication to advance and realize its lifesaving potential is contributing towards market growth.
The automotive industry can only reap the benefits of vehicle-to-vehicle communication once all vehicles can communicate with one another. The growing adoption of vehicle to vehicle communication can be attributed to its ability to boost the functioning of vehicle safety systems and assist in saving lives. According to World Health Organization (WHO), over 1.3 million people lose their lives every year due to road traffic crashes. The adoption of connected vehicle technologies is expected to offer drivers the tools required to predict potential crashes and drastically decrease the numbers of lives that are lost every year.
Vehicles outfitted with suitable software or safety applications can utilize the messages received from surrounding vehicles to discern the threat of any potential crash and then warn drivers by employing tactile, visual, and audible alerts or a combination of all these alerts. These alerts are instrumental in empowering drivers to take preventative actions against vehicle crashes.
Additionally, the extensive range of vehicles, ranging from cars and trucks to motorcycles and buses, can utilize this technology. Thus increasing number of road transports is predicted to propel the vehicle-to-vehicle communication market. The technology is anticipated to be used by bicycles and pedestrians in the foreseeable future to boost visibility to motorists. Furthermore, the communicated vehicle information does not detect driver or vehicle information, in addition to deterring system tampering and vehicle tracking, which is thus facilitating its adoption.
In the United States, the Department of Transportation published a Notice of Proposed Rulemaking (NPRM) in January 2017 to ensure that V2V communication technology is installed in every new light-weight vehicle, with an aim to significantly minimize the chances of vehicle accidents in America’s roadways.
| Attributes | Details |
|---|---|
| Vehicle to Vehicle Communication Market Value (2022) | US$ 22.99 Billion |
| Vehicle to Vehicle Communication Market Forecast Value (2032) | US$ 106.77 Billion |
| Vehicle to Vehicle Communication Market CAGR (2022 to 2032) | 16.6% |
Vehicle to vehicle (V2V) communication is the transmission of data, between motor vehicles through a wireless medium. This data includes what the vehicles are doing such as their location, speed, direction of travel, loss of stability, and brake.
The range of dedicated short-range communication (DSRC), a technology which is used by vehicle to vehicle communication technology, is standardized by bodies like FCC and ISO and has a range of up to 300mtrs or 1000mtrs or 10 seconds at highway speeds.
Vehicle to vehicle communication‘s goal is to prevent accidents by communicating in between themselves over and ad hoc network. Depending upon the implementation of technology, the driver is warned about the risk ahead and instructed to slow down accordingly.
Vehicle to vehicle communication gives an all-round information of risks and is expected to be more effective by including the technology such as adaptive cruise control, blind spot detection, rear-parking sonar, blind spot detection, lane departure, and backup camera.
Connected cars will improve safety and control congestion in cities, on the roads, cars would communicate and send alerts if a crash seem imminent, these features would attract the customers increasing their safety and ease to drive encouraging the vehicle to vehicle communication market.
Advancement in wireless communication, sharing of information, and growing roadside communication infrastructure are driving the vehicle to vehicle communication market and are also acting as building step for development of autonomous vehicles market. Vehicle to vehicle communication has become as active research area due to its potential to improve vehicle and road safety, traffic efficiency, convenience and comfort for passengers as well as drivers, these advancements impact positively to the V2V communication market.
Vehicle to vehicle communication market has a few restraints which include the implementation of V2V communication requires the automotive manufacturers to agree upon standards, funding, and data privacy concerns. V2V communication also requires lots of data which in turn requires scalable and more storage capable cloud platform.
To perform these communication a strong network is mandatory with advanced standards, sophisticated processing, analytical capabilities and technicalities. Standardization of protocol, security issues and countermeasures are a few more points which may drive V2V communication market negatively.
A lot of investment is done in experimenting and trying to develop the best vehicle to vehicle communication systems in the US, Japan, and the European regions. North America, majorly the U.S. dominates the global demand in vehicle to vehicle communication market.
European market is likely to witness highest growth. With the rise in population, people accepting the technological advancements and increasing number of vehicles in Asia Pacific and Middle East and Africa regions, the potential for vehicle to vehicle communication market is maximum in these areas as more and more automobile companies are focusing these regions. Latin America would witness a steady growth in the forecast period.
BMW, Audi, Daimler, Volvo, and Ford- Applink, are included among the automobile manufacturers who are focusing into vehicle to vehicle communication market. Among the solution providers Etrans Systems, Qualcomm Technologies Inc., Cisco Systems Inc., Delphi Automotive PLC, Autotalks Ltd., Denso, Arada Systems, Kapsch Group and Savari Inc., are included in the vehicle to vehicle communication market.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Vehicle to vehicle (V2V) communication market can be segmented based on technology and types of devices. On the basis of technology, vehicle to vehicle communication market can be segmented into big data analytics, smart sensors, cloud computing and others. Vehicles with access to cloud storage would enable them to access the library of maps, self-guided tours, and shortcuts.
Big data analytics and data science would help the companies to understand the customers by identifying the opportunities, and anticipating in relevant developments. Sensors would help in sensing the traffic enhancing the riding quality and experience of the passenger as well as driver in the vehicle. Automotive sensors are used to augment accuracy and V2V technology could act as an additional sensor that could augment the data available.
On the basis of types of devices V2V communication market can be segmented into OEM devices, aftermarket devices, and infrastructure-based devices. OEM device is build or integrated into the vehicle during vehicle production. Aftermarket devices are the device which may not be fully integrated to the vehicle but they solve the purpose and for convenience are added after the original assembly of the vehicle. Infrastructure based devices include the exchange of secure information and operational data between vehicles.
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Vehicle To Vehicle Communication Market
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