Vehicle to Vehicle (V2V) Communication Market is Projected to Register a 13.03% CAGR Over 2032

Market Research Future published a half-cooked research report on “Global Vehicle to Vehicle (V2V) Communication Market Research Report - Forecast to 2032” - Market Analysis, Scope, Stake, Progress, Trends, and Forecast to 2032.

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.

It allows communication with other vehicles which are traveling on the same road and can exchange the information about accidents, weather, roadblocks, traffic, etc. Thus, helping the traffic congestion and enhancing experience of the passengers.  Growing concerns about the road safety is a dominant driving force behind the growth of the vehicle to vehicle communication market.

Market Research Future (MRFR), in its recently published study report asserts that the global vehicle to vehicle communication market is expected to reach approx. 72.6 Bn. USD by 2032, registering a 13.03% CAGR throughout the assessment period (2024-2032).

The vehicle to vehicle communication market is a pet topic for the future of the automotive industry. While Original Equipment Manufacturers (OEMs) already offer a range of in-car integrated solutions, these often fail to provide what customers really need. They are also extremely expensive due to the substantial R&D costs invested in their developments. As a result, these connectivity solutions have been slow to find their way into the car park, nowhere more so than in the volume segment.

From the past couple of years, the market for V2V communication has seen tremendous growth. The increasing demand for smartphone integration will drive the growth prospects for the global vehicle to vehicle communication market until the end of 2032. Also, mobile devices have various applications such as the media content, navigation systems, internet connectivity, and social networking. As a result, OEMs are collaborating with smartphones and tablet manufacturers to provide in-vehicle products and services, which will further drive the market’s growth for the next six years.

Vehicle to Vehicle Communication Market – Segmentation

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.

Vehicle to Vehicle Communication Market –

Regional Analysis

Currently, the North America region is dominating the market for V2V communication with the largest market share. Technological advancement and the availability of advanced infrastructure are some of the key drivers of this market. The US backed by the presence of major players, accounts for the largest market in the region.

Going ahead, Europe stands as the second biggest market of V2V communication due to the well-proliferated automotive sector, high standard of living of European countries and high investment in the automotive. Also, technical advancements and increasing awareness about road safety are too supporting the market growth in the region                                                                                    

Asia Pacific has emerged as fastest growing market with the substantial CAGR. The current market of V2V communication in the APAC region has been valued hugely which is expected to grow further over previous growth records by the end of the forecasted period.

Global V2V Communication Market – Competitive Analysis

Giant players with their strong presence in the international and regional market adorn the V2V communication market as highly competitive and fragmented. All players are fiercely competing to gain a substantial market share. Making more intelligent connected and ultimately autonomous vehicles a reality requires a level of hardware and software technology innovation and adoption never seen before, and much of it has its roots in other industries.

Key Players

Prominent players in market of V2V Communication are - 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 16, 2018 – Ford Motor Company, Panasonic North America, and Qualcomm Technologies announced their partnership to offer Cellular Vehicle to Everything (C-V2X) direct communication. The new technology - C-V2X, will be able to connect vehicles, roads and regional traffic management centers to improve safety and traffic efficiency as the automotive sector progresses toward more capable and cooperative automated vehicles.

June 15, 2018 – Volvo Trucks (North America) completed a demonstration of platooning technology across the North Carolina Turnpike. Consisting of three trained, professional truck drivers in Volvo VNL tractors, each pulling double 28-foot trailers, the platoon through CACC, a wireless vehicle-to-vehicle communication technology allowed the tractors and trailers to remain in constant communication.