Vehicle-to-Vehicle Communication Market Research Report: Information by Technology (Big Data Analytics, Smart Sensors), By Type (OEM Devices, Aftermarket Devices, Infrastructure Based Devices), By Application (Traffic Management System, Grouptalk Service), And by Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032.

Vehicle-to-Vehicle Communication Market Overview

Vehicle-to-Vehicle Communication Market size is projected to grow from USD 27.2561 Billion in 2024 to USD 72.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 13.03% during the projected timeframe (2024 - 2032). Additionally, the market size for V2V communication was valued at USD 23.89 Billion in 2023.

Increased safety, control of traffic, and collision avoidance, and these characteristics are employed to enhance safety & driving pleasure, are the key market drivers contributing to market growth and expansion.

Figure 1: Vehicle-to-Vehicle Communication Market Size, 2022-2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Vehicle-to-Vehicle Communication Market Trends

The rising safety and control of traffic industries drive the Market CAGR for vehicle-to-vehicle communication. It may increase safety, regulate traffic, and aid in collision avoidance, and these capabilities are utilized to enhance safety and driving pleasure. One of the primary market drivers is the growing safety concern. The market will rise due to advanced cellular technology, information exchange, and roadside communication. Vehicle-to-vehicle (V2V) communication improves collision avoidance by detecting collisions with radars and cameras. As a result of its ability to alleviate traffic congestion, such technology is propelling this industry. Government restrictions and cloud-based fleet management will also push the market internationally.

Additionally, as the population grows, so does traffic, V2V technology is being employed to improve traffic efficiency. Traffic control may be done through traffic efficiency, which can reduce travel time, fuel consumption, and improve the environment, all of which will favorably influence the industry in the future. If the user decides to share the data, connected automobiles may create massive data, opening up new avenues for customer involvement. It will also benefit automated traffic flow, technological firms, and insurance businesses. It has decreased reliance on other technologies. This is a very low-cost technology that is projected to increase faster. With the growing population, traffic is one of the biggest challenges in all regions. The government is taking steps to address traffic issues. The market is benefiting from the need to address traffic issues.

The influenza virus has spread across the countries following the covid-19 pandemic in December 2019. It has significantly impacted the world's economy, production, tourism, travel, and the financial sector. Almost every business, including the car industry, has been harmed. The automotive industry has been hit the worst by the covid-19 epidemic, with manufacturing halting worldwide. People are not permitted to leave due to lockdown standards, causing production issues in the automobile industry. The demand is very low, and consumer demand is declining due to the poor demand in the automotive industry. Due to covid-19, production in the automobile sector came to a standstill, and people worldwide were experiencing a financial crisis, which is why they did not want to invest in such modern technology. Following the covid-19 epidemic, the industry is projected to expand.

For instance, V2V communication technology can potentially improve the performance of car safety systems and save lives. In 2019, roughly 6.8 million police-reported collisions resulted in 36,096 deaths and an additional 2.7 million injuries. Connected car technology will give drivers the skills they need to foresee future collisions, dramatically reducing the total number of lives sacrificed each year. Thus, demand for Vehicle-to-Vehicle Communication is anticipated to increase throughout the projected timeframe due to the rising safety and control of traffic. Thus, driving the Vehicle-to-Vehicle Communication market revenue.

Vehicle-to-Vehicle Communication Market Segment Insights

Vehicle-to-Vehicle Communication Product Insights

The global Vehicle-to-Vehicle Communication market segmentation, based on Product, includes Big Data Analytics and Smart Sensors. The big data analytics category dominated the market, accounting for 65% of market revenue (USD 13.5 Billion) in 2022. It assists businesses in better understanding their consumers by spotting opportunities and predicting developments. Sensors would aid with traffic sensing, improving the ride and overall experience of drivers and passengers in the vehicle.

Figure 2: Vehicle-to-Vehicle Communication Market, by Type, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Vehicle-to-Vehicle Communication Type Insights

The global Vehicle-to-Vehicle Communication market segmentation, based on Types, includes OEM Devices, Aftermarket Devices, and Infrastructure Based Devices. The OEM devices category generated the highest market revenue of about 49% (USD 10.2 billion) in 2022. OEM gadgets are created or incorporated into vehicles during the manufacturing process.

Vehicle-to-Vehicle Communication Application Insights

The global Vehicle-to-Vehicle Communication market segmentation, based on Application, includes Traffic Management Systems and Grouptalk Services. The traffic management system segment dominated the market, accounting for 51% of market revenue (USD 10.6 Billion) in 2022 because of increased traffic problems on roads.

Vehicle-to-Vehicle Communication Regional Insights

By region, the research provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Vehicle-to-Vehicle Communication market will dominate during the projected timeframe, owing to government rules enacted due to the use of new technologies. The government and commercial sectors are spending a lot in this region to improve traffic security, and efficiency will boost the market growth in the North American area.

Further, the major countries studied in the market report are the US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: Vehicle-to-Vehicle Communication Market Share by Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe region’s Vehicle-to-Vehicle Communication market accounts for the second-highest market share due to the increasing rise in-vehicle communication Market. The automobile industry in these areas is quickly expanding, supporting market expansion. Further, the German Vehicle-to-Vehicle Communication market holds the largest market share, and the UK Vehicle-to-Vehicle Communication market is expected to grow and expand significantly in the European region during the projected timeframe.

The Asia-Pacific Vehicle-to-Vehicle Communication Marketis expected to grow quickly during the projected timeframe. Technological developments and increased road safety must drive market expansion. The market is predicted to rise rapidly across all regions during the projected period. Moreover, China’s Vehicle-to-Vehicle Communication market dominates the market share, and the Indian Vehicle-to-Vehicle Communication market is expected to expand and grow steadily in the Asia-Pacific region during the projected timeframe.

Vehicle-to-Vehicle Communication Key Market Players & Competitive Insights

Leading market players invested heavily in research and Development (R&D) to scale up their manufacturing units and develop technologically advanced solutions, which will help the Vehicle-to-Vehicle Communication market grow worldwide. Market participants are also undertaking various organic or inorganic strategic approaches to strengthen and expand their global footprint, with significant market developments including new product portfolios, contractual deals, mergers and acquisitions, capital expenditure, higher investments, and strategic alliances with other organizations. Businesses are also coming up with marketing strategies such as digital marketing, social media influencing, and content marketing to increase their scope of profit earnings. The Vehicle-to-Vehicle Communication industry must offer cost-effective and sustainable options to survive in a highly fragmented and dynamic market climate.

Manufacturing locally to minimize operational expenses and offer aftermarket services to customers is one of the critical business strategies organizations use in the global Vehicle-to-Vehicle Communication industry to benefit customers and capture untapped market share and revenue. The Vehicle-to-Vehicle Communication industry has recently offered significant advantages to the IoT and M2M communication industry. Moreover, more industry participants are utilizing and adopting cutting-edge technology has grown substantially. Major players in the Vehicle-to-Vehicle Communication market, including 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) and Delphi Automotive LLP (U.K.) are attempting to expand market share and demand by investing in R&D operations to produce sustainable and affordable solutions.

Visteon is the world's largest provider of cockpit electronics, spearheading the shift from digital cockpits to self-driving cars. It is a global provider of climate, gadgets, interior structures, sections, and parts to automobile OEMs. It is divided into three divisions: climate, electronics, and interior. The firm was established on January 5, 2000, and is based in Van Buren Township, Michigan. Visteon Corp. teamed with Tata Communications in November 2019 to get technological support from Tata. This collaboration will assist Visteon Corp. in developing adaptable telemetry systems for the automotive sector.

General Motors has production and assembly sites and distribution locations across nations. Cars and trucks, car parts, and engines are the company's main goods and provide financial services. The headquarters of General Motors is in Detroit. General Motors introduced the V2V sedan. The company's V2V technology and the efficiency of Cadillac's CTS can manage 100 SMS per second via a car that is 100 feet distant.

Key Companies in the Vehicle-to-Vehicle Communication market include

• 
  

  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.)

  
  

Vehicle-to-Vehicle Communication Industry Developments

Vehicle-to-Vehicle Communication Market Segmentation

Vehicle-to-Vehicle Communication Type Outlook

• 
  

  Big Data Analytics

  
  


• 
  

  Smart Sensors

  
  

Vehicle-to-Vehicle Communication Type Outlook

• 
  

  OEM Devices

  
  


• 
  

  Aftermarket Devices

  
  


• 
  

  Infrastructure Based Devices

  
  

Vehicle-to-Vehicle Communication Application Outlook

• 
  

  Traffic Management System

  
  


• 
  

  Grouptalk Service

  
  

Vehicle-to-Vehicle Communication Regional Outlook

• 
  

  North America

  
  

• 
  

  US

  
  


• 
  

  Canada

  
  

• 
  

  Europe

  
  

• 
  

  Germany

  
  


• 
  

  France

  
  


• 
  

  UK

  
  


• 
  

  Italy

  
  


• 
  

  Spain

  
  


• 
  

  Rest of Europe

  
  

• 
  

  Asia-Pacific

  
  
  
  
  • 
    

    China

    
    
  
  
  • 
    

    Japan

    
    
  
  
  • 
    

    India

    
    
  
  
  • 
    

    Australia

    
    
  
  
  • 
    

    South Korea

    
    
  
  
  • 
    

    Australia

    
    
  
  
  • 
    

    Rest of Asia-Pacific

    
    
  
  
  
  


• 
  

  Rest of the World

  
  
  
  
  • 
    

    Middle East

    
    
  
  
  • 
    

    Africa

    
    
  
  
  • 
    

    Latin America