Vehicle To Vehicle (V2V) Communication Market Size, COVID-19 Impact Analysis, Regional Analysis, Technology Development, Competitive Landscape & Forecast, 2021 – 2027
Report ID: GMI191
Vehicle to Vehicle (V2V) Communication Market size is set to account for phenomenal gains in through 2027 owing to increasing mortality rates as a result of road accidents, traffic congestion, and the technology’s ability to reduce human errors. A WHO report suggests that approximately 1.3 million people die every year due to road traffic crashes.
V2V communication enables cars and other vehicles to communicate seamlessly with each other and other infrastructures like traffic lights. It also warns drivers about the blond spots, vehicles coming to a sudden stop, and other such scenarios that could lead to accidents. However, this technology is only likely to work between two vehicles that have the V2V technology installed.
Importantly, V2V communication technology operates up to 1,000 feet by providing drivers sufficient time to respond. Moreover, it makes use of dedicated short-range communication, a wireless network similar to Wi-Fi.
The escalating trend of advanced driver assistance systems (ADAS) is expected to have a positive influence on V2V communication market growth over 2021 to 2027. The market has already been observing an elevating adoption of ADAS, which has quite transformed the face of driving experience. It would be essential to note that the ADAS industry, in 2020, generated around $17.6 billion globally. This has urged various automakers to invest in V2V communication solutions. For instance, Autotalks Ltd. offers V2V solutions for mobility and safety applications. Through this offering, the vehicle shares drive information like location, speed, path prediction, and other crucial data to other vehicles on road.
Based on the end-user segmentation, V2V communication market is characterized by passenger vehicle segment. The growth can potentially be ascribed to burgeoning sales of passenger vehicles worldwide as a result of gradual spike in disposable incomes of global population. According to OICA statistics, the sales of PVs reached to 63 million in 2019, only declining to 53 million in 2020 due to the coronavirus outbreak.
V2V communications market from commercial vehicles is also set to record massive impetus in the coming years, driven by pivotal factors including stringent government regulations and rise in adoption of cloud-based fleet management telematics solutions in various developed economies.
The aftermarket segment is expected to play a vital role in enhancing the growth prospects of vehicle to vehicle communications market. This can be reasoned to the inclination of older model vehicle owners to aftermarket solutions to upgrade and update their offerings in the cars. It has been reported that already several of top vehicle models in the UAE feature some sort of vehicle communication technology on existing models or have laid out plans on doing so.
Geographically, Asia Pacific V2V communication market is slated to garner massive momentum through 2027, driven by the growing trend of ADAS adoption, increasing production and sales of passenger and commercial vehicles, and rising awareness towards traffic congestion and accidents. Likewise, the Middle and East, and LATAM countries are also likely to account for major growth in the industry, fueled by the escalating deployment of vehicle communication technologies.
Some of the prominent leaders partaking in vehicle to vehicle (V2V) communication market are Daimler AG, BMW Group, Volkswagen group (Porsche SE), Toyota (Toyota Group), General Motors, Qualcomm, and others. These vehicle to vehicle communication market vendors are introducing novel innovations in the space, in an attempt to reap huge returns to the overall industry. Besides, they have also been indulging in various marketing strategies like acquisition, collaborations, and partnerships, to gain a competitive edge.
For instance, in 2020, General Motors unveiled V2X technology in China. The technology includes vehicle to vehicle and vehicle to infrastructure communication systems and bears the potential to alleviate traffic congestion while simultaneously augmenting the safety standards.
In yet another instance, Volkswagen, in 2019, announced building up a new tech system for Golf countries that would be able to communicate to other cars and infrastructure.
Analyzing the impact of Covid-19 on V2V communication market growth
The coronavirus pandemic has had a negative influence on growth statistics of various crucial industries. The auto industry is no exception. The automotive industry observed a drastic decline in terms of production, sales, and supply chain demand. Owing to these measures, the V2V communication market is also predicted to observe inconsistent growth over the coming years.
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