Vehicle To Vehicle (V2V) Communication Market Size, Industry Outlook Report, Regional Analysis, Technology Development, Competitive Landscape & Forecast, 2020 - 2026
Report ID: GMI191
Vehicle to vehicle (V2V) communication market size was estimated at over USD 15 billion in 2015 and is likely to witness gains at an estimated CAGR of more than 5% up to 2023.
It is expected that connected car market production would reach around 2 million units by 2020 in UK with penetration rate of more than 95%. This presents immense opportunities for suppliers and OEMs, especially with production facilities in the UK as a technological hub. In addition, the UK government has also declared to fund USD 217 million in order to develop connected and autonomous vehicle technology till 2015.
V2V communication market includes a transmitter and receiver that help the cars to broadcast the brake status, speed, position, steering-wheel position and other data to other vehicles within a range of few hundred meters. Connected vehicles could make use of the information in order to build in depth depiction of what’s unfolding around them, enlightening any sort of danger and alerts the driver, or the best sensor system, would miss or fail to anticipate. The aforementioned factors are responsible for driving vehicle to vehicle communication market size from 2016 to 2023.
Increasing traffic efficiency with traffic congestion control which results in reduced transport time, fuel consumption and thus contributing to improving the environment is likely to positively impact the industry growth over the forecast period. Furthermore, impending clash with pedestrians or bicyclists carrying a smart phone could also be avoided, as constant signals between vehicles and smart phones warns the driver even if the roadway conditions impair driver vision.
Applications of vehicle to vehicle communication market include forward collision warning, blind spot warning and lane change warning, emergency brake light warning, control loss warning and no pass warning. Forward collision warns the driver of the threat of an approaching rear-end collision with a vehicle to the front in the same direction and lane of travel which helps in preventing an accident. It acts as the major driver to the industry growth. Moreover, blind spot informs the driver that a vehicle in an adjacent lane is located in the driver’s blind spot zone and alerts about the presence of another vehicle. Initial high cost involved is expected to hamper growth over the forecast period.
Connected vehicles would generate huge amounts of data if consumers choose to share it. This has the potential to open up a range of opportunities for consumer engagement and indeed monetization for the data owner. This will become a source of competitive advantage for OEMs, technology companies and insurers as well as supporting automated traffic flow management. The long term goal of vehicle to vehicle communication market is to introduce the driverless cars.
In U.S., approximately 5,000,000 crashes occur on roads every year, out of which about 30,000 are fatal. The prospect of avoiding such accidents would offer significant impulsion for networking technology. These accidents can be reduced with the implementation of vehicle to vehicle communication devices.
Global vehicle to vehicle communication market can be segmented on the basis of devices which include OEM device, aftermarket device and infrastructure base device. The OEM device offers highly accurate information using in-vehicle information to generate the basic safety message. In addition, aftermarket devices are used to alert the driver of a vehicle similar to those provided by an OEM installed. The market can be further segmented on the basis of geography which includes North America, Europe, Asia Pacific, Latin America and MEA.
North America, predominantly the U.S. vehicle to vehicle communication market dominated global demand in 2015. Europe is likely to witness highest gains over the forecast period. Asia Pacific, Latin America and the Middle East are likely to witness moderate growth rates over the forecast period, owing to low awareness.
Key participants with vehicle to vehicle communication market share include BMW Group, Daimler AG, General Motors, Toyota, Volkswagen group, Delphi, Autotalks Limited, eTrans Systems, Honda, Volvo, Audi, Denso Corp, Qualcomm, Savari INC and Kapsch’s TrafficCom among others.
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