Vehicle to Vehicle (V2V) communication is a method where automobiles send messages to each other about information that includes speed, braking, location, direction, and loss of stability. This technology helps to avoid crashes and traffic problems and helps to improve the environment. With Vehicle to Vehicle (V2V) communication, the vehicles equipped with appropriate software can use the message from other vehicles to find out any crash threats. The range is up to 300 meters. This technology can be used in cars, buses, trucks, and motorcycles as well. Vehicle to Vehicle (V2V) communication technology includes a transmitter and receiver that help the vehicles to broadcast their movements.
With the growing population, the traffic is also increasing, so to increase the traffic efficiency, V2V technology is used. With traffic efficiency, traffic control can be achieved that can reduce transport time, fuel consumption, and better environment that will have a positive impact on the Vehicle to Vehicle (V2V) Communication market in the coming years. Connected vehicles can generate a huge amount of data if the customer chooses to share it, and it will bring great opportunities for customer engagement. It will also help automated traffic flow, technology companies, and insures. Vehicle to Vehicle (V2V) communication has reduced the dependency on other technology. This is a very cost-efficient technology that is expected to grow more sooner.
This report highlights the Vehicle to Vehicle (V2V) communication will grow at $24 billion by 2023 at a CAGR rate of 6% in the forecast period. With the growing population, the automotive sector is on the rise, and with the growing use of vehicles, the safety concern is also rising. The V2V communication technology will help the people to get a better experience by providing them crucial information. The government initiatives to provide safety and increasing traffic efficiency will drive the market growth in coming years. People are adapting to advanced technology all over the world, and due to this Vehicle to Vehicle (V2V) market will see rapid growth. This wireless data transmission technology can help to ensure the safety of the drivers.
Since the covid-19 pandemic in December 2019, the virus has spread all over the countries. It has severely affected the global economy, manufacturing, travel, tourism, and financial markets. Almost all the sectors are suffering from damage, including the automotive industry. Automotive sectors have been affected the most by the covid-19 outbreak as production is on a halt around the world. Due to lockdown guidelines, people are not allowed to go out, and it is causing production problems for the automotive sector. The demand is very low, and due to the low demand of the automotive sector, the Vehicle to Vehicle (V2V) Communication market demand is decreasing. The production work in the automotive sector was on a halt due to covid-19, and people were going through a financial crisis across the globe that is why they didn’t want to invest in such advanced technology. The market is expected to grow after the covid-19 pandemic situation.
There are some drivers in the market that are driving the market growth, like that there are some restraints that are restricting the market growth. The market faces so many challenges, and the drivers help to overcome those challenges.
Vehicle to Vehicle (V2V) communication can improve safety, control traffic, and help to avoid the crash and these features are used to improve safety and driving experience. The Increasing safety concern is one of the major Vehicle to Vehicle (V2V) Communication market drivers. Advanced wireless technology, sharing information, growing roadside communication will help the market to grow. Vehicle to Vehicle (V2V) communication enhances crash avoidance that uses radars and cameras to detect collision. Such technology can reduce traffic problems, and therefore, it is driving the Vehicle to Vehicle (V2V) communication business. Cloud-based fleet management and government regulations will also drive the market globally.
With the Increasing population, traffic is one of the major concerns in all regions. Government taking initiatives to solve the traffic problems. The need to fix traffic problems is creating opportunities for the market. Vehicle to Vehicle (V2V) communication can see all the traffic by providing real-time data. People are concerned about their safety, and they are taking the help of advanced technology to ensure their safety. Vehicle to Vehicle (V2V) communication technology is one of the best solutions that can ensure the safety of the customer by providing location, braking, the direction of the vehicle. It has a range of up to 300 meters that provides a great safety experience to the drivers. And these features are bringing new opportunities to the global Vehicle to Vehicle (V2V) Communication market.
There are some market restraints that can reduce the demand of the market. The proper implementation of Vehicle to Vehicle (V2V) communication technology requires approval from automotive manufacturers to agree with funding, and data privacy concerns are one of the major restraints in the global Vehicle to Vehicle (V2V) Communication market. The V2V technology stores lots of data, and that’s why it needs more storage cloud, and lack of space is another restraint in the market. Complex processing, security issues, analytical technicalities are some of the restraints in the Vehicle to Vehicle (V2V) Communication market trends growth.
Like other markets, the Vehicle to Vehicle (V2V) Communication market also faces some challenges. One of the biggest challenges for the market is now all the regions are technically advanced to use Vehicle to Vehicle (V2V) communication technology. The V2V communication technology needs so much space to store that data; therefore, storing a large amount of data is another challenge faced by the market. The market is trying to overcome these challenges with the help of Vehicle to Vehicle (V2V) communication players.
The Vehicle to Vehicle (V2V) Communication market segments are on the basis of technology, type, and application.
Technology segment of the Vehicle to Vehicle (V2V) Communication market includes cloud computing, smart sensors, big data analytics, and others.
According to the type, the market is segmented into aftermarket devices, OEM devices, infrastructure-based devices.
Application segment of the market includes traffic management system, group talk service, intelligent transport management system, and others.
The region segment includes North America, Europe, and the Asia Pacific.
Vehicle to Vehicle (V2V) Communication market is studied in the regions such as Asia Pacific, North America, Europe, and the rest of the world. North America has the highest share in the Vehicle to Vehicle (V2V) Communication market size due to the adoption of advanced technology, government regulations. The government and private sectors are investing largely in this region to enhance safety and traffic efficiency. According to Vehicle to Vehicle (V2V) Communication Market Analysis, Europe is expected to grow at a high CAGR rate in the forecast period due to the major growth in-vehicle communication Market. The automotive sector in these regions is growing rapidly, and it is fueling the growth of the Vehicle to Vehicle (V2V) Communication market. Asia Pacific is showing a rapid growth in the Vehicle to Vehicle (V2V) Communication market as well. Technical advancements and Increasing road safety need driving the growth in the market. It is expected that the market will grow a high CAGR rate in all the regions in the forecast period.
The major Vehicle to Vehicle (V2V) communication players in the market are:
Among the BMW (Germany), Volkswagen (Germany), Volvo Cars (Sweden), AutoTalks Ltd (Israel), Audi (Germany), Daimler AG (Germany), Qualcomm Technologies, Inc. (U.S.), General Motors (U.S.), Toyota Motor Corporation (Japan), Delphi Automotive LLP (U.K.) the most contributing key player is BMW (Germany).
|Market Size||24 billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Technology, Application|
|Geographies Covered||North America, Europe, Asia-Pacific|
|Key Vendors||BMW (Germany) Volkswagen (Germany) Volvo Cars (Sweden) AutoTalks Ltd (Israel) Audi (Germany) Daimler AG (Germany) Qualcomm Technologies Inc. (U.S.) General Motors (U.S.) Toyota Motor Corporation (Japan) Delphi Automotive LLP (U.K.)|
|Key Market Opportunities||With the Increasing population, traffic is one of the major concerns in all regions.|
|Key Market Drivers||Vehicle to Vehicle (V2V) communication can improve safety, control traffic, and help to avoid the crash and these features are used to improve safety and driving experience.|
Frequently Asked Questions (FAQ) :
North America is the region that holds the largest market share of the global market of the vehicle to vehicle communication.
The market will be expanding at a rate of 6% of CAGR between 2020 and 2027.
BMW (Germany), Audi (Germany), Daimler AG (Germany), General Motors (U.S.), Volvo Cars (Sweden) are the companies that became the prime investors of the market.
Asia Pacific, North America, Europe and the Rest of the World are the key regions included in the regional analysis of the market.
Technology, type and application are the segments involved in the segmental analysis of the market.