The global Vehicle To Vehicle V2v Communication Market is estimated to be valued at US$ 25.75 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Vehicle To Vehicle V2V communication allows vehicles to communicate with each other and provides safety applications by utilizing DSRC to generate and transmit message to avoid collision. It helps drivers receive warning about potential hazards on the road in real time.
Market key trends:
One of the key trends in the Vehicle To Vehicle V2v Communication Market is the adoption of cellular vehicle-to-everything (C-V2X) technology. C-V2X offers non-line-of-sight communication capabilities using LTE based technology. It allows communication between vehicles and traffic infrastructure in dynamic environments beyond the reach of DSRC. Many automakers are developing C-V2X systems to support safety, mobility and environmental applications which is driving growth of the market.
Market Key Trends:
One of the key trends in the V2V communication market is the increasing focus of automakers and governments on enhancing traffic safety and reducing accidents. V2V technology allows vehicles to communicate with each other and share critical safety data such as speed, direction etc. This helps drivers receive early warnings to prevent accidents. For example, an upcoming intersection collision warning notifies drivers about an impending collision at an intersection if two vehicles approach it at the same time. Regulatory mandates by governments such as the US for new vehicles to support V2V technology from 2023 will further accelerate this trend.
SWOT Analysis
Strengths: V2V offers improved traffic safety and efficient traffic flow. It allows vehicles to share critical data in real-time to prevent accidents.
Weaknesses: Requires significant investments to upgrade vehicle fleets and infrastructure. Privacy and security of shared vehicle data is also a challenge.
Opportunities: Growing focus on autonomous and connected vehicles provide opportunities. Partnerships with telecom players for connectivity infrastructure can aid adoption.
Threats: Slow regulatory approvals and standardization issues can delay large scale rollout. Competition from other vehicle communication technologies.
Key Takeaways
The global Vehicle To Vehicle V2v Communication Market is expected to witness high growth, exhibiting CAGR of 12. over the forecast period, due to increasing focus of automakers and governments on road safety and efficient traffic management.
The North American region dominated the V2V communication market in 2023 with a share of over 35%, driven by regulatory mandates for new vehicles in the US. Asia Pacific is expected to be the fastest growing region during the forecast period, supported by initiatives in countries like China and Japan for connected vehicle technologies.
Key players operating in the Vehicle To Vehicle V2v Communication market are Audi, Autotalks Ltd, Cisco Systems Inc., Delphi Automotive PLC, Denso Corporation, Ford Motor Co., General Motors, Harman International Industries Inc., Infineon Technologies AG, Kapsch TrafficCom (Kapsch), Lear Corporation, Mercedes-Benz, Qualcomm Technologies Inc., Savari Inc., and Toyota Vacaville
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