Vehicle to Vehicle (V2V) Communication Market is Booming Worldwide Scrutinized in New Research
Research Reports
May 27, 2022
Vehicle to Vehicle (V2V) Communication Market Overview
In today’s fast-paced world and the automotive industry, emergency vehicles become a critical business sector. Safety and the ability to promptly and efficiently respond to emergency requests are of high importance. However, safety for all means increased difficulty for emergency vehicles as they rarely know how to find each other on the road, which creates noise pollution with constant distracting beeps in a given area.
This has resulted in the electronic vehicle to electronic vehicle (V2V) communication being one of the recent innovations that is having promising potential shortly. With the sustained growth in global vehicle-to-vehicle communication technologies, the market is estimated to reach USD 11.8 billion by 2026 by aggregating the regional segments of North America and Eastern Europe. Telematics providers transform these digital networks into business opportunities like leveraging OTA data feed and cloud computing while automotive manufacturers play majorly vital roles by providing advanced methods in determining safety and efficiency with connected vehicular technologies.
Market Segmentation
The global V2V communications market almost touched 5.9 Billion in 2017 and is expected to reach around 24 billion in 2023 with a current growth rate of 6% CAGR between 2018-2023. Depending on the types of technologies that are available in this field today, the market is segregated into three categories:
- Big Data Analytics
- Smart Sensors
- Cloud Computing
Depending on the types of indications, wherever it can be applicable, the market is segregated into:
- OEM
- AfterMarket & Spares
- Infrastructure Based Devices
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Depending on the various types of applications, the market is segregated into:
- Traffic Management System
- Intelligent Transport Management
- GroupTalk Service
The United States, Europe, China, Japan, India, and the Rest of the World are among the important key markets.
Regional Classification
The global V2V market for automotive opened a good full-year opportunity to promote cost-cutting and also take process improvement as well as productivity to an all-time high level.At present, the driving forces behind this nascent market are a lack of law enforcement interventions against violators who operate faster than the speed limit, investments during the last few years on safety measures for autonomous cars, and continuously increasing electronic communications for connected cars.
Increased penetration of mobile phones in search of quick services is also expected to result in a faster adoption rate for V2V communication technology. This can be attributed to infrastructure development and implementation, growing demand for connected cars, major driving forces such as the increasing number of accident fatalities, and uncertainties regarding autonomous driving.
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Industry News
The applications adopted by vehicle manufacturers for V2V communication technology have broadly been classified into onboard multimedia, highway location technology, remote telematics, automatic cruise control, and emergency response.Connecting vehicles over the internet would allow cars to exchange information with other drivers such as lane direction, vehicle speed, and location. With at least 3 billion cars on the road by 2022, V2V use of 5G technology will dramatically increase by the year 2024-2025.
Ridesharing apps such as Uber and Lyft have created a clear chance for passengers to engage with personalized rides. Many companies in the market are looking at ways to improve their customer experience through these options. Key Players: Audi, Bosch , BMW,Continental, Honda ,Hyundai, Volvo,Volkswagen, Denso, and Daimler.
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